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Managerial accounting is a critical branch of accounting that is essential for internal users to make the right decision based on facts, not assumptions. Management accounts are what we can say as a byproduct of management accounting. Management accounts are financial reports produced for business owners or managers. Generally, it consists of a Profit & Loss report and a Balance Sheet. These are similar to the year-end accounts; however, they are less formal. Internal users make business decisions based on these reports. Management accounts are essential for strategic decision-making as well as to monitor your financial performance. While it is not a statutory requirement, it is used religiously by most businesses who are serious about their business finance.