Every end of a calendar year must be one of the busiest days of a business entity. This is because this is the time when all reports should be accomplished. When a company does not hire professional services to help with some of the tasks, it would probably have a hard time beating deadlines.
One of the important reports that a company should be accomplishing is its statutory account. This financial report includes the balance sheet and the profit-loss statement of a business entity. It is different from the management account because it does not reflect specific details such as invoices. They mainly picture the financial performance of a company.
When looking for a service provider specializing in the preparation of statutory accounts, it is always best to consider their experience in this accounting field. A license is also critical. The experience and license can be tantamount of the service provider’s expertise and accountability. You should know if other clients are satisfied with the kind of service they are getting from the accounting firm.
During this era, when advanced knowledge of technology is needed to keep as at pace with the world, a crucial aspect when choosing a statutory accounts preparation service is its adeptness of the newest software. Your statutory accounts are essential when working out on your corporate taxes. You must be saving your time if the one preparing your statutory accounts is also doing your tax reports. To be more efficient in making your corporate taxes, the accounting service company that you hired should be proficient in iXBRL tagging services by Hayhurts. The iXBRL tagging is the mechanism that allows the presentation of financial information in a computer-readable format.
Here are some reasons why you should hire the most reputable and technologically-adept statutory accounts preparation service provider out there.
If an accounting firm specializing in the preparation of statutory accounts and corporate taxes uses the latest apps, you can be sure that they are more efficient than the rest who have not yet adopted the latest accounting software. Accounting is a profession that is continually evolving with technology. With technology, human error in reports can be eliminated.
Free from Fines
Having no competent help may result in fines and other penalties. When you are late in submitting your statutory account to the Companies House, you can be fined for 150 pounds when you are late for one month and 6,000 pounds when the delay of your submission id six months. With late taxes, you can be charged with 100 pounds each for the first two months and 10% for unpaid taxes for succeeding months.
Free from Worries
Knowing that someone is looking after some of your business’ functions will give you more peace of mind. It will also give you more time for other aspects of your business.