Overview
Management accounts are a key tool to enable you to run your business. They reflect the cumulative calculations that you see on your invoice statement during the month but also incorporate drawings you have taken from your bank account as well as other adjustments that do not appear in your income statement such as bank transfers. They provide you with information that shows you the financial position of your business at month end. You can see what funds you have taken out, what funds are available for distribution and the amounts you must set aside to pay the taxman.