At the end of its financial year, most of the big business needs to get ready accounts for its own measurement of profits or loss or to file tax return with Companies House and HM Revenue and Customs (HMRC). Also, they require working out how much Corporation Tax to pay. All companies require bookkeeping, from universal filing of business data, supplier and customer invoices, to annual accounts. Management accounts can be helpful in giving directors and understanding of monthly funds, in order to save funds, spend money and more importantly enlarge the business.
Beside to this, as a business you can assistance greatly from carefully considering the information within your set of accounts. Accounts can notify you how well your business is doing and may bring to light areas that need to be addressed.