Preparation and submission of company accounts
On an annual basis, a company must prepare its accounts. The accounts show the business performance (the profit and loss) and the financial position (balance sheet – a list of assets and liabilities), as well as other disclosures.
Once approved by the directors, these accounts are submitted electronically to HMRC as part of the corporation tax return, and are also filed with Companies House, where they are placed on the public record.
The deadline for submitting your company’s accounts to Companies House is usually 9 months from your company’s year end – but for new companies the date may vary. You can check when your accounts are due to be filed by following this link, and entering your company details.
Get value from the process
The annual accounts process is a necessary evil, but look at it as an opportunity to take stock of how the business has performed in the year. What could we have done differently? How can the business generate more profits? Robinson Price always offers a business review during the accounts preparation process, picking up on any compliance issues and can make recommendations on how you can enhance your business profits.
But in any business, timely information is best to understand how the company is trading, and this is where using a cloud-based accounting solution will help. You get real-time information on how your company is trading, which customers haven’t paid, and what your monthly, or year-to-date profit is.