A final account which can also be referred to as year-end account implies ensuring all accounting entries are controlled. An annual report is more comprehensive than the final account. That is, annual report complements and develop final accounts, which is summarized and sent to the Swedish Companies Registration Office every year. Usually, a limited liability company prepares an annual report which is audited by an auditor. But larger companies, no matter what type of business it is, must prepare an annual report if, for example, the number of employees is more than 50, net sales are more than 80m Sek or the total assets is more than 40m Sek.
MESUN do final account for all types of companies and businesses. At the end of every year, all companies must conclude their accounting entries as a final account, regardless of the type of company that is operated. Hence, the final account gives an overall picture of how the year has gone and is a good and serious document to show, for example, to authorities, financial institutions, etc, if required. So, a business activity report can be either a year-end final account or an annual report. The rules for a year-end account and annual reports differs between different types of companies and it also depends on the size of the business. Sole proprietorship and partnership companies do not require preparation of annual reports but is important for limited liability companies.
Final account Process and Financial Reports
At the end of every year, financial reports are controlled and concluded, thus, keeping track of; Accruals, annual reconciliation, year-end transactions, depreciation, loans, appropriations, administrative report, etc.
Furthermore, the process includes preparing and analyzing the balance sheet, income statement plus associated documentation-checks, which is thus adjusted if required. Moreover, year-end accounting reports are concluded among others as follows:
- Income accrues and expenses assigned in the right period.
- Tax adjustments, for example, making an adjustment by reversing non-deductible costs.
- Depreciation plan, differences between planned depreciation and what is taxable.
- Provision for accrue funds, bookkeeping of year-end taxes and company’s profit or loss, etc.
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