The internal monthly financial pack for managers: results against budget and last year, with commentary. The US equivalent is the monthly management reporting package.
Management accounts is the UK term for the financial reports a business prepares for its own managers and board, usually monthly. In the US the same thing is called the monthly management reporting package. It typically holds a P&L against budget and prior year, a balance sheet, cash flow, key performance indicators and short commentary on the variances. Unlike statutory accounts, its format is whatever the business finds useful.
Close the month, pull actuals by line, set them beside budget and prior year, compute each variance in dollars and percent, and explain the material ones.
Revenue for the month is $1,250,000 against a budget of $1,300,000, a variance of -$50,000, or -3.8% of budget. The commentary says which customers or products account for that $50,000.
Packs that grow every month until nobody reads them, and commentary that restates the numbers instead of explaining them. A ready-made layout is in the management accounts template.