Monthly Management Accounts
The availability of accurate, up to date, readily digestible management accounts is an essential business tool underpinning good executive and senior management decisions. The Monthly Management Accounts report should be prepared and reviewed in a timely manner and should contain key financial and business indicators. These should include:
- Revenue
sales and cost of sales: month, year to date, budgets and variances
plus any Regional analysis that provides details about how the business is performing in different regions
- Profit and Loss
month, year to date, budgets and variance
- Overheads and Expenses
month, year to date, budgets and variance broken down by department and expense category
- Balance Sheet
showing accruals and prepayments, creditors and debtors position
- Cashflow analysis
month vs budget plus anticipated cashflow over next six months
The reason for any significant variances from budget should be explained in the full Monthly Management Accounts Report.
Management Accounts Wizard uses an Excel spreadsheet template which reports the data collated in the accounts Wizard Tool. It can be formatted to suit your business needs and help you to present KPIs. You can use the full system or just download the example monthly management accounts spreadsheet template and guidline to help you format and present your own company's financial report. This format for monthly reporting was used to present information to a Company Board which included representatives of 3i and Siements VC.
Management accounts spreadsheet template here