What are Management Accounts?

Management Accounts are reports that give you a regular up-to-date view of your business’ financial position.

This (as well as a forecasting tool such as FloatApp) will enable you to make informed and effective business decisions based on past, current and future performance.


How are these useful to me?

Many small businesses rely on end of year accounts to review financial information, this can lead to missed opportunities and bad financial decisions.

By having regular updates regarding relevant financial information, you can make informed decisions to improve performance, maximise profit and address any issues early on.


What does the Management Accounting service provide?

Melot Accounting’s Management Accounts service will provide you with a monthly visual snapshot of the business’ position. There will be some numbers plus several charts and graphs to give you the information you need in an easy to understand format.

A basic standard monthly report would include the following:

  • Profit & Loss Account
  • Balance Sheet
  • Current vs previous year(s) sales by month
  • Cumulative year to date sales vs previous year(s): the total sales building up through time over the months so far
  • Current vs previous year(s) profit by month
  • Cumulative year to date profit vs previous year(s): the total profits building up through time over the months so far

In addition, you can choose from the following options:

  • Sales by type
  • If you are a FloatApp user we can include your current forecast
  • Debtor related reports
  • Profit % analysis
  • Costs related breakdowns
  • Reports relating to staff costs and income or similar
  • And more!


What if there are other things I would like to see in a report, specific to my business?

We understand that every business is different, and there isn’t a ‘one size fits all’ report.

As such, we can create customised reports which are specific to your business.

Please contact us to discuss your needs and we will see how we can assist you.


I really don’t get accounting, so I’m still not sure these will actually help me…

We understand how the typical accounts reports usually seen at year end are complex and difficult to follow.

It is for this reason that the majority of the Management Accounts reports are presented in charts and graphs:

  • The graphics are easy to follow and reduce the need to understand accounting
  • You can easily spot trends in your business (e.g. sales always drop during June and July…)
  • Aspects of business performance can be captured on one page
  • Reports can be customised to show the information which is relevant to you


How do I get this service?

The Management Accounting service is part of the Virtual Finance Team package, or it can be added to pay monthly packages.

See prices for further details.