Business owners and Directors require relevant information to make strategic decisions for their companies. This information is usually in the form of management accounts. These are purely internal business reports unlike year end statutory reports that are required for external reporting bodies like Companies house and HMRC.
At Ernest & Co Accountants, we provide business owners and directors with accurate Monthly Management Accounts with clear analysis against budgets, providing relevant notes to the accounts to help guide business owners with an understanding of areas that require improvements and cost control and to aid them with decision making. Given that we use cloud accounting in the form of Xero and Quickbooks online, business owners have real time view of their business performance over a period and can also plan ahead.
Not only are monthly management accounts crucial to internal decision making by directors to help with business development and growth but they can also help with funding acquisition from lenders for purposes of cashflow. With the monthly management accounts and cashflow projects, this would be adequate information required by the lenders to provide financing. Other reports like Aged Debtors and Creditors may however be required in addition to Directors credit checks and spend.