Management Accounts

You Wouldn't Take A Flight In A Plane Without A Pilot...

So Why Run A Business Without Timely Information?

- Jason Nellyer, M.D, OnTax Accountants Ltd

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What Can Management Accounts Do For You? An Overview

Profit

Know how much profit you have made, what factors influence it and what you can do to improve it

Taxes

No nasty surprise tax bills. Understand what your projected tax bill will be, allowing you to reduce it or save for it.

Projection

Knowing where your incomes & expenses currently are will allow you to accurately project the future. Crystal ball technology at your fingertips!

Action

Management accounts allow you to take action BEFORE and not AFTER ensuring you get the best results.

What Can Be Included In Management Accounts?

Profit & Loss Accounts

These consider the income, minus the cost of goods sold (i.e products bought for resale and/or made), the expenses (premises costs, office costs, vehicle costs, staff costs etc) and any other relevant matter

Balance Sheet

This is a statement of all the assets and liabilities of the company as well as the capital. It gives an overall idea of the companies financial strengths and weaknesses. On a day-to-day basis its nowhere near as valuable as a profit & loss account and the cashflow report.

Cashflow Projection

Knowing where the company is today and where it will be in the next 30-60 days (with extreme accuracy) and where it will be in a years time approximately allows you to form strategies for tackling cash deficiencies as well as  allowing you to foresee any capital investment opportunities (i.e new vehicles, plant and machinery etc)

Profit & Loss Projections

It's all very well knowing the historical perfomance of you business, but what about the future, where is it going? A projection can act like GPS allowing you to plan your journey in business, fine tuning it as required.

What Are Management Accounts?

What Are The Benefits Of Management Accounts?

What Are Management Accounts Used For?

Will Management Accounts Save Me Tax?

How Do I Use Management Accounts?

How Much Do Management Accounts Cost?

When Is The Best Time To Have Management Accounts Prepared?