Most businesses are required to produce a set of accounts at least once per year. These accounts will form the basis for the tax return which aids FEderal Inland Revenue Services (FIRS) how much tax is owed.

Aside from accounts being a requirement for tax and growth purposes, a business you can benefit greatly from carefully considering the information within your set of accounts. Accounts can tell you how well your business is doing and may highlight areas that need to be addressed. For example, if you sell products or offer a service and your accounts show that your margins are too slim you may decide to increase your prices or negotiate harder with your suppliers to increase profit and keep your business healthy.

This is just one example from among a plethora of reasons a good set of accounts can help both you and your business. There is a vast amount of information contained within a set of accounts that can be utilized to improve your business.

Accounts can be produced as frequently as you need them. So, if you require frequent up to date information about the performance of your business then monthly management accounts will possibly be best suited for you. However, if your business is very small and you have a rough idea of how well you are doing then you may only want the statutory annual accounts.

By outsourcing finance and accounting functions to us, organizations would undoubtedly perform excellently and concentrate on their core business that would improve their performance.