Management Accounts

Business transactions such as sales, purchases, receipts, and payments are reconciled from your bank accounts directly into Xero with automatic feeds. This saves time (and paper), and means you have tidy books! We review every transaction, so you have meaningful financial information to measure how your business is going.

You will then receive a monthly management report and management information summary which will give you a clearer picture of things like:

• Profitability
• Cash flow
• Balance sheet
• Tax liabilities and due dates
• Available reserves for remuneration planning purposes (interim dividends)

What are the benefits of monthly management accounts?

1. Gain more control over what's happening in your business
   • You will be able to clearly see your costs, where money is being spent and whether it’s worthwhile. It will allow you to make more informed decisions about the money you spend.
   • Your monthly cash flow statement can show you the reality of when cash comes in and goes out. It helps you plan your expenditure more effectively and enables you to take steps to bring cash in more quickly.
2. Plan for growth
   • You might be seeking finance or investment to grow. Robust monthly management accounts can reassure banks and investors that you have a firm grasp of your business.
   • Are your plans on track? Were you too ambitious or not ambitious enough? Comparing budgets and forecasts can help you assess these. In addition, these can be shared with your internal team and get them on board with your plans.
3. Stronger position for year-end
   • If you track the numbers through the year you won’t find yourself in a position of looking at the figures and wondering what went wrong. At the same time, you won't be celebrating an unexpectedly good year while simultaneously worrying about how you’re going to pay the resulting corporation tax bill.

Do I need to wait until the end of the year to switch accountants?

No - the process of changing accountants is actually a relatively simple one. Switching accountants can be done with minimal fuss, effort and disruption to your business.