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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

  • Bookkeeping
  • 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

Book a call with us today, we will talk you through our Accounting Services Subscription and how easy it is to lead a stress free life when it comes to accounting, bookkeeping & tax. We'll crunch the numbers so you don't have to!

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.

Monthly Management Accounts FAQs

When you sign up with Mazuma you'll be given details of how to contact your Accountant.  Our prices are fixed fee so you can be assured that no extra bills will appear as long as you use the service fairly.  You can get in touch with your Accountant in a variety of ways including email and phone.  All that we ask is for you to be aware that when you call you may be asked for a time that your Accountant can call you back.  We're sure that you'd want your Accountant to give your accounts their full attention, so if they are working on a few tricky tax calculations they will call you back when they have finished.
Yes - we use software that is compliant with Making Tax Digital. If you don’t want the stress or worry or setting up a new digital system, contact us today to see how we can ensure that your accounts are compliant with MTD.
To become compliant with MTD, you need to use government approved software to record your accounts and submit your finances to HMRC. You can refer to HMRC’s software search tool to find out more, or you can use a reliable accountant who already uses MTD compliant software - like Mazuma - to sort it all for you. We know what we’d rather do!
Yes.  The fixed monthly price includes all of your year end statutory requirements and tax returns as well as your monthly bookkeeping, management accounts, payroll, VAT and other services you have selected in your quote - this will all be outlined in our terms and conditions we send you when you start with Mazuma.
Keeping digital records is a core aspect of Making Tax Digital. From now on you will need to keep your records in a digital format, stored on a computer or in the cloud. If you use handwritten invoices or receipts then you'll have to transfer that accounting information into MTD compliant software before you submit your returns (or get your accountant to do it for you!). Keeping digital records doesn’t mean you don’t have to keep original paperwork. Quite the opposite, in fact. Original paperwork still needs to be stored as it could be required by HMRC in the event of a tax or VAT investigation. For most businesses, it means keeping paperwork for at least six years, though for many (VAT MOSS) it is a minimum of 10 years. HMRC will accept digital copies of receipts and invoices, so you could scan documents and store them to save on storage space in the office. But who has time for that? Something we pride ourselves on at Mazuma is digitising records for our clients who don't want to use our app or their own MTD compliant software. If you prefer more traditional methods or are perhaps a little sceptical of a more digital future, you can send us all of your paperwork. We’ll scan and digitise it for you, saving you a lot of admin hassle and keeping you completely compliant with current and future MTD rules.
One of our financial experts will be assigned to manage your bookkeeping. They all have extensive experience with bookkeeping, payroll, financial statements, and bank reconciliations.

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