The core reports.
- Profit and loss: revenue, costs and profit for the period.
- Balance sheet: assets, liabilities and equity at a date.
- Cash information: movements, available funds and near-term commitments.
- Supporting schedules: customer balances, supplier balances and other material accounts.
Give the figures context.
Compare the current month with the budget and relevant prior periods. Review both the amount and the percentage change. Seasonal businesses may find the same month last year more informative than the previous month. Explain major movements using the underlying records.
Ask questions that lead to action.
- Did sales growth turn into stronger margins?
- Which costs changed, and why?
- How much customer debt is overdue?
- Are cash commitments covered by expected receipts?
- Which balances or assumptions need further investigation?
Agree the reporting rhythm.
A monthly pack is useful only if the records are ready and there is time to act. Agree a close date, the documents required, who reviews the reports and how queries are resolved. Choose a small set of measures that reflects your business rather than adding every possible ratio.
Management accounts and annual statements.
Management accounts support ongoing decisions. Annual financial statements cover a financial year and are prepared for a different reporting purpose. One does not automatically replace the other, and neither report alone means an audit has been performed.
Get a reporting pack that fits.
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