Management Accounts
Management accounts refer to the financial reports and statements that are prepared for internal use by a company’s management team. These reports provide detailed financial information about the company’s operations, performance and financial position.
Unlike financial statements, which are prepared for external use by investors, creditors and regulatory bodies, management accounts are used by the company’s management to make decisions about the company’s operations, strategy and future investments.
“Let’s Grow Together”
At Exchange Accountants we are small enough to care about your business, but big enough to do the vital work required to ensure you get everything you need to work towards your business goals.
We manage and nurture our clients through their business journey whether you come to us at the start of that journey, once you are already established, or when you want to move on from the business you have grown over many years.
Going the Extra Mile
From simple reports through to integrated forecasts, we can create, collaborate and explore financial reports on a monthly or quarterly basis with our clients. This enables us to have advisory-led conversations with clients using easy-to-follow visualisations and bespoke reports created through Syft Analytics.
Management accounts typically include a variety of financial information, such as income statements, balance sheets, cash flow statements and budgets. They may also include non-financial information, such as sales and marketing data, customer feedback and operational metrics.
Overall, management accounts are an essential tool for management teams to evaluate the company’s performance and make informed decisions about the future direction of the company.
Year End and Management Accounts Services
At Exchange Accountancy Services we would split accounts into the compliance (year-end) side and the business development side. Each client is assigned a partner who will be in charge of your affairs and you will have direct access to this partner at any time.
Compliance and Year End Accounts
At each year end, we will conduct a health check by reviewing your existing accounting and control systems and make recommendations for improvement. We will also ensure that statutory Companies House and HMRC filing requirements and deadlines are complied with.
Management Accounts & Business Development
We can’t stress enough the importance of management accounts, consultancy and business development. There hasn’t been a more important time in business than now to ensure that management information is in both a timely and accurate matter. Entrepreneurial businesses need reliable timely financial information as a tool to effectively manage the business. Management accounts are a must in this environment.
Exchange Accountancy Services offer various different timeframes for management accounts which includes 9 monthly, half yearly, quarterly and monthly depending on business needs. The frequency of management accounts would be set in advance with the business owner.
We would also attend review meetings to discuss your management accounts and key performance indicators as if we were members of your Board. We can effectively act as a ‘Virtual FD’ to your business or simply observe and make recommendations. It is important to be proactive rather than reactive in this challenging economic climate.
If you need additional finance or are thinking of selling your business, we can provide you with an up-to-date valuation of your business. We can liaise with banks and other financial institutions on your behalf to negotiate hire purchase, loans and or overdraft facilities.
Should a business plan be required we will prepare an impressive, comprehensive report that would satisfy the requirements of banks and other finance providers our team of accountants have a wealth of experience preparing year end and management accounts for limited companies, small businesses and medium size enterprises including sole traders and partnerships in the Greater Belfast area and throughout the rest of Northern Ireland. Please contact us for more information and a free, no obligation, consultation.
