Summary
Sales, gross margin, profit and cash for the month and the year to date, with the figure from the same month last year beside each.
Monthly board pack and management accounts done for you
Your management accounts and a monthly board pack, prepared by the Buzz finance team from books kept every week in Xero. Ready to send to your board, your lender or your investors. Part of the Financial Controller level, from £1,500 + VAT a month.
Would you rather talk it through first? Book a call.
In each month’s pack
- Profit and loss against budget
- Balance sheet and cash position
- Money owed to you and by you
- A page of plain commentary
The six pages of a Buzz board pack
Profit and loss
Each line against your budget, with the difference in pounds and per cent.
Balance sheet
What the business owns and owes at the month end, reconciled to the bank and to the VAT, PAYE and loan balances.
Cash
The bank balance at the month end, what moved it, and the VAT, PAYE and Corporation Tax building up to be paid.
Customers and suppliers
Who owes you money and for how long, and the bills due in the next month.
Commentary
What changed this month and why, in plain words, and the questions the figures raise for the board.
When the pack arrives
Every weekInvoices posted and bank accounts reconciled in Xero
Working days 1–5Accruals, payroll and VAT posted, the balance sheet reconciled and the month closed
After the closeThe pack drafted and sent to you
Your board meetingYou take the pack to your board, lender or investors, and we answer any question it raises
The commentary page, worked through
A wholesaler budgeted £150,000 of sales for the month at a 40% gross margin. Sales came in at £142,000 and the margin at 37%.
The profit and loss page shows operating profit £8,660 below budget. The commentary splits that into its three causes, so the board spends its time on the largest one: the margin, worth £4,260 this month.
Operating profit for the month
- Budgeted operating profit
- £22,000
- £8,000 less in sales at the budgeted 40% margin
- −£3,200
- Margin at 37% on £142,000 of sales
- −£4,260
- Overheads above budget
- −£1,200
- Actual operating profit
- £13,340
Sales were 5% below budget. Operating profit was 39% below it.
An illustrative example. The business is invented and so is every figure.
Three ways to get management accounts from Buzz
| Financial Controller | Business Pulse | Part-time finance director | |
|---|---|---|---|
| Who keeps the books | Buzz, every week | You or your bookkeeper | Buzz, every week |
| Management accounts | Monthly board pack | Monthly or quarterly, against the budget | Monthly board pack |
| Forecast | Cash monitoring and a low-balance alert | Rolling 12-month cash flow forecast | Forecast for at least the next 12 months |
| Meeting | Questions answered on the pack | 60 minutes monthly or 90 minutes quarterly | Quarterly board meeting with Peter Allen |
| Year-end accounts and tax returns | Priced separately | Included | Priced separately |
| From, + VAT a month | £1,500 | £299 quarterly, £499 monthly | £2,000 |
Questions about the monthly board pack
What is the difference between management accounts and a board pack?
Management accounts are the monthly profit and loss, balance sheet and cash figures. A board pack sets them out as a report for a board, lender or investor, with the budget comparison, the customer and supplier balances and written commentary.
When will I get the pack each month?
The month is closed within five working days. The pack follows, and the date is agreed with you at the start so it lands before your board or lender meeting.
Can the pack follow the format my lender asks for?
Yes. Send us the lender’s covenant or reporting schedule and the pack will include the figures it asks for, in the order it asks for them.
Do I need a budget for the pack to work?
A budget gives each line something to compare against. If you have none, the pack compares with last year at first, and Business Pulse or the finance director service can build a budget with you.
Talk to us about your finance team
Tell us about the business and what you need. A named person replies within one working day.
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