Every business or organisation needs accounts. In some cases, the primary need is for official reporting purposes. No matter what your business is, you can benefit from a good understanding of where the money is going and how you could be affected by changes to prices, margins etc.
Key Benefits A good understanding of the business. Opportunities to anticipate future problem areas. A good reference source for creditors, banks etc.
Capability 1 The Profit and Loss Account is your best opportunity to understand how your income is made up and to conduct sensitivity analysis - put simply, what happens if competition comes in to one area or product; if costs go up; etc. etc. Capability 2 The Balance Sheet allows you to check on your overall financial health. Capability 3 The Statement of Source and Application of Funds helps to show a similar picture to the Balance Sheet, only this time in terms of funds generated and used without the book-keeping adjustments such as Depreciation. no hardware to sell can save you time and money. In addition, access to software development expertise can improve your business processes in a custom manner rather than experimenting in the hope of finding the right product.