What are management accounts
Management accounts give you the power to make decisions about your business in real-time. A good set of management accounts contain vital information about your sales and expenses. They can be as detailed as you like and are essential for insights into your business. For example, you can set up your accounting system to record the revenue and costs of a new product launch. You can then compare performance accross various locations and/or different selling mediums. Armed with this information you an make business decisions such as adjusting selling prices, allocating additional resource, buying/selling/transferring stock, creating promotions - the opportunities, as you can see - are endless. Always remember "the numbers never lie".