A set of management accounts gives you a clear and up-to-date review of how your business is trading. This gives you an overview of the current profitability of your business, areas for growth and improvement and most importantly tax planning. We will make sure this is done more efficiently than perhaps a book-keeper will provide by making sure of the following:-
- that any loans or hire purchase agreements are appropriately treated.
- any new assets or disposals are recorded properly and calculate the depreciation to be charged based on your accounting policies.
- Make provisions for any doubtful payments within the accounts.
- Review the stock position.
- Prepare and review your VAT returns.
- Analyse a review of your profit and loss account to highlight any inconsistencies.
Management accounts are not a legal requirement, but it is hard to run a business without them.