Management accounts are a tool to give you insight into your business performance throughout the year. They also enable accurate tax estimates to be prepared so you don’t get any nasty surprises come the end of the year.
Preparation of management information helps you to make better business decisions, adjust your business strategy more regularly, and save money and tax by using facts and figures to your advantage.
Where this can be done in real time, i.e. understand what your key performance indicators and financial ratios are at today’s date, it makes it that much more meaningful. The conversations we hold with our clients are based on today’s data and not that of a few weeks or months ago.
With management accounts there’s no more guesswork; your business can have a clear picture of it’s financial and tax position at the click of a button.
To be useful, management accounts depend on the information being accurate and up-to-date, which is why online accounting software is essential.