Last year’s records are no longer relevant. To understand how your business is doing, you need to go beyond the bank and order book. That’s where Management Accounts come in. These accounts offer a look at the key performance indicators (KPI) that can be used to make strategic decisions on both a day-to-day basis as well as long-term goals. Additionally, they give important financial information such as income reports each month or quarter. This way, development plans can be set up efficiently.

Although not legally required like annual financial statements, creating monthly financial reports will give you total oversight of your finances and support you in making the savvy decisions necessary for your business’s growth.