End of Year Accounts
What are End of Year Accounts?
End of year accounts provide a comprehensive summary of the financial performance of a business over a period of time (usually a year) and offer a clear snapshot of its overall financial health.
Year end accounts are essential for assessing the profitability and stability of a business and typically consist of:
- Income Statement (commonly referred to as a Profit and Loss Account) which shows the revenue, expenses and profit (or loss) of the business.
- Statement of Financial Position (commonly referred to as the Balance Sheet) which shows the assets, liabilities and equity of the business at the end of the reporting period.
Why are End of Year Accounts Important?
End of year accounts can be used to analyse the performance of a business over time. This gives valuable insight into the strengths and weaknesses of the organisation and can help to guide operational decisions and assist with business planning.
Preparing accurate year end accounts ensures that a business complies with tax regulations and can be essential in ensuring that the right amount of tax is paid.
In addition to internal use, year end accounts are often requested by external stakeholders, such as lenders or investors, who rely on the financial statements to evaluate the stability of the business.
How Can Tunstall Accounting Help?
We can work with your financial data in any format, whether that's raw information or records from your accounting system, be it in electronic or paper format, to prepare year end accounts that meet the specific needs of your business.
We will ensure that your financial data is organised and compliant with current accounting regulations, giving you peace of mind that your end of year accounts are prepared correctly, whilst you focus your time and energy on what matters most; running your business.
Why Choose Tunstall Accounting?
We will work closely with you to ensure that you fully understand your year end accounts, identifying opportunities for tax savings and providing valuable insight into your business performance.
Following the end of your financial year, we will assist in the prompt preparation of your year end accounts, which will allow you to confidently make informed decisions about your business and ensure that you meet all of your filing deadlines.