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Year End Accounts
Year End Accounts
Dealing with year end accounting, or year end accounts, is a very important part of any business. Luckily it happens just once a year, but it can be a stressful and complicated process if you don’t know what you’re doing or don’t have an extra set of hands.
What Are Year End Accounts?
Year end accounts have many different names:
- Annual accounts
- End of year accounts
- Year end accounting
It basically refers to two things: the time of year when you do your end of year accounting – also referred to as an accounting reference date – and, more specifically, your year end accounts which are made of directors reports or profit and loss sheets.
Year end accounts provide important information about your business and valuable insights – much like auditing, bookkeeping and tax returns.
So not only are year end accounts a legal requirement, but it’s also a great benefit for your business.
What you need to know about annual accounts
Firstly, limited companies, partnerships and sole traders can pick whatever year end they like – though many choose a calendar year of the tax year. Nonetheless, it’s still a hectic time which means chasing unpaid invoices and getting books in order.
It’s always worth getting prepared in advance.
To make matters even more complicated, different documents need to go to different places. For example, CT600 – Company tax returns and annual accounts must be filed with HMRC, whereas annual accounts (statement of financial position and footnotes) need to be filed with Companies House.
Although there is an overall deadline for when everything needs to be submitted, different documents have different deadlines too!
It’s a lot to remember.
Why you should use Go Impartial to outsource your annual accounts services
As explained above, end of year accounts are very complicated. Not only do you need to prepare far in advance, there will also be times where you’ll be waiting on other people (i.e. to pay invoices) to proceed.
On top of that, there are various deadlines. And if you miss the deadline?
You can be fined anything between £150 to £1,500!
It’s not worth the risk.
Without prior knowledge and bookkeeping experience, it can be very easy to get confused, miss deadlines or forget something entirely. After all, you’re trying to run a business at the SAME TIME!
By getting in touch with Go Impartial, we find you an experienced accountant who can take everything off your hands and do this all for you.
What will an accountant from Go Impartial do?
We will find you the right professional who can take care of all your annual accounts. This includes:
- Checking in with you and helping you prepare documents such as bank statements, income records and changes to assets
- Advise you on how to improve your record keeping procedures
- Send you regular reminders to avoid missing deadlines
- Advise you on digital accounting software
- Alleviate stress!
Let’s face it: most financial record keeping can be time-consuming at the best of times and relies upon excellent attention to detail. Throw in big deadlines and it can become overwhelming and nearly impossible for just one member of staff to do by themselves.
It’s always better to outsource with a company like Go Impartial who can deal with all these tasks
ahead of time and with years of knowledge to avoid mistakes.
