Management accounts are produced to inform the trustees / managers of the financial position of the organisation throughout the year.
The information which is shared may include:
- Actual ins and outs to date
- Comparison to budget year to date
- Bank and cash balances
- Reports on funding pots: how much has been spent on each?
- Forecasts of spend and income in future periods
Action checklist for management accounts
- Check that your organisation produces management accounts
- Check that actual figures are compared with the budget
- If figures on the restricted funds are not provided to the committee check that someone is monitoring them
- Check that notes are provided to help understanding
- Check that management accounts are produced regularly
- Allow time for discussion of the management accounts
- Remember the golden rule “there is no such thing as a stupid question”!
Help with management accounts and more
A range of services provided by WYCAS (West Yorkshire Community Accounting Service) are available to help your organisation with its finances including a booklet on Money Management. To find out more contact WYCAS.
What have you found the most beneficial to your organisation?
“One to one support on budget planning and reports to funders”
WYCAS annual survey