What is financial accounting

Financial accounting, also known as annual accounts, is something all limited liability companies, as well as certain other types of businesses, must submit to the authorities.

Financial accounting is public information, and provides everyone with the opportunity to gain insight into the finances of a company.

This is especially useful for supplierscustomers, business partners, and the like, so that they can monitor the financial condition of the company before, for example, entering into an agreement.