Annual Accounts / Financial Statements

The primary compliance service required by any businesses from their accountant each year are their Annual Financial Statements (or annual accounts as they are called by some). Depending on whether you are a sole proprietor, partnership, incorporated entity (limited liability business) or a charity, Burns Waring have the expertise to prepare these for you, quickly and professionally and in the required format.

Why do you need annual financial statements? Basically they are a measure of the business's performance over the period (usually 12 months) and they give business owners an indication of how things went financially during that period. These financial statements also give similar information to any lenders (banks) etc and indeed to its customers and suppliers too. However, do bear in mind that the information provided is 'historic'.

The other users of annual financial statements are the regulatory and statutory bodies - the Inland Revenue (to calculate your tax liability), HM Customs & Excise (for VAT purposes), etc.

Burns Waring will also use these figures, during their annual business health check session with you, to map out trends and concerns where applicable, and clearly the sooner after the financial year end that this can be done, the more relevant the exercise and information obtained.