Accountancy
Accountancy is a general term relating to formal financial reports.
Whether you are a Sole Trader or Partnership you are required to produce income and expenditure details of your business for HMR&C. Preparing this information in the format of a Trading and Profit & Loss Account, Balance Sheet and Fixed Asset Schedule not only provides accurate information for HMR&C but should also be used to help you understand how well (or not so well) your business is doing.
Limited Companies must produce recognised financial reports to comply with legislation. However they should also be used as an essential tool for managing your business.