Why shouldn't I wait until year end to look at my accounts?
Year-end accounts tell you what happened in a period that has already finished. If margin fell six months ago or costs started drifting upwards, finding out after the year end doesn't give you those six months back.
Year end is too late for some decisions
Year-end accounts tell you what happened in a period that has already finished. If margin fell six months ago or costs started drifting upwards, finding out after the year end doesn't give you those six months back.
You make decisions all year
Pricing, recruitment, investment, borrowing and cash decisions do not wait for the accountant to finish the statutory accounts. They need current numbers and, where appropriate, a forecast of what comes next.
It can help with tax planning too
Looking at the figures before the year closes can give you time to understand likely tax liabilities and consider legitimate planning decisions. Once the year has ended, some options may no longer be available.
Year-end accounts have a job, but they don't run the business
Annual accounts are important, but they are a compliance output rather than a management system. Use regular reporting to run the business and year-end accounts to complete the statutory picture.
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