Accounts provide a clear picture of business performance and can help identify any areas that require attention. They are also required by Revenue for limited companies and the self-employed and limited companies have to file their annual accounts with the Companies Registration Office (CRO).
 
The preparation of annual accounts offers an opportunity to examine how the business is operating and identifies potential areas where key systems and procedures that protect and support assets and income can be improved.
 
Annual accounts play a key role in a wide range of functions and are used to present a fact based, financial evaluation of a business when dealing with external organisations – securing an overdraft, applying for a loan or when looking for grant assistance.