Magna Carta Law Firm offers full accounting services. Balance sheet services are provided to small, medium, and large-scale companies by preparing and submitting the audited company balance sheet to the Revenue Department and other related government agencies. Our team of licensed accountants with a proven record of professional experience advises our clients in all aspects of accounting.
A Balance Sheet is a financial statement that summarizes a company’s assets, liabilities, and shareholders’ equity at a specific time. We can use this report to get a complete picture of the financial results and financial position of a business on the last date of the financial year. It can help you understand how much leverage your business has, which defines how much financial risk you face.
It is extremely important that companies prepare and submit the balance sheets at least once every twelve months. Such a twelve-month period constitutes the company’s accounting period or financial year. A newly established company should, therefore, close accounts within 12 months from its registration. It is important that a qualified external auditor certifies the accounts and the officer must file with the Revenue Department and Department of Business Development every year.
You must file the company Balance Sheets within 150 days after the end of its accounting period. If a company fails to submit within the required time, the company and/or its responsible officer will then be liable to a certain penalty or fine.
To avoid issues with the tax authorities, it is best to seek the help of an accountant especially if you’re new to business accounting,