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Use this checklist to easily tally up your management accounts

by , 12 May 2014
If you spend hours doing the bookkeeping for your management accounts, you're more likely to make big mistakes. If you stare at them for too long you're probably not going to see the errors. They'll just blend in to all the other numbers and documents. What you need is a quick way to check everything is there and correct. Here's the good news! You can do just that with this checklist.

Three accounting record risk areas to watch out for

Easily check your management accounts using this checklist

Management accounts are one of the most important financial records for you to keep. A checklist from the Practical Accounting Loose Leaf says you must include the following:
1. Gross profit;
2. Sales;
3. Cost of goods sold;
4. Extraordinary or abnormal items;
5. Selling, general and administrative expenses; and
6. Net profit after tax.
With all of these included in your management accounts you'll have a better handle on your business. These records are internal control assets you can't run your business without. 
What you need to remember though, is these accounts aren't just all about the numbers.
They're about helping you and your managers run the business correctly. So what else should you include in your management accounts on a monthly basis?
Are you spending TOO MUCH on accounting costs?
The truth is you could pay less accounting fees while at the same time prevent fraud, save on tax and Vat costs and keep up to date on changing legislation.

You must check and include these statements/documents in your monthly management accounts 

The Practical Accountancy Loose Leaf says to make your management accounts as useful as possible. Do this by including and checking any relevant document for:
1. Previous monthly management accounts and cash flow statements;
2. Supplier accounts;
3. Customer accounts;
4. Reconcile financial statements to the bank statements;
5. Verify accounting records and balance sheets to match bank statements;
6. Fixed asset register; and
7. Inventory reports.
Remember these records don't have to comply with legal requirements the way your annual financial report has to. 
These records and accounts are there to maintain the smooth running of your company. So include these important statements and records and any others you feel will help you, so you can do just that.

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