As your business grows, it's a good idea to have a better insight into your business finances. We support companies by preparing monthly management accounts. There is an extra cost to taking this approach, and you need to set aside time to review the management accounts every month, however, this is worthwhile if you are ambitious to grow.

The importance of management accounts

All Limited businesses must submit statutory accounts on an annual basis. Management accounts are usually prepared on a monthly or quarterly basis and are not compulsory. You can decide which finances to track based on your business needs. They are essentially a snapshot of the financial health of your business. For example, you may want to review monthly your:

• Balance sheet
• Cashflow statement
• Profit and loss account

As your business grows, you may decide to start to monitor your capital expenditures. We would work with you to determine what to include in your monthly financial report that fits your business strategy.

Why choose Watson Knipe?

We have found that there are many benefits that our clients gain by using our management accounts service.

• By tracking your cash flow regularly, you can plan your expenditures more effectively.
• You can start to identify trends in sales; there may be seasonal changes or other factors affecting sales that you can be included in your forecasting for the year ahead.
• Management accounts give you an accurate overview of how your business is doing. The more information you have, the better informed your decision making.
• It helps with identifying your tax liabilities; this puts you in a better position at year-end. The more you understand about this may help you reduce your tax bill.

We work with businesses based in Derby, Nottingham, Leicester and across the UK. If you are interested in finding out more about our management accounts service, please contact us by calling 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..