A company prepares a collection of financial documents called year end accounts at the conclusion of its financial year. These documents are also referred to as yearly accounts or financial statements. These financial statements give an overview of the company’s earnings, expenses, assets, liabilities, and equity for the entire year.
An income statement (sometimes known as a profit and loss statement), a balance sheet, a cash flow statement, and any associated notes or disclosures are normally included in year-end reports. Investors, creditors, and other stakeholders use these records to assess the company’s financial performance and health.
It can be a difficult process that necessitates a full comprehension of accounting rules and guidelines to prepare year-end accounts. Businesses must employ accountants or accounting companies to complete their year-end financial statements, and we are available to assist you in this process.
Determining the year end?
A company creates a collection of financial documents called year end accounts at the conclusion of its financial year. These documents are also referred to as yearly accounts or financial statements. These financial statements give an overview of the company’s earnings, expenses, assets, liabilities, and equity for the entire year.
Many business owners decide between the tax year and the calendar year (either 31st March or 5th April). By selecting the tax year, you can base your tax obligation on the most recent set of finalised accounts and keep it as current as feasible. As a result, some business owners favour having a tax year finish since it gives them a better idea of their potential tax liability.
For sole traders or partners, choosing the 31st March or 5th April will also prevent any challenging overlap relief computations.
HOW CAN WE HELP YOU?
We can compile your accounts using whatever bookkeeping records you have, whether they are computerised, spreadsheets, a cash book, or a bag of receipts. Also, we can give you advice on how to improve your record-keeping practices, which will enable you to manage your business more successfully.
Your accounts will be prepared in accordance with accounting rules, of course, and we’ll make sure you’re claiming everything you’re entitled to.
Our accountants are committed to providing a professional, welcoming service and have flexible appointment times with cheap pricing, if you need our help contact us via filling out the online enquiry form.