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Management Accounts
What are management accounts?
Management accounts are a set of accounting data such as a balance sheet, cash flow and income statements prepared and presented usually every month, fortnight or week specifically for a businesses management. The objective of management accounts is to provide key financial and statistical information required by managers to make day-to-day decisions.
The benefits of management accounts
A key focus of a business manager is planning for the future. Management accounts arrange key financial information in a report format that is easy to follow and outlines the crucial aspects of the business at a given time. This information is critical for mangement to be able to assess the financial health and viability of the enterprise.
Management accounting is used to develop plans and convey information with the goal of improving management decisons.
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Management accounts comprise a Profit and Loss report that outlines the trading situation of a business. It considers actual sales income, the cost of making those sales and then the general costs of running the business. From this the management can evaluate the current trading position and make decisions about sales pricing, cost of stock, profit margins and overheads.
The Balance Sheet then outlines the overall health of the business by considering the value of it’s assets against the value of it’s liabilities at a given time. Ideally, the value of the assets is greater than the value of the liabilites.
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