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.Â
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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.
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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.
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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,
