If you are like us and would like to know how well your company is preforming during the year, then a set of management account is right for you.
- The objective of the management account is to provide timely and key financial and statistical information required by managers to make day to day and short-term decision.
- The management account can be prepared while carrying out the book keeping services of a business. That is the recording of financial transactions of the business.
- The management account will consist of a profit & loss account and balance sheet (sometimes this may include a cash flow if required by manager) prepared and presented usually every month or quarterly especially for a firm’s management.
- Having accurate, timely management information can assist you in managing your stock levels, your customer balances owed, your supplier balances due and your cash flow.
Tip
Did you know the management account is a very useful tool in controlling your business?
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