From start-ups to more established businesses, every business requires good basic financial controls, processes, and systems to enable financial reporting and ensure the financial information produced is trusted, timely and accurate.
Statutory Annual Returns
It is a legal requirement for companies to file Annual Accounts with the Companies Registration Office. These Accounts provide a historic record of how the business performed a year (or more) ago. It is a snapshot of the company performance at a point in time.
A financial update of the Profit & Loss, Balance Sheet and cashflow statement, prepared by a company on a periodic basis– typically monthly or sometimes quarterly – documenting the up-to-date performance of the company. Management Accounts can provide valuable information to your company depending on the level of detail included and the timeline taken to produce the accounts.
The finance team within the business reconciles the payments and receipts recorded in the business against the business banking accounts, ensuring they are accurate and recorded correctly.
Company Finance Function
This is the team or person within the business responsible for producing financial information. As your company grows the finance function should evolve from a compliance and operational focus to a strategic financial management and planning function.