Services

As a business owner, you need to be on top of the business’s finances. You need to know not just how it is currently performing but also how it is projected to do in the months ahead. Not having this sort of information at your fingertips is like driving without your car headlamps – you can’t see where you are going or what you might bump into.

Remember too, it’s not just you that will be interested in how the business is performing. Customers, suppliers, your bank or the Revenue could all seek financial information from you at some point.

Essentially, you should prioritise having up-to-date financial information about your business available. This way, as opportunities or challenges arise, you are able to deal with these properly.

Financial accounts relate to the business in the previous year or trading period. While necessary for compliance and useful in giving information about the business in the past, these accounts do not always give a good guide to current business performance or the trading outlook. It might be a year or more since the last financial accounts were prepared, and business performance could really have changed materially in the meantime. This is where management accounts come in, management accounts give you is up-to-date information. When you have an accurate overview of your business today you can take better decisions for tomorrow.