Organising regular management accounts may initially seem an extra burden and expense, but they will more than repay you – providing a clear view of your business performance, enabling better decisions and guiding your growth plans.
Stuart Petrie
Business Advisory Group Partner and Head of Tax Investigations & Dispute Resolutions
Measuring your business performance regularly is vital. Management accounts provide valuable information about your operations, so you can make informed decisions on the future of your business. They are also the foundation of your business forecasts and financial projections, allowing you to monitor and plan your working capital and cash requirements.
Financial institutions such as banks often require timely and accurate accounting information in the form of monthly or quarterly management accounts. We can prepare regular management accounts, financial projections and attend finance meetings with you to report on the accounts, and provide key strategic advice to help you grow your business.
Just looking at a list of accounting facts and figures will only provide a limited view of your business. We delve much deeper when preparing your management accounts. We’ll understand your business – your pressures, opportunities and competitors and most of all, what you want to achieve.
This means the management accounts we provide have much greater value. Our interpretation and explanations will help you determine if your ambitions are realistic and which areas you should prioritise to achieve them. Or, if we find there’s a problem, you’ll have a clear picture of what it is, how it’s happened and your options to remedy it and prevent it recurring.
I instructed AAB to investigate a fraud which had occurred at a remote subsidiary of my institution. They acted promptly and with persistence in researching the financial background, providing me with excellent oral and written reports.
Director, Charitable Institution
AAB set up Foreign Tax Net Credit Relief for us through HMRC, making it easier to get double taxation relief. They also educated our offshore workers on the implications and process of working overseas and how this affects their UK PAYE position.
Bruce Melvin, READ Cased Hole Ltd
For me, business is all about relationships, and the quality of what the team at AAB do to support us is a fundamental lever for us as we strive to meet the challenges and succeed as a group through and beyond challenging times.
John Walsh, Online Electronics Limited
As we’ve mentioned, you choose the benchmarks you want your management accounts to cover. As a minimum, we would recommend a balance sheet, and statements showing your cash flow, income and expenditure.
Regular management accounts could let you follow your profit and loss on a more granular basis, identify patterns in cash flow and check for irregularities which could be an indication of invoice fraud. They can also be useful in identifying unpaid invoices and unpaid bills.
You could also track progress towards your sales target, find out which of your products or services are most in demand and identify sales trends. Regular management accounts can highlight peaks or troughs, so you could adjust your expenditure to help control cash flow.
With regular management accounts, you’ll have a clearer idea of where you stand and can plan accordingly.
You’ll see if your sales have plateaued, suggesting it’s time to invest in a marketing push. You’ll know if you can afford to hire new personnel to enhance your client offering and stimulate growth, or whether you can invest in developing a product or service to increase its appeal. And you’ll have a clear indication of what you need to put aside for Corporation Tax and VAT.
Finally, keeping regular management accounts is a sign of a well-run business. They will reassure investors when you’re looking for financing and the information they’ll want to know will be ready to hand.
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