The annual accounts consist of:
- The balance sheet; this is an overview of all your business assets and liabilities at the beginning and end of the year.
- The profit and loss account; this is an overview of all your business revenue and expenses. The difference between the revenue and expenses is profit or loss.
- Explanatory notes; the extent of these notes depends on the size of your business.
The annual accounts are therefore the financial accountability of your business and are an important source of information for yourself but also for the bank or the Tax and Customs Authority.
The requirements which the annual accounts have to satisfy are set out in law and in the Annual Reporting Guidelines. We will make sure that your annual accounts are prepared in accordance with such laws and regulations. In the accompanying auditor’s report, you will find a financial summary and the most important key indicators of your business. They can be used as the basis for the financial and tax planning of your business.
You will also receive a compilation report in which we confirm that we have prepared the annual accounts on application of the relevant reporting guidelines.
What do we pay attention to when compiling your annual accounts?
- That revenue and expenses have been included correctly. The expenses and revenue must in principle be allocated to the year to which they relate, but profits only have to be included in the annual accounts if they have been realised on the balance sheet date. Losses are only included in the figures once they are known.
- Have all accounts receivables been taken into account? If accounts receivables are not paid, or not paid in full, you are allowed to include a provision for this in your annual accounts.
- Is there unmarketable stock for which you must make a provision?
- Are there orders in progress which must already be included on the balance sheet?
- Has all the turnover tax been properly declared to the Tax and Customs Authority and does the balance of turnover tax claim or liability stated on the balance sheet tie in with balance of your turnover tax return for that year?
