“How can you not have had Management Accounts for 6 months???” was the question asked by Mike, one of the interviewers in The Apprentice last week. He clearly couldn’t believe it.

“I’m shocked you hadn’t seen your accounts and don’t know your margins,” echoed Karren Brady.

And, of course, Alan Sugar had his say too – “My guys think you’re out of touch with your numbers. I don’t want to rub it in, but you’re not profitable.”

We love The Apprentice in the Davies house – it’s one of the only programmes that all four of us watch together. It was the final last Thursday, but the previous week’s episode is our favourite each year – the interviews. This episode is when the contestants are grilled on their business plans by some of Alan Sugar’s trusted advisers.

And the key thing that came out of last week’s episode was the need to know your numbers. And, for a growing business, to have regular Management Accounts.

So, what are Management Accounts?

Well, I wrote a couple of articles for The Entrepreneurs Circle a little while ago on this subject, so I thought I’d share them with you.

Part 1 explains what they are, who should have them, and the benefits of having them.

Part 2 outlines what should be included in them.

 

WTF are Management Accounts? An Entrepreneurs’ Guide – Part 1

 

WTF are Management Accounts? An Entrepreneurs’ Guide – Part 2

 

If you’d like to know more about Management Accounts, and how they could help you win The Apprentice, please email us at su*****@jo******************.uk or give us a ring on 0151 380 8084.

Many thanks
Jon

 

 

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