Accountancy Services Delivering Company and Business Accounts
What are Company and Business Accounts and why do business owners need them? Businesses are required to keep records of their day to day financial transactions and to compile several yearend reports for external stakeholders like the Revenue Commissioners and the Companies Registration Office as well as other parties i.e. banks, lending institutions, shareholders, investors and even public bodies and interest groups.
These reports are prepared in a prescribed format – accounting standards – and these standards leave very little ambiguity on how each and every transaction should be handled. These standardised reports allow companies to be easily evaluated using common criteria. They ensure that revenue and tax returns are correctly calculated and submitted. And also they give the business owners clarity as to the performance of the business over a given period.
Unlike Management Accounts which are not mandatory, Company and Business Accounts are required by law. They are legal documents that must be signed by a company representative. Both the Revenue Commissioners and the Companies Registration Office will fine and prosecute for non-filing of returns.
