Bookkeeping can cover a number of different activities such as:-
Whether you produce them monthly or quarterly, Management Accounts allow you to keep a close eye on your business's finances and help with decision making by highlighting trends in sales and business costs. Also in identifying which products and services are most profitable
Combined with Budgets and Forecasts, Management Accounts offer a powerful tool that will enable you to keep on track of your Business's long term goals.
In addition to the Profit & Loss Account and Balance Sheet your Management Accounts could include any of the following:-
Budgeting and Forecasting
Unlike Statutory Accounts, Tax and VAT Returns which are a necessary to keep the Government happy, Budgets and Forecasts are useful tools that can benefit your Business and help you make more informed decisions.
If you want to know how your Business is performing beyond your current bank balance, Management Information from Budgets and Forecasts can assist when considering whether or not to expand, buy new equipment, concentrate on a specific product or service, move to new premises and more.
Businesses that set targets of where they want to be and back it up with forecasting and relevant Management Information are also more likely to be successful in applying for loans to achieve those goals.