All business will require different information from their management accounts depending on what areas are important to their business:
Sales: This will provide you with details of debtors, pricing and distribution
Purchases: This will provide you with details of creditors and stock
Fixed assets: This will provide details of when fixed assets were purchased and cost
An example of the reports we are able to produce for you are:
Client Activity: Which clients have ordered from you and how much they have been invoiced.
Supplier Activity: Which suppliers you have bought goods from and how much it has cost.
Credit Control: Details of who owes you money and how much as well as who you owe money to, which is essential before matters get out of hand and cause complications.
Profit and Loss Account: The P&L typically shows sales revenues, cost of sales/cost of goods sold, generally a gross profit margin (sometimes called ‘contribution’), fixed overheads and or operating expenses, and then a profit before tax figure (PBT).
Balance Sheet: The Balance Sheet is a ‘snapshot’ in time of who owns what in the company, and what assets and debts represent the value of the company.
With all our clients we ensure that we explain all reports as and when required we will not just supply you with reports and expect you to understand them any questions are welcome.
Having these details recorded can help to run your business more effectively. Management accounts can be produced as and when you require them for example on a monthly or quarterly basis.