What do I mean by monthly management accounting?
So, the month has ended and now is the the time to collect the last few invoices from your suppliers. You chase up your employees for their expenses and check that all your orders have been delivered and invoiced. Hopefully by the 10th or the 11th of the new month you’ll have the month end closed. This is not monthly management accounting.
How many times have I gone into a business and found that the month-end has been completed and the bank is reconciled. Thats great! Now, how much money have you made, what was the gross margin, the EBITDA? What is your current liquidity ratio? Are you in line with your business plan projections?
There is so much more to consider at the end of each month than ensuring the bank is reconciled, this is book-keeping.