With the data of all the quarters, the company would be better able to understand what is their financial position and in which department of the company do they need to focus next.
If the previous financial records of the company are not present, the management will not have to spend its precious time in generating the records for the previous duration so that it can compare them with the current reports.
Updating the backlog accounts will provide the management insights as to how the company used to manage the funds previously and learning from it they would be better able to manage the funds of the company in the present scenario.
It is possible for small scale industries to miss recording certain transactional data.