What are year-end accounts and why are they important?

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The financial statements of the company at the year-end are known as year-end accounts and are prepared at the end of the company’s fiscal year and these documents summarize their financial performance and the status of the company’s finances. It’s made up of three key financial statements – namely, balance sheet, income statement and cash flow statement. The balance sheets open ways for assessing the profitability of the company, the state of its finances, compliance with the regulations and standards. Correct final accounts facilitate stakeholders to take well informed decisions, increase the level of investor transparency and guarantee that the company adhered to processes of revenue selling.

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