Reporting and Audit Services
Management Accounts
Reduce your stress levels, make hard decisions easy, and significantly grow your bottom line
Management accounts are highly personalised, financial reporting solutions that are prepared specifically for internal use within a business. Generated regularly on either a monthly or quarterly basis, they give comprehensive, real-time insight into a businesses current financial performance and are a great indicator for its future prospects too. Management accounts are your opportunity to invest in your business, get regular professional support, and relax in the knowledge that your business is optimised for success. If you think this is something that might benefit your business, our team of experts are on hand to help, just get in touch to discuss further and receive a personalised quote. Further information about management accounts can be found on the HMRC website.
What are Management Accounts?
Hint... AKA Pearls of financial wisdom
Who are they for?
Regardless of your businesses size, if you’re a proactive business owner who values strategic planning, performance optimisation, and informed decision making, these highly personalised financial reports could be extremely valuable to you
What are they?
Essentially, they are your secret weapon in making timely and informed decisions. Prepared monthly or quarterly, they empower you to regularly evaluate performance, identify improvements, and optimise your business for success
Why do I need them?
Their forward-looking perspective helps you to anticipate future trends, spot opportunities and potential challenges. When armed with a thorough, real-time understanding of the financial health of your business, making decisions becomes easy.
Quarterly vs Monthly
Which is right for your business?
Quarterly management accounts
Recommended for businesses who operate in a dynamic and/or rapidly changing environment where regular monitoring and assessment of financial performance is crucial for success.
- Great for businesses with limited resources
- Allow owners to closely monitor cash flow, track expenses, and assess profitability on a more frequent basis
- Enables timely adjustments to business strategies and operations
- Provide valuable insights into financial performance in rapidly changing markets
- Help identify emerging trends
- Enable management to make informed decisions
- Support growth and scalability
- Track billable hours, project profitability, and client retention rates
- Maximise profitability by optimising resource allocation and pricing strategies
- Monitor inventory levels, sales performance, and pricing strategies
- Make data-driven decisions to optimise inventory management, marketing efforts, and pricing strategies
- Complex supply chains and production processes require careful monitoring of costs, inventory levels, and production efficiency
- Help track KPI’s such as production yields, cost per unit, and inventory turnover
- Help to identify areas for improvement and cost-saving opportunities
Monthly management accounts
Ideal for businesses with high transactions, complex financial structures, or requiring more frequent and detailed monitoring due to their operations, industry, or management needs.
- Large corporations with diverse business segments
- Operating in multiple geographic regions with complex financial structures
- Need to monitor performance across various divisions or subsidiaries
- Businesses in the financial services sector such as banks, insurance companies, or investment firms
- Typically dealing with large volumes of transactions and require real-time or near-real-time financial information to assess risk exposure, manage liquidity, and comply with regulatory requirements
- Hospitality businesses including hotels, restaurants, and travel agencies
- Operating in fast-paced environments with seasonal fluctuations and dynamic customer demand
- Monthly management accounts enable these businesses to track revenue, occupancy rates, and customer satisfaction metrics to optimise pricing strategies and resource allocation
- Real estate companies including property developers, property management firms, and real estate investment trusts (REITs)
- Often dealing with large portfolios of properties and complex financial transactions
- Monthly management accounts help these businesses track rental income, property expenses, and investment performance to make informed decisions about property acquisitions, disposals, and leasing strategies
- Professional services firms such as accounting firms, law firms, and consulting companies
- Rely heavily on billable hours and client engagements for revenue generation
- Monthly management accounts allow these businesses to monitor utilisation rates, billable hours, and client profitability to optimise resource allocation and pricing strategies
- Companies that operate on a subscription-based model such as software as a service (SaaS) providers, membership-based businesses, or subscription box services
- Often have recurring revenue streams and require frequent monitoring of subscriber metrics, churn rates, and customer acquisition costs
- Monthly management accounts help these businesses track subscription performance and identify opportunities for growth and retention
Yes, I want regular financial wisdom
... but now what?
Get in touch to discuss your needs and we will prepare a personalised quote for you. If you are happy, simply push the button and instruct us
Your Client Manager will be in touch to discuss which financial and non-financial information we will require to complete your management accounts. This will vary depending on the nature of your business and your individual requirement. Please note, all book-keeping information must be provided via Xero or other digital software, not paper
Once you have provided all the required information, we will start to prepare your management accounts aiming for the following turnaround times:
- Monthly management accounts – These take approximately 2-3 weeks from when all information is provided
- Quarterly management accounts – These take approximately 3-4 weeks from when all information is provided
When your report is complete, we will provide your management accounts as a PDF report via email, and arrange a convenient time to discuss the findings so that you can gain as much wisdom from the report as possible.
You can discuss the findings of your report with your Client Manager during a ‘Business Insight’ meeting. This meeting will last for up to 1 hour and, depending on your preference, can be held in-person (at either our St Austell or Falmouth office), or via a video or phone call.
How can Harland help?
Our packages start from just £145 per month, and the majority of our clients find that management accounts never cost more than they make back. This relatively low investment is often re-paid many times over in the form of cost savings, spotting new opportunities, and improving the overall financial health and growth of your business.
The next steps
Contact your Client Manager and ask for more information about our management accounting services. We will discuss your individual needs, walk you through the process, and give you a personalised quote