Management accounts are financial reports prepared for internal use by business owners and managers. These reports are typically generated on a monthly or quarterly basis and include key financial statements such as the Profit & Loss statement and the Balance Sheet.
Unlike annual accounts, which are formal and intended for external stakeholders, management accounts are less formal and tailored to meet the specific needs of the business’s internal management. They provide detailed insights into the company’s financial performance, helping managers make informed decisions about budgeting, forecasting, and strategic planning.
