Management accounts are usually treated as a record. They are more useful read as a set of decisions waiting to be made.
Start with the shape, not the detail
Before looking at individual lines, look at the pattern. Is revenue growing while margin falls? Is profit healthy while cash is tight? Each of those tells a different story and points at a different fix.
Three things to check first
Gross margin by type of work, the cost of delivering your busiest service, and the gap between profit and cash. Most surprises live in one of the three.