Management Accounts
As a limited company, you’re required to submit a set of accounts to Companies House every year. Management accounts are not a legal requirement however they are more useful to the business as they are produced in real time during the business trading. Most businesses today have learned the usefulness of having them.
Smurz will edit the chart of accounts for your business so when the accounts are produced, they are much more meaningful to you. PBS will then produce another chart of accounts to mirror the last set of published accounts so when the year-end accounts are completed, it will be a very easy handover to your accountant/auditor.
Smurz meets up with the client's respective accountant/auditor on a year-to-year basis and has a good understanding relationship thus keeping your accountancy fees under control. We have on so many occasions come to take over from the previous bookkeeper that your accountant has complained about and charged you much more for the extra time spent.
A Fixed fee.
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How often are management accounts prepared?
They can be prepared monthly but usually prepared quarterly and if you are registered for VAT then the accounts will be prepared for the same 3 months to tie in with the VAT
3-month quarter. It is a good practice to get into if you want to grow quickly because you can plan with facts. you will receive real numbers for the last 3 months' performance.
What information can be learned
There is a lot to gain, for instance, you gain control over your costs and the accounts will highlight if costs are higher than normal and you have the opportunity to address
If something has gone wrong, if a wrong decision was taken, it can now be acted on and not further spend money where not necessary.
Management accounts will help you clarify where the money is being spent. Usually, the owner of the business senses something Is not going to plan but is not quite sure where to look. The numbers will help to identify the area and you can take action more quickly.
Is checking the bank balance sufficient?
Most businesses start by checking the bank balance periodically and think that is sufficient. Only in time do you learn that this is not good financial control.
We at Smurz will produce the management accounts every quarter followed by a meeting to go over all the key elements. We have experienced and pleased to have provided this to so many clients who have benefited so much that is now a regular part of our service.
The money you pay will often be offset by the benefits you gain and you will be financially better off.