Management Accounts
In order to control and improve, first, we must measure. Statutory or 'year-end' accounts, often produced months after the year-end and in a format dictated by the government probably won't help you to achieve this.
Regular management accounts produced quickly after the period they relate to, in a format customised to your businesses needs, are a vital ingredient in improving financial performance.
Where dividends are used to remunerate owner-managers it's also essential that these are paid out of distributable reserves, that assurance can only be achieved with regular management accounts. Also while MTD (Making Tax Digital) has only affected businesses regarding their VAT returns, so far, it will eventually require quarterly reporting for most businesses.