Management Accounts

Management accounts are financial reports produced for the business owners and managers, generally monthly or quarterly, normally a Profit & Loss report and a Balance Sheet. In principle they are similar to Year End accounts but are less formal.

The Management Accounts are personalised to the user’s requirements by the Haswells team and can include items such as KPI’s, performance graphs and comparative information. Once complete, these are presented to the business owners and managers.

The findings will enable the business management team to identify areas for growth and make multiple corporate decisions, backed up by the financial insights and data provided within the Management Accounts.  This will then assist greatly with the management of the business to improve its overall performance.

Most computer software programs will produce monthly profit and loss accounts and balance sheets.  However, this information is not always accurate and basing business decisions on this data can be problematic.

Haswells’ specialist Management Accounts team can review these figures regularly, make the appropriate corrections and produce a set of Management Accounts. Not only will these assist the business owner with their decision-making and goal setting as mentioned above, but they can also be submitted to the company’s banker to support the business’ overdraft facility.

One aspect of the service provided by Haswells is to review the figures with the management of the business with the aim of identifying trends and agreeing on the best strategy for the business going forwards.  This service often works hand in hand with the Budgeting and Forecasting Service.

If you need help with understanding your business’ financial position and need our Management Accounts Service, simply email enquiries@haswellsllp.com for more information.