London, England -- (SBWIRE) -- 02/23/2016 -- Recent reports have drawn attention to the considerable fall in profits suffered by the oil giant BP. Its fourth quarter as in addition to its full-year results have been released, drawing attention to a 51% fall in profits last year to $5.9 billion from $12.1 billion. Such a significant profitfall shows the unpredictability of financial markets and could be seen as a forewarning to other businesses. The scale of the loss and how it was not anticipated by some, speaks of a need for improved accounting practices to be in place – in order for other businesses to avoid such significant impact to their finances.
It is thought that BP has been particularly badly affected because of their industry; aggravated by falling oil prices and changing international relations. However, the sharp fall and its embarrassing revelation could have been addressed more effectively if better accounting had been present; as at least could have offered a substantive method of planning and budgeting for the future. A prime example of a provider acutely aware of the importance of quality accounting to businesses in the modern marketplace is Atkinsons. They are frequent commentators in industry news and a spokesperson had this to say:
"BP's recent massive losses highlights that even the biggest firms can be hit by financial strain. That is why it is essential, whatever your business sector, to seek the services of a reliable accountant. With factors of turbulence affecting the economy – including the weather, European negotiations and trade agreements – you need to ensure your business budget can respond to these effectively."
Atkinsons is a chartered accountants company, based in York but working with clients across the country. For more information you can visit their website: http://www.atkinsons.uk.com/services/
Phone: 01904 567867
Fax: 01904 352405
Address: The Innovation Centre, Innovation Way, Heslington, York (YO10 5DG)
Contact Person: Peter Atkinson