Management accounts are concerned with the provision of accounting information to managers within organisations, to provide them with the basis to make informed business decisions that will allow them to be better equiped in their management and control functions. In today's difficult economy, management accounts are a vital tool for a successful business.
Why Management Accounts?
In contrast to financial accounts, management accounts information is:
- forward looking instead of historic
- up to date, current information
- designed for use by the business managers rather than external parties
- confidential and not publicly reported
- produced based on the needs of the business