Glossary
What are monthly financial statements?
Management accounts are the internal monthly (or quarterly) report of how a business is performing: a profit and loss, a balance sheet, a cash view and a short set of KPIs, with a note on what changed and why. They are built for decisions, not for filing, and have no prescribed format.
Also called: Management reports, Management accounts
They differ from statutory accounts, which are prepared once a year under accounting standards and filed where the law requires. A good pack shows the month against the prior month and the same month last year, so a seasonal dip is not read as a decline.
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