The annual account
The annual account gives interested parties a summarized overview of the financial condition of a company. Regular financial reports are not mandatory and mostly used internally by a company. The annual accounts is a legal requirement and used by the ‘Belastingdienst’ to check your number. In addition to that, banks or other investors often ask for a full financial report. Some entrepeneurs draft the annual accounts themself, however, this is a skill and time intensive activity. That’s why most businesses use an external professional to create the annual accounts. This guarantees a financial report that’s complete and of high quality, while the client safes time that can be spend on core activities.
Two types of reports: fiscal and economic
We distinguish two different types of reports: the annual fiscal report is used by the ‘Belastingdienst’ and needs to comply with their regulation and requirements. The report is used to determine the amount of tax a business owes and is therefore the basis of the annual tax ritual. The focus of the report is therefore on the fiscal situation of a company. An economic report gives a more detailed insight in the financial condition of a company and is often used by banks and other investors. This type of report doesn´t focus on the fiscal details and for that reason can´t be used by the ´Belastingdienst´.
How can ONZ Kantoor help?
ONZ Kantoor can take over the report making process. This is how it works: clients provide us with the relevant information. This information is used by our professionals to create a complete and clear report that can be used for tax purposes, or in communication with other stakeholders (the bank for example). For our services we charge a favourable fee, this gives us the oppurtunity to work with both small and larger businesses.