Financial Accounts & Management Accounts

Financial or statutory accounts are a legal requirement of limited companies.  They are historical, usually produced over one year, are materially accurate and have the benefit of hindsight.  They are mainly for the benefit of external bodies such as shareholders, banks and HMRC etc.  They will often contain reports such as Profit and Loss accounts, Balance Sheet, Cash Flow Statement, and Trial Balance etc.

Saturn Secretarial will work with you to produce the reports required for the financial accounts and liaise with your accountant to complete the process as efficiently as possible.

Management accounts although a non-legal requirement are of paramount importance in running an effective business,  as they give timely financial information and are usually prepared monthly or quarterly.  There is no pre-determined format for management accounts; it is up to each business to decide what they are going to use the information for.  This can include divisional results, variance performance, costing information and future financial planning.  Management accounts will usually include Profit and Loss Account statement, Balance Sheet, Cash Flow forecast, Debtor and Creditor reports, variance analysis and other reports dependent on the requirement of the client.

Saturn Secretarial can produce and interpret the management accounts on-site or remotely.

Perplexed? Have a look at our glossay of terms.