{"id":4539,"date":"2023-09-27T15:42:42","date_gmt":"2023-09-27T13:42:42","guid":{"rendered":"https:\/\/www.ban.co.za\/ban-clients\/?page_id=4539"},"modified":"2025-11-06T11:26:22","modified_gmt":"2025-11-06T09:26:22","slug":"why-management-accounts-are-so-important-for-small-businesses","status":"publish","type":"page","link":"https:\/\/www.ban.co.za\/ban-clients\/why-management-accounts-are-so-important-for-small-businesses\/","title":{"rendered":"Why management accounts are so important for small businesses?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row full_width=&#8221;stretch_row_content&#8221; wpex_bg_slider_source=&#8221;custom&#8221; wpex_bg_slider_animation=&#8221;ken_burns&#8221; remove_bottom_col_margin=&#8221;true&#8221; wpex_bg_slider_images=&#8221;164&#8243; wpex_bg_slider_fade_duration=&#8221;4000&#8243; wpex_bg_slider_zoom=&#8221;1.1&#8243;][vc_column width=&#8221;1\/6&#8243;][\/vc_column][vc_column width=&#8221;2\/3&#8243;]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:50px;\"><\/div>[vc_row_inner content_placement=&#8221;middle&#8221;][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221; color=&#8221;on-accent&#8221; font_size=&#8221;38px&#8221; line_height=&#8221;normal&#8221;]Experience \u2022 Expertise \u2022 Ethics \u2022 Excellence[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;]<figure class=\"vcex-image vcex-module wpex-text-right\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block\"><img width=\"9999\" height=\"847\" src=\"https:\/\/www.ban.co.za\/ban-clients\/wp-content\/uploads\/2021\/09\/BAN-HEX-PATTERN.svg\" class=\"vcex-image-img wpex-align-middle\" alt=\"Ban Hex Pattern\" loading=\"lazy\" decoding=\"async\" \/><\/div><\/figure>[\/vc_column_inner][\/vc_row_inner]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:50px;\"><\/div>[\/vc_column][vc_column width=&#8221;1\/6&#8243;][\/vc_column][\/vc_row][vc_row][vc_column css_animation=&#8221;fadeInLeftBig&#8221;]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:50px;\"><\/div>[vc_column_text]\n<p><strong>What are management accounts?<\/strong><\/p>\n<p>Management accounts are a detailed look at your financial information that measures your business\u2019s performance and business health and is usually prepared by a qualified accountant as soon as possible after the end of every month.\u00a0 Management accounts goes beyond just the numbers, they provide critical information that accountants need in order to provide any advice to the business owner.<\/p>\n<p>In general, management accounts are the use of accurate and complete accounting information that will report on the recent historical trading of your business and show the trading performance in relation to budget and forecasts, to spot troubling trends before they spiral out of control or to affirm the business is on track in relation to its financial plan.<\/p>\n<p>Typically, management accounts are made up of:<\/p>\n<ul>\n<li>Balance sheet (Financial Performance)<\/li>\n<li>Income Statement<\/li>\n<li>Schedule of expenses\/overheads<\/li>\n<li>Cash flow statement<\/li>\n<li>Notes to the management accounts<\/li>\n<\/ul>\n<p><strong>Why are management accounts so important for small and larger business owners?<\/strong><\/p>\n<p>First off, you will gain more control over what is happening in your business as management accounts will place you squarely in the driving seat.<\/p>\n<p>If your business is struggling or you sense that there are underlying problems in your business but you are not quite sure what it could be, a qualified accountant will need accurate and complete management accounts to calculate important ratios to assist in measuring financial performance, evaluating financial weaknesses, appraise financial accomplishments and identify what can be done to increase the financial health of your business so that it can pay its debts, re-invest in more growth, sustain operations and pay you enough to live your desired lifestyle.<\/p>\n<p>If you want to grow your business sustainably, you\u2019ll need to plan that growth as growth costs money.