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Management Accounts

Management Accounts & Reporting

What are management accounts?

There are 2 types of accounts, financial accounts and management accounts. Most people are familiar with financial accounts, but miss out on the benefits of management accounts.

Financial accounts are typically produced once per year, to meet your businesses compliance requirements for HMRC and Companies House. These are often prepared and submitted 9 months after accounting year end. This means that they are out of date, and inadequate for decision making and business management purposes.

Management accounts on the other hand are traditionally produced monthly or quarterly for the purpose of business decision making. They differ from financial accounts both in the way they are prepared and the timeliness of their content.

Why do I need management accounts?

Because they are produced in a timely manner, they offer an accurate financial window into the business. Which allows for accurate performance measurement, decision making information, business forecasting and planning. 

Management accounts allow you to monitor the business, and spot any potential issues before they arise. Some of the reasons for having management accounts include:

  1. Tax planning
  2. Identification of seasonal variances
  3. Motivates staff and managers
  4. Business planning
  5. Cash flow planning
  6. Identification of working capital tied up in the business
  7. Avoids big surprises at the year end
  8. Budgeting and forecasting
  9. Helps with raising finance 
  10. Control costs

Why is Accountancy Scotland the right provider?

Qualified accountants

At Accountancy Scotland we have CGMA (Chartered Global Management Accountant) and ACMA (Associate Chartered Management Accountant) qualified accountants. CGMA and ACMA accountants are the only accountants professionally qualified to put together management accounts.


There are only 1,600 CGMA and ACMA accountants working in practice, out of a total of 300,000 qualified accountants in the UK. This means that the team at Accountancy Scotland is a rarity, as we are qualified to provide management accounts where other accountants are not.


This level of qualification means that we know how to use sophisticated tools and techniques to ensure that you are getting the best possible advice for your business.

Business experience

Accountancy Scotland’s founder and managing director is the former Financial Director for Red Bull. This means that the person leading Accountancy Scotland has real world experience in preparing, and getting the best out of, management accounts. This means that your business can benefit from the years of top level experience within Accountancy Scotland.


Few other accountants have this level of business acumen.  


The systems and processes that Accountancy Scotland use are more in depth and efficient than what can be provided by other accountants. This is because we act as consultants to the largest providers of accountancy software to help them develop their systems. This means the we are not only at the cutting edge of latest technologies, but also we are helping shape their direction.


Because we have helped create the systems, we know how to use them better than anyone else.

What you get from Accountancy Scotland?

Accountancy Scotland provides monthly management accounts accompanied by a detailed analysis of your business’s financial position.


These reports are incredibly valuable, as they contain actionable business advice that helps you to make informed decisions about your business. These reports help ensure that your business is trading at its most profitable and tax efficient. 


Examples of advice that we provide includes:

  • Cash flow analysis
  • Proactive tax planning
  • Working capital management
  • Trend analysis
  • Seasonality analysis
  • Financing option review


If you are interested in finding out more about our management accounting and reports, why not give us a call