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MANAGEMENT ACCOUNTS

Management Accounts are a set of financial statements, prepared periodically e.g. monthly or quarterly, allowing the business owners to understand the financial trading position of the business. These financial statements provide the necessary information for the owners to make informed business decisions and stay in control of their business. Tax Compute can design and provide standard reports tailored specifically for sole traders, companies and partnerships. Typically a set of Management Accounts would include

  • Profit and Loss Account
  • Balance Sheet
  • Cash Flow Statement
  • Key Performance Indicators (KPIs)

Management reports are important for a number of reasons:

  • Preparation of KPIs can detect fraud or highlight unfavourable or changing business trends.
  • Allows the business owners to make informed decisions and stay in control.
  • Provides sufficient information to detect positive and adverse trends in sales volumes, operating margins, costs and profit.
  • Monitors actual costs and sales against budget and maintains business control.
  • Helps facilitate future planning

Please talk to us about easy to use accounting packages that will suit your business needs and provide for Management Accounts to be automatically produced.

Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy.

Risk Reduction Accounting

Management Accounts


Analysing past financial data facilitates future decision making

TAX RETURNS

We carry out an analytical review and quality checks before submitting your tax return. We ensure compliance and timely submission.

MANAGEMENT ACCOUNTS

Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy.

VAT RETURN

The VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. The result is the amount payable to HMRC.

BOOK KEEPING

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation

PAYROLL

Within a company, payroll is the combination of all of the financial records of their employees' salaries, wages, bonuses and deductions. In accounting, the term payroll signifies the amount that has been paid out to employees for the services they have done for the organization within a certain period of time

CORPORATION TAX

Corporation tax is a tax placed on the taxable profits of limited companies and other organisations such as clubs, societies, associations, and unincorporated entities.

COMPANY FORMATION & BUSINESS START-UP

You can register online with Companies House if your company is limited by shares and uses standard articles of association (known as 'model articles'). Otherwise, you must use a different method of registration. Your company will also need to register for Corporation Tax within 3 months of starting to do business

CONTRACTORS & FREELANCERS

Working outside the scope of IR35 and knowing what is claimable are the two most important issues when freelancing or contracting.