Guide
Management Commentary Examples & Templates
A simple structure to follow, real examples of strong versus weak commentary, and the mistakes that make otherwise good management accounts look unfinished.
The template
Most management commentary follows the same underlying shape, whatever the format. Four short parts, in this order:
- Revenue — what happened, versus prior period or budget, and the main reason.
- Margin — how gross profit or gross margin moved, and why.
- Costs — anything notable in operating expenses, one line is usually enough.
- Bottom line — EBITDA or net profit, and what it means for the period ahead.
Weak commentary (restates the numbers)
“Revenue for the month was €412,000. Gross profit was €198,000, a margin of 48.1%. Operating expenses were €141,000. EBITDA was €57,000 and net profit was €51,200.”
This isn't wrong, but it adds nothing the table above it doesn't already show. A reader learns nothing about why or what to do about it.
Strong commentary (explains the drivers)
“Revenue held steady at €412,000, in line with the prior month. Gross margin improved slightly to 48.1% on a better product mix. Operating expenses were controlled at €141,000, keeping EBITDA at €57,000. Net profit of €51,200 represents a healthy conversion rate from revenue to bottom line and gives a solid platform heading into next quarter.”
Same figures, but now the reader knows what drove the result and what it means going forward.
Common mistakes
- Restating figures already visible in the table instead of explaining them.
- No comparison point — a number on its own (“revenue was €412k”) tells the reader nothing without prior period or budget context.
- Burying the one line that actually matters to the reader under generic filler.
- Reusing near-identical wording every month, which readers notice and start skimming past.
Skip the blank page
Paste your figures into Finnarrate and get a first draft in this structure, ready to review and edit — in under 60 seconds.
Generate a commentary — €2.99