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Management Accounts

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Management accounting provides regular insights into your finances and business performance. Our financial reports will enable you to make more effective business decisions. We can make sense of your accounts and identify the key performance indicators (KPI) you need to make decisions about your business. 

Aimtrac can take on the task of preparing management accounts for your business. We’ll draw out the key insights and figures you need and share them in accurate, easy to understand financial reports. From these we can help you evaluate where your business is at and how we can help you move forward. We’ll help you make sense of your finances so you can be better informed about what your business could achieve short term and long term.

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Businesses that have a great bookkeeping system operate like a well oiled machine. The accounts are properly arranged, data entry is systematic and clear reports are always readily available. At Aimtrac we’ll happily look at your existing processes with you for free, and we’ll offer advice as to how you could achieve the perfect system.
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Our Team

The Aimtrac team is a group of subject matter experts, all dedicated to helping companies grow. Bookkeeping is an essential function of any business but also one that can prove to be a significant pain point for company owners. We offer professional bookkeeping services to help take the pressure off businesses when recording financial transactions and keeping on top of cash flow. We can bring practical support to your business through our qualified bookkeeping team providing you with regular contact and updates regarding your financial position.
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Steve Seymour - Aimtrac Group
Steve Seymour
Managing Director
Sharon Ashmore - Aimtrac Group
Sharon Ashmore
Head of Bookkeeping & Payroll
Clare Halton - Aimtrac Group
Clare Halton
PA & Office Manager
Janine Jesse
Business Advisor

What are Management Accounts and Why Do I Need Them?

Management accounts are financial reports that are produced regularly throughout the year and provide an overview of your current financial situation. Preparing management accounts will enable you to review the figures and key performance indicators to see if you need to make any changes.
Unlike annual or statutory accounts, there is no legal requirement to produce management accounts for your business. However, these regular financial reports can prove invaluable. You will have more options if you notice cashflow issues or changes in profit or loss immediately rather than waiting till the year end. You will be able to provide capital injections when they are most needed, make more accurate forecasts based on the latest data, and make use of all the figures and key performance indicators you’re recording in your books.

What’s the Difference between Management Accounts and Annual Accounts?

Annual accounts are a formal review of your financial position at year end. Most companies in the UK are required to produce these statutory accounts once a year. You will need to provide a financial report to Companies House and the HMRC if you are required to pay Corporation Tax. The annual accounts are also presented to shareholders and any other interested parties.
Management accounts are produced more frequently and for different purposes. Management accounting provides regular insights into your business finances throughout the year. The figures provide a regular update on your financial position. You can check on your balances or compare the actual figures to your budget and use them to adapt your plans during the year.

How Can I Use Management Accounts to Access New Funding?

Management accounting can provide benefits beyond your own decision making. If you are preparing quarterly or monthly management accounts then you will always have the latest balance sheets and financial information on hand if you need to apply for a business loan or bring a new investor on board. As well as ensuring you have up to date figures to share, you will be able to show how key performance indicators have changed over time, and show that your management decisions are backed up by data.
In some cases, commercial lenders will make preparing management accounts a requirement for the loan. The debtor will be asked to provide monthly or quarterly financial reports as long as the loan is outstanding. You can also provide the latest financial report on your business if you need to extend a loan, which can be particularly useful if your credit rating has improved since you first applied or your business is growing quickly.

What Can I Do with Management Accounts Outside the Business?

Management accounts are mainly created for internal use by managers and business owners, but they can also help with applications for funding and other uses outside the company. Anyone who has an interest in how your business is performing could gain useful insights from these regular financial reports. You will benefit from keeping them informed if it enables you to gain more support, business or investment. However, it is up to you how much information you want to share, who gets to see it, and how often you produce reports.

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Why Use Aimtrac to Provide Monthly Management Accounts?

Aimtrac can create monthly management accounts to help you keep track of your business finances. You’ll get all the information you need to understand your finances and performance, without having to find time for preparing management accounts yourself.
We are based in Altrincham and have supported businesses across Greater Manchester and the North West. Our finance experts have worked with Limited Companies of all sizes to prepare statutory reports as well as monthly management accounts. We have also provided financial reports for Sole Traders, Partnerships and other business models. Our clients include eCommerce fulfilment companies, business brokers, cleaning contractors and more.

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