The production of a set of management accounts can help to give you a current and up‑to‑date overview of the profitability of your business, identify areas for growth and improvement, enable you to better manage your resources, evaluate the effect of implemented strategies and plans and assist with budgeting comparisons. This can be especially helpful to a new business at start up stage.
There is no legal requirement to prepare management accounts, but it is hard to run a business effectively without them.
Regular - ideally monthly - management accounts are the barometer against which important strategic business decisions are made.
Often companies do not have access to good management accounts, because they are time-consuming to compile, your team's skills are needed elsewhere if your business is to flourish, or they believe that they are just for when a business is in financial trouble.
If you already have management accounts how confident are you that they supply the information you need to make business-critical decisions? Is the person who prepares them reliable and knowledgeable? Do they give you accurate budgeting and cashflow information?
By outsourcing your management accounts to us, you can be assured that they are tailored to the needs of your business. We provide the information that your management team needs to measure performance against your business plans, aims and objectives and make effective decisions thereon.
A typical set of management accounts from Critchleys will provide you with an easy to understand format for detailed or at-a-glance results.
The layout of your management accounts will be tailored to your own company's needs to meet internal and/or external requirements, but could include: