Management Accounts or Management Information (MI), both the same thing, should be considered from a completely different perspective to Statutory Accounts. MI is for internal use only and represents a regular opportunity to review how the business is performing across a range of financial and other metrics (including Key Performance Indicators – KPIs).
Unlike Statutory Accounts, MI should analyse performance by office/department/individual; this helps identify notable areas of the business (both positive and negative) to ensure matters are either addressed or promoted.
Relevant KPIs help all staff concentrate on the key metrics that deliver growth/profit/cash.
We have spent years developing MI packs that are suitable for growing companies; institutions (debt and equity); and year end files for auditors. There is no ‘set’ format for MI, other than it should be informative and legible. Our MI packs are developed on a bespoke basis depending on the type of company and needs of management.
