Monthly management reports are provided each month, these include:
Profit Statement – review the performance of last month against the previous months, even review it against your forecasts. This report will show the income you have generated, the costs associated and the overheads of the business. Seeing this report monthly and as a year to date helps you understand the growth, trends and costs.
Balance sheet – this report will show the business assets and liabilities, what the company owns and owes (put crudely) balanced off with the equity in the business. This report shows a lot of information, but it is a guide to the value of the business.
Cash Flow Statement – analyse the cash flow of company, this report is a combination of the profit statement and balance sheet to help you understand the use of the cash which is available.
These reports are key historic reports, they show you heartbeat of your company, your creation. Without these reports you are guessing, it may be a very well educated guess, but to have these reports monthly (not 6 months after your financial year end has closed and you are 6 months in to the next period) gives you better feedback, empowers you with knowledge and understanding; has a marketing campaign worked? Why has your telephone account increased? See how much your clients owe, do you need to review your credit control policies? These reports raise questions quicker so you can react and find the answers quicker.
TOO MANY DEADLINES TO REMEMBER?
Never miss a deadline with us, we remind you of the important dates; Confirmation Statement due date, Statutory Accounts, Personal Tax payment dates as well as submission deadlines, VAT returns, payroll submissions, PAYE payments, Corporation Tax submission and payments...these are to name a few!