If you have more than 5 employees then your business will be getting to a stage where you cannot be aware of everything - even if you think you are. 

A regular, routine financial review (monthly or quarterly ‘management’ accounts) is good practice, and demonstrates you know your financial position.  Such a review is critical if you are to project forwards, and consider the impact of changes to your business.

Just being able to show that you review management accounts routinely will be evidence of good administration, and that will provide comfort for external parties –eg. the bank manager.