Management Accounts
It is all too easy to become wrapped up with the day-to-day running of your business and not have a good look at your accounts until year-end when you are obliged to submit them to Companies House.
In your head, you probably have a fair idea of how the company is performing, but a lot of this is based on your gut. You have no hard and fast data to back up what you think is the situation. It simply makes no sense to wait until the year-end to have a look at the reality.
Having regular management accounts will show you exactly how your organisation is performing and illustrate whether you need to make changes. Real data means that you will be able to make informed decisions as you grow your business.
Business Engine can not only provide you with a full accountancy service for your year-end reports for an external audience, but its professional team can also provide regular management accounts for internal use.
The reports will contain all the headline data that you can use to analyse your performance including:
- The balance sheet
- Your cash flow
- Income and expenditure
If you are thinking, I really don’t need another report to study, be assured that the time spent on monthly management accounts will be time well spent.
Having this information on a monthly basis will keep your business nimble and reactive. Things can change, unforeseen events can happen: if this information isn’t dealt with on a regular basis it could prove costly. The monthly reports will also be invaluable if you are seeking investment and you are able to produce up-to-date information demonstrating your organisation’s trajectory.
In short, monthly reports will put you in control of your own business.