What Is The Difference Between Management Accounts And ...
文章推薦指數： 80 %
Management accounts look at specific details useful to the management, for instance, fluctuations in specific sales. While some companies may make use of ... WhatIsTheDifferenceBetweenManagementAccountsAndStatutoryAccounts? Managementaccountsandstatutoryaccountsmonitorthefinancialmovementsofacompanyandallowforreportingoncurrentprogress,previoussuccessesandfailures,andforecasting.Thedifferencebetweenthetwotypesofaccountsmaycauseconfusiontopeople,especiallythosethatdonothaveaclearunderstandingofaccountingpractices. Thereasonsforcreatingthetwoaredifferentandbusinesseshavedifferentusesfromthetwotypesofreporting.However,oncethebasicsofthetwotypesofaccountsareexplained,manyseethatthereisnoreasontobeintimidatedbymanagementaccountsandstatutoryaccounts. Statutoryaccounts Thegoalforpreparingastatutoryaccountistobreakdownandshowcasethefinancialactionstakenbythecompanyinagivenyearandlimitedcompaniespreparetheseaccountsannually.Thesetypesofaccountsdonotincludeadetailedreportofeverysingleexpensethecompanyhadtobearintheparticularyearbutisastatementonthecompany’soverallspending. Statutoryaccountsusuallyincludeaprofitandlossreportaswellasabalancesheet,whicharetwoofthemainfinancialstatementspreparedbyabusiness.AcompanysecretarialservicesUKcanhelpabusinesspreparethesefinancialstatementsaswellasannualstatutoryaccounts. Oneofthekeyfeaturesofstatutoryaccountsisthattheyareformattedgenericallyandfollowingsuchaformatmakesthemeasiertounderstand,especiallybyshareholders.Inadditiontothis,statutoryaccountsaremandatoryforalllimitedcompaniesandarepreparedduringaspecifictimeonceayear. Whenpreparingastatutoryaccount,anaccountantinIlfordwilllookattheday-to-dayoperationalcostsofthebusinessandacompanycanmakeuseofoutsourcedfinancialmanagementservicesfortheirannualstatutoryreporting. Managementaccounts Whilestatutoryaccountsbreakdownthefinancialactionstakenbythecompanyduringtheyear,managementaccountsarepreparedforinternaldecisionmaking.Themanagementteamofacompanywillstudymanagementaccountsandthefinancialpositionofthecompanywhenmakingdecisions. Managementaccountslookatspecificdetailsusefultothemanagement,forinstance,fluctuationsinspecificsales.Whilesomecompaniesmaymakeuseofcompanysecretarialservicestopreparemanagementaccountsonaweeklybasis,mostpreparethemonamonthlyorquarterlybasis. Oneofthekeyfeaturesofamanagementaccountisthat,unlikeastatutoryaccount,amanagementaccountdoesnothaveafixedformatortemplateandtherearenospecificationsonthedatathatmustbeincluded. Therearealsonodeadlinesortimeframeswithinwhichamanagementreportmustbecompleted.Theyarealsonotmandatory,unlikestatutoryaccounts,andabusinessmayneverrequireone.However,anyaccountantwillknowhowimportantmanagementreportsare,especiallywhenmakingdecisionsaboutthefutureofthecompany. Keydifferences Nowthatyouhaveabasicunderstandingofstatutoryandmanagementaccounts,itisimportanttolookatthekeydifferencesbetweenthetwo.Knowingthedifferencesbetweenthetwotypesofreportingwillhelpyoubetterutilisethem. Statutoryaccountsprovideanoverviewofacompany’sfinancialactionsbutmanagementaccountslookatfinancialactionsindetail.Theformerisanannualtechnicalaccountofthecompany’sfinancesduringaspecifiedperiodandthelatterprovidesanin-depthlookintoselectedareasduringanytimeoftheyear. Thusmanagementaccountsareidealinforecastingandaidsindecisionmaking.Theyarealsonotmandatory,unlikestatutoryaccounts,anddon’thavespecifiedlayoutsortemplatesthatanaccountantmustfollowwhenpreparingamanagementreport. Thesearethekeydifferencesbetweenmanagementaccountsandstatutoryaccounts.Fromtheobjectivesofthereportstothedataincludedinthem,thereareanumberofdifferencesbetweenthetwoandabusinessbenefitsfromthemindifferentways.Whetheritistopreparereportsormanagebookkeeping,acompanycanhireanaccountantinIlfordthroughcompanysecretarialservicesUKtoensureaprofessional,efficient,andaccurateservice. Facebook Twitter LinkedIn Pinterest Email «WhatFinancialStatementsDoesASmallBusinessNeed?12MarketingReportExamplesYouCanUseForAnnual,Monthly,Weekly,AndDailyReportingPractice»
延伸文章資訊
- 1What are Management Accounts? - BookCheck
Management accounts are financial reports produced for the business owners and managers, generall...
- 2What to include in your management accounts | unbiased.co.uk
Management accounts are a type of financial report, providing insight on the financial performanc...
- 3What to include in the preparation of monthly management ...
Management accounts are usually prepared on a regular and consistent basis to ensure a business o...
- 4What Is The Difference Between Management Accounts And ...
Management accounts look at specific details useful to the management, for instance, fluctuations...
- 5管理會計- 维基百科，自由的百科全书
管理會計（英語：Management accounting）是應用會計學收集得來的之企業數據及報表，給予公司內部管理人參考和監控企業活動及適時作出決策及修訂等。管理會計報表跟 ...
