Small Business Management Accounts in Ireland
Management accounts are a collection of financial as well as non reports that evaluate a company's performance over time, such as monthly or quarterly. A statement of financial position, balance sheet, cash flow statement, and analysis or commentary are frequently included in the report. Book an appointmentThese reports are commonly used by small firms to evaluate their cash flow and the performance of specific business processes. Management accounts are frequently given to senior management at board meetings, financial institutions when applying for financing, and equity funders when seeking capital as your company grows.
We can assist you in determining whether or not you require management accounts. We’ll go through the advantages and insights you may receive from them, as well as advice for preparing management accounts and the outsourcing process.
Advantages of a management account
Assist you in making important decisions
Regularly preparing management accounts allows you to use data to back up strategic decisions. You may gain new insights and identify areas of your company that require attention.
It’s possible to use it for funding applications.
Before applying for funding or grants, some financial institutions require Limited Companies to submit management accounts.
Assist in reducing tax liability
Management accounts can help you estimate your prospective tax burden before the end of the year, allowing you to better plan and manage your tax bill.
Can assist in lowering year-end accounting costs
Regularly reviewing your management accounts can help you identify problems and questions that need to be addressed right away. Because you are in charge of your finances, this can make tax returns easier and more efficient.
Is it necessary for me to have management accounts?
If you’ve just started a Limited Company, you probably won’t require management accounts right away. You may, however, require them for board meetings or financing applications. In most cases, sole traders do not require management accounts.
Because corporations are not legally required to generate management accounts, they are frequently neglected as useful sources of information.
What the management accounts show
- Sales patterns
- Your company’s performance
- Indicators of Key Performance
- Trends in cash flow
Outsource the preparation of your management accounts.
We prepare management accounts for you at TAS Consulting on a monthly or quarterly basis, depending on your needs.
We will analyse your financial statements on a regular basis, tailoring reports to your needs, and holding monthly meetings to review your accounts, clarify any anomalies, and provide regular updates.
Do you have any more questions? Our Customer Services team is always available to answer your questions and discuss your business requirements. Contact a member of our team today to learn more about how management accounts can benefit you and how to get started.
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