Statutory Accounts versus Management accounts

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Management and Statutory accounts are benchmarks in the business of financial aspects and business of management.

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Call us: 0208 648 0800 Email: info@bnwaccountants.co.uk https://www.bnwaccountants.co.uk/ Statutory Accounts versus Management Accounts

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info@bnwaccountants.co.uk 0208 648 0800 Website: https://www.bnwaccountants.co.uk/ 1 Management and Statutory accounts are benchmarks in the business of financial aspects and business of management. Their objective is to check the financial activities and give reporting of current advancement, past failures/successes and give the future forecast for the business. Introduction

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info@bnwaccountants.co.uk 0208 648 0800 Website: https://www.bnwaccountants.co.uk/ 2 A statutory account is an annual report prepared by limited companies with one simple objective: to separate and feature financial movements made by the organization in that year. Statutory Accounts

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info@bnwaccountants.co.uk 0208 648 0800 Website: https://www.bnwaccountants.co.uk/ 3 Management accounts are the reports created to permit high-ups in business to settle on choices dependent on the financial situation of the limited company . They detail explicit information that is valuable for the current management needs. Management Accounts

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info@bnwaccountants.co.uk 0208 648 0800 Website: https://www.bnwaccountants.co.uk/ 4 Get to know the difference between statutory accounts and management enables entrepreneurs to see how best to use them for financial purpose and future achievement : Management accounts can be structured and designed however statutory accounts have specific formats that must follow.  Its is mandatory to produce yearly reports, it's up to you how often per year you need to do. However, it's mandatory on statutory accounts, and it must be delivered every year.  Statutory Accounts Versus Management Accounts

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info@bnwaccountants.co.uk 0208 648 0800 Website: https://www.bnwaccountants.co.uk/ 5 Statutory account reports give a review about all the financial activities while the management accounts dive into lumpy information. Both management and statutory accounts can help survey your current financial movements, however, management accounts are greatly improved at giving future forecast and tax planning for small businesses . The management account report is not looking good for HMRC and investors because it's just raw data while statutory account reports are clean and fully formatted. Statutory Accounts Versus Management Accounts

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info@bnwaccountants.co.uk 0208 648 0800 Website: https://www.bnwaccountants.co.uk/ BNW Accountants For free consultation Visit website https://www.bnwaccountants.co.uk/ Follow us: Facebook Twitter LinkedIn Instagram

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