Description

What is an Annual Account? Company accounts are a description of the financial performance of an organisation for 12 months. Every year, they are prepared for filing income tax returns and consist of a balance sheet, profit and loss statement, and cash flow statement.

What are a company’s annual accounts? Company accounts are a summary of an organisation’s financial activity over a 12 month period. They are prepared for Companies House and HM Revenue & Customs every year and consist of the Balance Sheet, the Profit and Loss Statement, and the Cash Flow Statement.

Many publicly traded corporations have their own in-house personnel prepare their annual reports, or they farm them out to large accounting firms, professional writing firms, and graphic artists to create impressive brochures to accompany the reports. The focus here is on smaller companies, LLCs, and nonprofits.