Management accounts are an extremely important factor in enabling you to to make key decisions about your business.Different businesses will have different management accounting needs, depending on the business areas that are important to them.
These can include:
The sales process – including pricing, distribution and debtors
The purchasing process – including stock records and creditors
A fixed asset register – details of all fixed assets, including identification numbers, cost and date of purchase, etc
There is no legal requirement to prepare regular management accounts, but it is hard to run a business effectively without them. Most companies produce them regularly on a monthly or quarterly basis. At Harris Carr we can advise you on how management accounts can help you to run your business more effectively.