Management accounts

For businesses without an in-house accountant, Clayton & Brewill's management accounts service can help you with the key indicators that you need to keep your business on track.

Monthly or quarterly management accounts give businesses the tools to measure and monitor business performance, reducing the chance of unwelcome surprises and support sound decision-making. Management accounts can provide reassurance to the bank or other lenders that the business is being run well. They can also be useful when trying to secure credit terms with suppliers.

The chartered accountants at Clayton & Brewill can work with you to provide a regular, tailor-made set of management accounts to show monthly profit and loss, balance sheet and cash flow, together with forecasts through to the end of your financial year. For many of our clients we attend their board meetings, assist with negotiations with banks and other lenders, and generally fulfil the role of an outsourced finance director.

For a friendly conversation about your requirements and a no obligation, fixed fee quote, please email  Neil SouthYvonne Jackson or Doug Perry or call 0115 950 3044.

How can regular management accounts benefit your business?

Management accounts help you to stay in control, and inform both day-to-day and strategic decision making. If you have regular board meetings, a set of up to date management accounts can help to both guide the agenda and spark discussions. Here are some of the key reasons that Clayton & Brewill clients choose to invest in monthly or quarterly management accounts:

Avoid end-of-year surprises

Leave your accounts preparation to the end of the financial year and it can be hard to budget for tax payments. Done better than you expected? You may not have set enough aside for corporation tax. Performance not been quite as good as you’d hoped? You might have taken out more dividends than the business can afford. As well as helping you with planning tax payments, regular management accounts also give you the time and knowledge to undertake legitimate tax planning to reduce your tax liability.

Report on the KPIs that matter to your business

KPIs – or key performance indicators – are more than just management speak, they are a vital tool to helping you to understand and run your business. Regular management accounts allow you to select and then report on selected finance-related KPIs that are relevant to your business. For example, you might want to have a clear picture of:

  • Sales trends and analysis – which product lines are doing well, which are struggling
  • Cost of sales – where money is being spent and any areas for concern
  • Conversion of quotations to orders
  • Debtors and settlement times

By reporting and analysing key performance indicators, management accounts can help you and the board to make sound and informed decisions, such as when to make capital expenditure, where to invest, and where to cut costs.

Management accounts can be prepared on a quarterly or monthly basis, depending on the requirements and complexity of your business. Ideally, they should be a part of every growing business’s management information toolkit.

For help with management accounts or any other tax or accounting query, please contact Clayton & Brewill on 0115 950 3044 or click here to send us an email.  

Clayton & Brewill chartered accountants – serving owner managed and family businesses from our offices in Nottingham, Long Eaton and Melton Mowbray.