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Beyond the balance sheet

Do you know what to include in monthly management accounts?

Joe Lennon 19/6/2017 2 minute read

Joe Lennon highlights the different reporting elements of management accounts and the benefits they can bring to running your business.

Management accounts aren't mandatory, but they're key to the success of your growing business. They're usually produced on a regular and consistent basis to ensure you're getting the most out of monitoring your efforts - typically monthly or quarterly. Without them it can be difficult to make informed decisions on key matters such as funding requirements in your organisation.

So what should you actually include in the preparation of monthly management accounts? Nothing is set in stone but they tend to be most efficient when tailored to your business, covering what's most important to you as the owner manager. After all, you know your business better than anyone else. That said, it's not always easy to narrow down on what to focus on. So we've put together this infographic with some suggestions to help you.

How to best use your management accounts to access funding

Click on the image for a larger scale PDF version.

An infographic on what your management accounts might contain

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Be sure to work with an accountant to formulate what to report on in your management accounts, so as to inform and help drive future investment and strategic decision making.  

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The content of this post is up to date and relevant as at 19/06/2017.

Please be aware that information provided by this blog is subject to regular legal and regulatory change. We recommend that you do not take any information held within our website or guides (eBooks) as a definitive guide to the law on the relevant matter being discussed. We suggest your course of action should be to seek legal or professional advice where necessary rather than relying on the content supplied by the author(s) of this blog.

 

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