set of management accounts

Marie Registered Posts: 14 Regular contributor ⭐ ? ⭐
A relative who has recently starting working for themselves is currently trying to open some credit accounts & has been asked a couple of times for latest set of management accounts. They have only been trading nine months.

If I were to try and assist them in preparing a set of management accounts ,what would I need to include?

Do they have to be done in a particular style/layout or will they just need to be on letterheads?



  • djDougs
    djDougs Registered Posts: 16 Dedicated contributor ? ? ?
    yo Marie

    just do the 9 months as if it was 12. Then instead of title 'for the yr to x' put "for the period from x to y"

    exactly the same as yr accounts, apart from above! :thumbup1:

    DJ :cool2:
  • xxSaffronxx
    xxSaffronxx Registered Posts: 16 Dedicated contributor ? ? ?
    I was asked to do this when I had a new company to set up.

    The bank just wanted a Balance Sheet of the company.

    You could also construct a forecast and a business plan to present to them
  • peugeot
    peugeot Registered Posts: 624
    Management accounts do not have a statutory format - they can be in any format that management wish.

    Management accounts would normally include the normal P&L, balance sheet and any sort of commentary on KPI's, though like I said above it is entirely at the management's discretion.

    Banks/lending institutions would normally expect, at least, a P&L and balance sheet and have been known to request cash flow forecasts/profit forecasts.

    Best regards
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