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Management Accounts

This is specialised service which can be designed to suit the specific needs of our clients business or businesses. There are many companies who need more detailed information about their companies’ finances than what their accounts software or internal accountants can produce for them.

These areas may be:

  • Predicted corporation/personal tax bills based on regular company performances;
  • Reasons for major fluctuations in profits or losses or specific profit and loss items;
  • Realistic profit and loss amounts at a particular period in time;
  • Areas the company can improve in or is restricting the company’s profits;
  • Tax saving schemes that need to be discussed before the year end ie investing into plant and machinery to claim capital allowance relief.

Management accounts can help keep a company up to date with accounting matters for the present as well as the future.

For example many companies in the past have at some point had a very successful year but have unfortunately not budgeted for their tax liabilities.

The first time they realise they have a large tax bill may not be until many months after their accounting year, but by this point they have already spent much of their cash reserves. Management accounts will help you avoid these potential problems as you would be aware of the future tax liabilities on a regular basis and can plan to put
the tax money in to a separate account.