Because reporting requirements at Companies House allow for a period of nine months before accounts have to be filed, statutory accounts may be produced some months after the accounting period has ended. The information contained within the accounts could therefore be out dated and there may be no time to implement necessary changes before the filing date.
Accordingly, management accounts can be produced at regular intervals throughout the year to provide information in a timely manner. This provides business owners and managers with an invaluable insight into the current position of the business. This will, in turn, enable strategic decisions and budgets to be made based on solid financial information and not just “best guesses”.
Our aim at EMB & Co Ltd is to work closely with our clients to assess individual needs, enabling us to develop a personalised work plan in terms of the format and timing of the management accounts. We work in conjunction with our clients’ financial team to produce the required financial data in an efficient and effective manner. We want the management accounts we produce to add value to the business, enabling it to flourish as a result of more detailed decision making and timely troubleshooting.