For the vast majority of businesses annual accounts are not enough. A business often needs to know on a monthly or quarterly basis how it is performing. This could be for the following reasons :
- For internal management decision making. Is your business meeting its targets or are there areas where it is falling down and you need to take action.
- The bank may require monthly accounts to monitor how your business is performing. Perhaps you have a loan or an overdraft with them, or an invoice discounting arrangement (or perhaps you have requested one of these).
Millhouses Accountancy can provide you with management accounts on a monthly or quarterly basis. These comprise a balance sheet, a profit and loss account and a cash flow statement.