Management Accounts are reports generally produced monthly or quarterly for business owners to understand the company’s financial situation.
This often includes P&L and Balance Sheet. Some companies tailor these reports with their own requirements such as ‘P&L vs Budget’, ‘which projects were successful’ or ‘how have sales changed in the last 3 years’.
Management Accounts are the best way to accurately see the financial state of the business and can prepare for any unforeseen issues, good or bad.
Generally, the cost for preparing management accounts is £150 – £200 +VAT.