At JacRox, we set up Xero management reporting for UK businesses so you get clear, regular reports without chasing spreadsheets or waiting for year-end. We’re Xero Gold Partners based in Manchester, and we’ve been doing this since 1948 (as Jack Ross Chartered Accountants).
What are management accounts?
Management accounts are internal financial reports that show how your business is performing right now. Unlike statutory accounts (which you file with Companies House once a year), management accounts are produced monthly or quarterly and aren’t sent to HMRC.
They typically include:
- Profit and loss statement – your income minus expenses for the period
- Balance sheet – what the business owns and owes
- Cash flow report – money coming in and going out
- Budget vs actual comparison – are you on track?
- Aged receivables and payables – who owes you, who you owe
The point isn’t just numbers on a page. Good management accounts give you the insight to make better business decisions before problems become emergencies.
What reports are available in Xero?
Xero’s built-in reporting covers the basics well. You get profit and loss, balance sheet, cash summary, aged receivables, aged payables, and a business snapshot dashboard. You can set date ranges, compare periods, and export to PDF or Excel.
But the real power comes from two things most businesses don’t use:
Tracking categories – Split your reports by department, location, or project. If you run a restaurant and a catering business from the same Xero account, tracking categories let you see the profit and loss for each one separately.
Report packs – Bundle multiple reports together and save them as a template. Run your monthly management report pack with one click instead of pulling six separate reports.
For deeper analysis, Xero integrates with tools like Fathom and Spotlight Reporting. These add trend charts, forecasting, and KPI dashboards that go beyond what Xero’s native reporting offers.
How we set up management reporting for you
Here’s what we actually do when a new client comes to us for management reporting:
- Review your chart of accounts – We clean up account codes so your reports group expenses and income in ways that make sense for your business. No more “miscellaneous” catching half your costs.
- Set up tracking categories – If you need to report by location, department, or project, we configure these properly from the start.
- Build your report pack – We create a monthly pack with the reports you actually need. Profit and loss, cash flow, budget variance – tailored to your business.
- Automate where possible – Bank feeds, invoice reminders, and recurring transactions reduce manual data entry. Cleaner data in means better reports out.
- Monthly review – We don’t just email you a PDF. We walk you through the numbers, highlight trends, and flag anything that needs attention.
Does HMRC recognise Xero?
Yes. Xero is HMRC-recognised software for Making Tax Digital (MTD). You can file VAT returns directly from Xero to HMRC, and the accounting data feeds into your year-end tax returns. Management reports themselves aren’t submitted to HMRC – they’re for your own use – but the underlying Xero data is fully compliant.
Who needs management reporting?
If your business turns over more than about 200,000 a year, you probably need management accounts. Below that, basic bookkeeping and a quarterly check-in with your accountant might be enough.
Management reporting becomes essential when you:
- Have staff and need to track payroll costs against revenue
- Run multiple projects or locations and need to see which ones are profitable
- Are planning to raise finance or apply for a loan (lenders want to see management accounts)
- Need to make strategic decisions about pricing, hiring, or investment
- Want real-time visibility instead of waiting for year-end
What does it cost?
Our management reporting service starts from 150 per month for a straightforward small business. The exact fee depends on how many transactions you process, how many tracking categories you need, and whether you want monthly or quarterly reports. We’ll give you a fixed quote upfront – no surprises.
Xero itself costs from 15/month (Starter) to 47/month (Premium). Most businesses using management reports need the Growing or Premium plan.
Get started
Call us on 0161 832 4451 or book a free consultation. We’ll look at your current setup, tell you what reports would help, and give you a fixed-price quote.
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