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Unit 5 P1

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UNIT 5

To: Capello’s Designs
From: Sk
Date: 10/09/13
Subject: The Purpose Of Accounting

I have been appointed to help you in running your shop ‘Capello’s Designs’. The reason for this task, of helping you run your shop, is to assist you in accounting. Failures in keeping track of your accounting in the past has been a drawback to you and in general, failure to accurately account has been tragic for big name organisations too such as Woolworths, Comet. I will be educating you about the importance of accounting with the following report I have written for the business.
I will be talking about accounting and the importance and purposes of it. The importance of accounting in any business is second to none. The reason behind this varies from forgetting to pay the bills to getting in trouble with HMRC (HM Revenue and Customs). But before this, the purpose of accounting is to keep up to date with the business’ expenses and profits. One must be accurate in order to keep their business running neat and smooth. Business owner or someone put in charge by the business owner i.e. bookkeeper must record every penny coming into the business and all money going out. If a business fails to do so, they will pay the consequences from running after payments to getting in trouble with hierarchy such as HMRC. If one cannot keep track of it accurately one will ultimately end up paying invalid taxes i.e. paying less or more than needed. Good management in the accounting sector in your business will enable it to grow and expand. It will ultimately allow you in making quicker decisions and moving faster as a business and a unit to compete. If you decided to borrow a loan, it will be much easier and more practical than if you never had a good accounting of your expenses and profits, as the bank will struggle to believe you in your profits in the foreseeable future.
I believe it is

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