Management accounts are a useful tool to manage the business throughout the year and will help the business respond more quickly to any changes in the financial climate.
Institutions such as banks will take comfort that business owners are taking a keen interest in ensuring their business is being managed effectively if owners are aware of their financial position at any point in time.
Management accounts can help in the decision making process.
When applying for finance, management accounts are often a requirement.
Regular management accounts can help you spot trends and make comparisons to previous periods to help distribute resources or plan for future expansion.