Obviously we are advocats of management accounts and work with a number of our clients to provide such information. We recommend regular management accounts so that you have the financial information to make informed business decisions in a timely manner.We were recently working with a client and identified that an expense line had increased against the previous year period by £5000. When we drilled into the information, we found an employee had accepted a price increase on a service provider. This was identified quickly enough for the owner to take action and save himself considerable cash and profits during this existing financial year.If he had waited until the production of his year end accounts, he would be out of pocket and perhaps too late to take the action?
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