Management Accounts

Timely financial insights can make all the difference. At MG Walker & Co Ltd, we prepare Management Accounts that help identify potential issues early and support proactive decision-making.

The Limitations of Conventional Accounts

Conventional accounts record past events and are often prepared solely to meet HMRC and Companies House requirements. Limited company accounts need to be filed with HMRC within 10 months of the year end, and within 9 months with Companies House. For example, if a company had a March 31st year end, the accounts need to be filed with Companies House by December 31st of that year and with HMRC by January 31st of the following year. By the time these accounts are filed, it may be too late to take remedial action for serious problems since the Directors will often regard the accounts as merely a tax calculation.

The Benefits of Management Accounts

This situation can be avoided by producing Management Accounts, which are essentially concise Profit and Loss accounts best prepared in conjunction with the VAT calculation. For example, if a company has a March 31st year end, the first VAT return will likely cover the period from April to June. Preparing Management Accounts for this period enables the early identification of potential issues such as cash flow problems.

Our Approach

The typical practice is to take the quarter ending and prepare Management Accounts within 21 days after the end of the month. MG Walker & Co Ltd will prepare these accounts and attend any meeting where they are presented to management.

If you would like to know more about our Management Accounts service or need assistance with your accounts, please contact our team at 01246 272 888 or 07768 997711.