Statutory/Annual Accounts Preparation

PREPARING STATUTORY ACCOUNTS

Statutory accounts are required by every company annually. The accounts are issued to every member of the company and to the Companies House. These accounts show a balance sheet, a profit and loss account, company sales, and running costs.

It is a legal obligation to submit these accounts and they must be made annually by the end of the same month that the company was formed. If your company fails to submit these accounts on time you may incur penalties and fines. You will also be required to submit the accounts in full.

Since these accounts are so important to the overall outlook of your company it’s important to keep accurate records and ensure you have adequate statutory accounts preparation for your business – the numbers you submit are a true reflection of your business results for the period.

ACCOUNTING STANDARDS

Not only must you satisfy your company board and members but the law must also be satisfied if you are to stay on the right side of the law. These standards are required to meet the International Financial Reporting Standards and New UK Generally Accepted Accounting Practice standards.

Failure to meet these standards for your annual statutory accounts might result in fines or losses to your company revenue. If you operate business it is important that you know and understand the requirements. Alternatively you can employ an accounting service.

Working with an accounting service like Zuizz means you don’t have to worry about meeting the annual accounts and statutory returns standards or submitting your accounting on time through appropriate channels. Simply give your accountant access to the books and they will do the rest.

CORRECTIONS AND AMENDMENTS

Submitting your annual account to the Company House accurately is important. Failure to do so can result in fines and delays that can cost your company valuable revenue and affect its reputation. For those working without a dedicating accounting service correction and amendments may be required.

The good news is that corrections and amendments to your accounts can be made up to the closing date and can be submitted through the appropriate channels. The amended accounts must be clearly marked and submitted in full at the earliest opportunity. Although useful, this is a situation you want to avoid.

When you partner with a third party accounting agency like Zuizz you get a reliable amstaymutory account made up and submitted on time without error. Accounting services are an investment for your company but they save you time and money, and protect your company’s reputation.

BENEFITS OF ACCOUNTING SERVICES

Accounting services take the pressure off you when it comes to organising and submitting important annual financial reports. This allows you to run your business more effectively by concentrating your efforts on the things you do best. Although accounting services come at a premium they can save you money in the short and long term.

WHY CHOOSE ZUIZZ?

Zuizz is an established financial services company with experienced professionals in all aspects of accounting, bookkeeping and finance. Working with Zuiss means working with a company that has your best interests at heart, it offers you the freedom to grow your business without the weight of financial obligations.

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