The term can be misleading and confusing. It is often used for any of the following:
Financial accounts
Management accounts
Statutory accounts
- Abbreviated accounts
- Unaudited accounts
- Audited accounts
Of course, there is no point in creating a set of accounts just for the sake of it, we are happy to explain the differences and offer advice on the type that you may require. This normally centres upon their intended use, which can include:
- Meeting legal/statutory requirements
- Calculation of your tax liability
- Providing information to banks/third parties
- Formulating financial plans
- Evaluating profit and efficiency