Management accounts

Management accounts help you better manage what you measure by increasing the accuracy of reporting and the speed of decision making. Speak to our expert team to discover how management accounts could transform your organisation for good.

Make better business decisions with management accounts
How management accounts could benefit your business

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Macalvins Chartered Accountants, Tax & Business Advisers | Harrow, Mayfair, London

Make better business decisions
with management accounts

How management accounts
could benefit your business:

Understanding how external and internal factors are affecting your business is crucial to success. But its often difficult to quantify and record them so that they can be used in decision making. Our management accounts service helps you find sense in the numbers and learn why your company is performing the way it is.

Businesses with management accounts react quicker to market changes and consumer demand than those that don’t.

From development to sales, management accounts can be used to comprehensively monitor and fine-tune the hundreds of variables that contribute to the overall productivity of your business.

Management accounts fill in the blanks between one year-end to the next, meaning you stay in greater control of what is happening in your business. This is essential to understanding cash flow, as well as how effectively you are utilising your resources and the tax reliefs available to you.

Management accounts play a pivotal role in company investment and financing decisions, proving to potential buyers and lenders that your company is growing and profitable.

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Our expert team works with businesses to transform complex data into insightful reports and forecasts to better their business.

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Management accounts are a type of accounting report used primarily by an organisation’s internal stakeholders.

They contain information about a company’s financial performance and position, usually on a monthly or quarterly basis, which is used to aid management in decision-making.

Financial accounts, such as the annual report, are prepared for external stakeholders like investors, lenders, and regulators. They adhere to standardised formats and accounting principles.

On the other hand, management accounts are designed for internal use and can be tailored to meet the specific needs of the organisation. They are more detailed, timely, and forecast-oriented than financial accounts.

Management accounts play a crucial role in the effective management of an organisation. They provide key financial and statistical information, enabling management to make well-informed decisions. They support strategic planning, budgeting, forecasting, performance tracking, and risk management.

Typically, management accounts include detailed revenue and expenditure reports, cash flow analysis, performance against budget or forecasts, variance analysis, Key Performance Indicators (KPIs), profitability analysis by product or service line, and other operational metrics.

Unlike financial accounts, which are usually prepared annually, management accounts are usually prepared monthly or quarterly.

The frequency depends on the needs of the business. Some businesses may even require weekly reports.

Management accounts are primarily used by an organisation’s internal stakeholders, including senior management, department managers, directors, and the board of directors.

They are used to make strategic and operational decisions, plan and control activities, and monitor performance.

Unlike financial accounts, management accounts do not have to comply with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). They are not subject to external audits and can be organised in any way that best serves the needs of the management team.

Yes, management accounts are typically confidential and are not shared outside the organisation.

They contain sensitive information that could provide a competitive advantage to rivals or could potentially harm the organisation if misused.