Your accounts.. know the difference
While we talk about year end and management accounts, there is a difference between management and statutory accounts. Management accounts help you manage your accounts so you know, at any given time, how your business is progressing, what your cash flow situation is and how best to move your business forward. Management accounts are not an obligation, they simply help you run a better business.
Statutory accounts on the other hand, are an obligation. Accounts must be filed with the CRO. Typically they follow a standard format and would include a profit and loss report and a balance sheet.
The profit and loss contains a list of all trading expenses, such as stock, and other expenses such as light, head, training, travel, etc. The balance sheet lists all the company’s debtors, creditors, cash in the bank and all other assets and liabilities.