\u00a0 You\u2019ll be able to financially plan growth based on actual and real numbers from your management accounts and will be better equipped with the financial facts of your business should you need to change course or make short-term decisions.<\/p>\n<p><a href=\"https:\/\/www.ban.co.za\/ban-clients\/services\/monthly-management-reports\/\">Management accounts<\/a> are used by banks and investors when business owners need to access financing and can drastically increase your chances of success.<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=k_QewMhUvO0\">Management accounts<\/a> can also extend to risk management and contribute to your accountant being able to identify frameworks and practices for recognising, measuring, managing and reporting risks.<\/p>\n<p><strong>What to look for in monthly management accounts?<\/strong><\/p>\n<p><strong>Profit or loss? <\/strong><\/p>\n<p>Your income statement will show you whether you made a profit or a loss for the particular month.\u00a0 Profit is measured after the owner has been paid a market-related salary. Remember too that profit is on paper, it is not in the bank.<\/p>\n<p><strong>How much do you need to pay in income tax?<\/strong><\/p>\n<p>A business is in business to make profits. Remember too, that the business will need to pay tax on its profits.\u00a0 A good accountant will calculate the tax liability on profit each month in the management accounts so that you know how much tax you will need to pay long before your taxes become payable.<\/p>\n<p><strong>Gross profit<\/strong><\/p>\n<p>Utilising the income statement, your accountant will determine your gross profit percentage for that particular month and year-to-date and compare it to the preceding months and year. \u00a0This percentage should stay relatively consistent every month. There can be many reasons for a fluctuating or gradual decrease in gross profit margins.\u00a0 Should this be the situation, ask your accountant to look into the cause as a matter of priority, as doing so will identify and prevent a potential downward spiral of the business in the future.<\/p>\n<p><strong>Sales<\/strong><\/p>\n<p>If you have made a loss in any one month, also take a look at your sales, did it fall short of target or break-even turnover? Do you know what your breakeven turnover should be? If not, you should ask your accountant, as this is a critical number to know. If sales are the problem, you should determine the reason for the poor sales performance and draw up a plan to improve sales in the upcoming months.<\/p>\n<p><strong>Overheads<\/strong><\/p>\n<p>If you made less of a profit than you expected to, or if you made a loss, could you perhaps have incurred unusual overheads for the month? If so, were the additional overheads attributable to an \u201cinvestment\u201d in your business, for example, marketing and advertising should provide a\u00a0 return of income for the business, or was it a \u201ccost\u201d to your business? \u00a0A cost does not directly benefit the business, for example, higher than normal bank charges.<\/p>\n<p><strong>Cash flow statement<\/strong><\/p>\n<p>Having a detailed understanding of your cash flow statement is vital to make short-term decisions, so it is important to ask your accountant to explain it to you. \u00a0While a cash flow statement reflects the actual cash coming into your bank account and going out of your bank account, it can determine for example, why, if you are making profits, there is no cash in the bank.\u00a0 Ask your accountant what can be done to improve cash flow going forward.<\/p>\n<p><strong>Balance Sheet<\/strong><\/p>\n<p>A balance sheet shows an overall view of your business\u2019s assets, liabilities and owner\u2019s equity. In essence, if all assets and liabilities are stated at fair market value, the balance sheet represents the value of your business excluding future discounted cash flows and goodwill.<\/p>\n<p>It is the balance sheet that can provide deeper insight into your business, for example, can the business pay its debts when they become due (liquidity), do the assets exceed the business\u2019s liabilities (solvency), are the assets providing a return on investment, for example, how quickly can you turn inventory or work-in-progress into sales, what is the average cashflow cycle of your customers and suppliers, how well are you managing working capital and so much more.