Whether you are trading as sole trader, partnership or a limited company year-end accounts will often form a basis of your tax returns – personal tax returns, partnership tax returns as well as Corporation tax returns.
The year end accounts play a pivotal role in any thriving business. It can help you analyse your profit margins, selling prices and expenditures in comparison with last years. So it we give you valuable information about performance of your business over the years and basis to compare with competitors. But to serve this purpose well the expenses and sales have to be clearly put out in a suitable format to help better business planning. Irregularities whether in spending or pricing are identified and can be corrected for the future. Having year end accounts sums up all important factors helpful for any business to success.