Support With Your Management Accounts

Successful business owners rely on Management Accounts as a crucial resource to guide their decision-making processes, assess performance, strategise for growth, and anticipate tax obligations. These accounts are indispensable for informed and effective business management.

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What are management accounts?

There is no legal obligation to prepare management accounts, but successful, profitable businesses would not be without them. Typically created every month or quarter, these reports analyse recent performance and compare it to budgets and forecasts. More importantly, the management information is used to help plan for the future with sales, cash flow, and profit forecasts.

A key objective of management accounts is to provide clear and correct information to highlight key performing areas of the business, but there are other reasons to use them including: 

  • Understanding the behaviour and overall performance of the business 
  • Giving the business direction with sound advice and guidance 
  • Allow creation of a cash flow forecast
  • Reveal margins, costs, and break-even points to make appropriate financial decisions 
  • Identifying non or under-performing parts of the business

How can management accounts improve your business?

  • If your business has a commercial loan, our management account services can help you meet your contractual obligations of submitting accounts as needed. 
  • Creating regular reports enables you to look closely at your cash flow, find trends and seek extra capital injection (if it is required), based on accurate forecasts. 
  • By seeing the data on your profit and loss statement you can accurately see where the business stands in relation to profitability on a consistent basis, meaning you can easily make changes to improve profitability if necessary. 
  • Management accounts let you predict future events based on previous trend data, which could put you ahead of your competitors.  

How we can help you

Jan McDermott and her team specialise in all areas of accountancy and tax support for business, including management accounts. If you need help setting up and monitoring your management accounts, our friendly team of professional accountants will be on hand to offer key advice and guidance. This means you can have complete peace of mind that your management accounts are being accurately and regularly reported, so you can use that data to improve and grow your business to be as successful as possible.

How are management accounts produced?

The foundation of creating management accounts is a good accounting system. This could be Sage, Xero, or even just Excel, but if you use the services of an experienced management accountant, they will have their preferred system already set up and ready to go. Our team can create management accounts as frequently as you need them, but usually on a monthly or quarterly basis.  

We will create a layout that provides you with all the key information you need in an easy-to-understand format. Your account business metrics and the goals of your business will be taken into account, so we have a clear picture of your key performance indicators (KPI’s) and always meet the needs of your business.

How we can help you

Jan McDermott Chartered Accountants specialise in preparing and analysing Management Accounts for your business. If you need help creating and monitoring your accounts system, our friendly team of professional accountants is on hand to offer key advice and guidance. This means you can have complete peace of mind that your management accounts are being prepared and regularly reported, so you can use that data to improve and grow your business to be as successful as possible.

Get in touch with our team today to take control of your management accounts.

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Frequently Asked Questions

Statutory accounts look back at the historic position of the business and are mainly prepared to meet your legal obligations and calculate your corporation tax.

Management accounts look beyond the numbers to highlight key insights into your business performance and are there to help you plan for the future.


Management accounts are very much bespoke to your business but will generally include the following:

  • KPIs 
  • Profit and loss account
  • Cash flow 
  • Balance sheet
  • Aged Payables
  • Aged Receivables

We are specialists in Xero accounting software and are able to set up your system, train you and your team to produce meaningful management accounts.

Alan Robson

They provide us with a fully outsourced finance function so that our own team can focus on our business. They implemented Xero software from day one of the company meaning that we have real-time visibility of our business at all times, The monthly management accounts meetings we have with Jan really add value to decision-making and strategic planning and we wouldn’t be without them.

Peter Broxton

Their professionalism, expertise and client care are outstanding and they have supported our growing business no end. They look after everything from our bookkeeping, VAT, annual accounts, as well as claiming Research & Development tax relief, preparing budgets and forecasts and assisting with grant claims. The whole team are always responsive, friendly and reliable and we wouldn’t hesitate to recommend them to anyone looking for a trustworthy and efficient firm to look after their business finance requirements.

Scott Hackett

I moved my accounts over to Jan at the beginning of the year and have been extremely impressed with her attention to detail and precision. She’s made it easy for me to understand and manage all the key aspects of my accountancy, as well as offering useful suggestions of ways to improve and make things work more efficiently for me and my business. I’d highly recommend Jan and her team to anyone looking for professional, friendly, and reliable accountants that truly get to know you and offer a tailored service.”

Alistair Evans

Jan McDermott & Co have been our accountants for over 15 years and have not only ensured our accounting records are accurate and legal, but also provided us with first class advice to help us grow. They recommended our move to Xero accounting software which has revolutionised our business, allowing us to create predictable income through the use of Go Cardless Direct Debits, and streamlining our day to day accounting operations. Jan and her team are friendly,  easy to work with and take time to understand a particular problem or situation. I wouldn’t hesitate to recommend them to any business that wants an accountancy firm they can grow with and depend on.