<\/p>\n<p>Although this service will need some funds, at <a href=\"https:\/\/www.ban.co.za\/ban-clients\/services\/\">Business Accounting Network<\/a> (BAN) our fees are considerably less than many accountants \u2013 it will not set you back \u2013 consider it as an investment in your business, as the alternative, having no insight or financial facts to make good business decisions that only management accounts can provide, can be dire.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\n<h3 class=\"theme-heading border-bottom social-share-title\"><span class=\"text\">Share This<\/span><\/h3>\n[\/vc_column_text]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:10px;\"><\/div>\t<div class=\"vcex-social-share vcex-module\">\n\t\t\t\t<div class=\"wpex-social-share style-flat position-horizontal wpex-mx-auto wpex-print-hidden\" data-target=\"_blank\" data-source=\"https%3A%2F%2Fwww.ban.co.za%2Fban-clients%2F\" data-url=\"https%3A%2F%2Fwww.ban.co.za%2Fban-clients%2Fwhy-management-accounts-are-so-important-for-small-businesses%2F\" data-title=\"Why management accounts are so important for small businesses?\" data-summary=\"Experience%20%E2%80%A2%20Expertise%20%E2%80%A2%20Ethics%20%E2%80%A2%20Excellence\" data-email-subject=\"I wanted you to see this link\" 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224.1-222 0-59.3-25.2-115-67.1-157zm-157 341.6c-33.2 0-65.7-8.9-94-25.7l-6.7-4-69.8 18.3L72 359.2l-4.4-7c-18.5-29.4-28.2-63.3-28.2-98.2 0-101.7 82.8-184.5 184.6-184.5 49.3 0 95.6 19.2 130.4 54.1 34.8 34.9 56.2 81.2 56.1 130.5 0 101.8-84.9 184.6-186.6 184.6zm101.2-138.2c-5.5-2.8-32.8-16.2-37.9-18-5.1-1.9-8.8-2.8-12.5 2.8-3.7 5.6-14.3 18-17.6 21.8-3.2 3.7-6.5 4.2-12 1.4-32.6-16.3-54-29.1-75.5-66-5.7-9.8 5.7-9.1 16.3-30.3 1.8-3.7 .9-6.9-.5-9.7-1.4-2.8-12.5-30.1-17.1-41.2-4.5-10.8-9.1-9.3-12.5-9.5-3.2-.2-6.9-.2-10.6-.2-3.7 0-9.7 1.4-14.8 6.9-5.1 5.6-19.4 19-19.4 46.3 0 27.3 19.9 53.7 22.6 57.4 2.8 3.7 39.1 59.7 94.8 83.8 35.2 15.2 49 16.5 66.6 13.9 10.7-1.6 32.8-13.4 37.4-26.4 4.6-13 4.6-24.1 3.2-26.4-1.3-2.5-5-3.9-10.5-6.6z\"\/><\/svg><\/span><\/span>\t\t\t\t\t\t<span class=\"wpex-social-share__label wpex-label\">Whatsapp<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t<\/li>\n\t\t<\/ul>\n\t\t\t<\/div>\n\t\t\t<\/div>\n[\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row full_width=&#8221;stretch_row_content&#8221; wpex_bg_slider_source=&#8221;custom&#8221; wpex_bg_slider_animation=&#8221;ken_burns&#8221; remove_bottom_col_margin=&#8221;true&#8221; wpex_bg_slider_images=&#8221;164&#8243; wpex_bg_slider_fade_duration=&#8221;4000&#8243; wpex_bg_slider_zoom=&#8221;1.1&#8243;][vc_column width=&#8221;1\/6&#8243;][\/vc_column][vc_column width=&#8221;2\/3&#8243;][vc_row_inner content_placement=&#8221;middle&#8221;][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221; color=&#8221;on-accent&#8221; font_size=&#8221;38px&#8221; line_height=&#8221;normal&#8221;]Experience \u2022 Expertise \u2022 Ethics \u2022 Excellence[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][\/vc_column_inner][\/vc_row_inner][\/vc_column][vc_column width=&#8221;1\/6&#8243;][\/vc_column][\/vc_row][vc_row][vc_column css_animation=&#8221;fadeInLeftBig&#8221;][vc_column_text] What are management accounts? Management accounts are a detailed look at your financial information that measures your business\u2019s performance and business health and is usually prepared by a qualified accountant&hellip;<\/p>\n","protected":false},"author":7,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4539","page","type-page","status-publish","hentry","entry","no-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why management accounts are so important for small businesses?<\/title>\n<meta name=\"description\" content=\"Management accounts are a detailed look at your financial information that measures your business\u2019s performance and business health...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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