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.