Statutory accounts are annual accounts that need to be accomplished at the end of every fiscal year. They are sets of financial reports that show the financial activity and performance of a business entity. Included in statutory accounts are the balance sheet and the income statement, which may also be known as profit and loss account. The balance sheet shows the company’s assets and liabilities, while the income statement shows the profits or losses that a business entity has incurred during the year.  In this case, statutory accounts are important when working out the company’s taxes.

Statutory account and management accounts differ. Management accounts are more specific as they may include details such as cash flows, invoices, and other accurate data that will give a complete picture of the company’s performance. This is critical because it is the basis of management’s decision. On the other hand, statutory accounts provide a bird’s eye view of the present condition of a company. This means that it does not contain details.

Making your own statutory accounts is possible.  Doing statutory and management accounts at the same time, maybe confusing and time-consuming. A better choice for business entities is to hire a separate accounting service for its statutory accounts. When searching for the best accounting service that will help you prepare your statutory accounts, here are some tips that you can consider.

Reputation

When looking for the most reputable statutory accounts preparation service, it is crucial to look for these three factors, experience, license, and customer reviews.

Nothing is better than an experienced service provider. This means that they know what they are doing based on the many years of doing the same things.  The license also denotes expertise and accountability. When one is licensed, it means that all requirements to do the job is satisfactorily fulfilled. The service provider’s credibility will also be on the line when there are errors,

Listening to what past and present customers are saying is also essential. This can be a measure of the quality of services that a company is providing. It is also indicative of excellent customer support.

Use of Advanced Technology

Accounting is one profession that is continually evolving with technology. It helps if you can find a service provider that is making use of the most advanced technology in the practice of their accounting functions. Indeed, technology can mean more efficiency. You can be assured of the best results because human error is minimized. You may not also be late in submitting your reports to the Companies House, which can mean fines when you fail to beat the deadline.

You Will Have More Peace of Mind

Having found the most reputable and technologically driven statutory accounts preparation service can help you to have the peace of mind. The end of every year can be the most stressful part of the year because you have to accomplish many reports. Knowing that the statutory accounts preparation service you hired is reputable and efficient, they will surely come up with timely and error-free reports that can remove some stress from a busy businessman like you.