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The frequency of these accounts is largely dependent on the size of the business, the requirements, and the type of business. However, most businesses require them on a monthly basis to make better judgments in a timely manner. These records include balance sheets, trading accounts, cost accounting, cash flow, and income statements.
The importance of timely creation of these accounts can never be underestimated. For instance, they can help the business obtain short-term finance, detect fraud, manage cash flows, and even reduce your year-end accounting costs. To that end, owners of businesses should ensure that these accounts are professionally prepared in a timely manner and unbiased.