There are many reasons why this is important from monitoring performance between periods to assessing a business’ current position. Accurate accounts enable the end users of that information to make good decisions.
Other important reasons for accurate accounts which should not be overlooked include the tracking of debtors and creditors (which impact cashflow) and employment costs.
Untidy, inaccurate records may also end up costing the business more when it comes tax time as it can become a timely exercise for your Tax Agent to compile the information required in order to satisfy your lodgement and tax obligations and legal requirements.
Accurate accounts are vital to the success of any business.