Monthly management accounts
We'll Take Care of Your Monthly Management Accounts
The management accounts you will receive will give you an in-depth insight into how your business is performing, we’ll include a profit and loss account, balance sheet and ledger listing outlining all the monthly transactions and an overview of your accounts.
Your tailored advice report will include an estimated personal and corporation tax bill, as well as tax saving advice if we can look to reduce your bills.
What are monthly management accounts?
Monthly Management Accounts for small businesses typically include a profit and loss account, balance sheet and a set of detailed ledger listings that show you where all of your income and expenses have been allocated. You can put the accounts together yourself, or more accurately, an Accountant can do it for you.
If you’re using a cloud accounting package like Xero or Quickbooks, you may be tempted to assume that the reports you run in it will be accurate. However, there are various accounting rules and treatments that a qualified Accountant will use in order to prepare a proper set of Monthly Management Accounts. If you want to be able to see how your business is really doing, then you’ll need an Accountant to take care of the Management Accounts for you.
Why do we need management accounts?
In order to grow your business, or even just run it effectively, you need to be able to keep an eye on your money and measure your performance throughout the year. The occasional peek at your bank account won’t cut it any more! You need to know how much profit or loss you are making on a regular basis so that you can implement any changes to your business as necessary.
Just because you have money in the bank does not mean that you are profitable. And it doesn’t account for any imminent outgoings or tax bills. Management Accounts are vital to get a true picture of how your business is performing.
Getting an Accountant to produce them is the only way to be sure they are accurate too.
Stress Free Accountancy Service
Here at Mazuma we understand the stresses involved in running a small business. Our monthly accounting services subscription can take one of those stresses off of your hands. We help start-ups, sole traders, small businesses, freelancers and Limited companies with their monthly accounts.
Our monthly management accounts service is just one of the many features that make up our monthly accounting services subscription.
One monthly cost, no hidden extras, exceptional customer support delivered by an expert team of qualified accountants
We will do your monthly management accounts as well as
- VAT returns
- Monthly payroll
- Statutory end of year accounts
- Corporation or partnership tax return
- Self assessment tax return
Prices start from £28/month + VAT
Lets chat about Stress Free Accounts, Bookkeeping & Tax
Is it compulsory to file management accounts?
Unlike financial accounts that require filing with Companies House, or tax returns that must be filed with HMRC, there is no legal obligation to produce management accounts for your small business. However, having monthly management accounts prepared by your dedicated Accountant will open your eyes to the opportunities to improve your business. You’ll be able to assess things like if you are spending too much on advertising, or if you have a large VAT bill on the horizon. That knowledge will allow you to run your business more effectively and sleep easy at night knowing that there are no nasty surprises around the corner.
And don’t forget that with Making Tax Digital on the horizon, getting into the habit of producing Monthly Management Accounts will help you transition over to the new tax system more quickly.
Benefit’s of Mazuma’s monthly management accounts service
Monthly Management Accounts are included in our subscription service so you won’t need to pay extra to get the benefit of them. Every single month we’ll produce:
- Profit and loss Account
- Balance Sheet (if applicable)
- Ledger listings with breakdowns of income and expense allocations
- Bank reconciliation
- Tailored tax advice
- Estimated tax bill
You can use your management accounts to help run your business, prepare a business case for lenders, help convince lenders that you are suitable business to lend to and get a great focus on how to improve what you do.