The financial year has ended and a new one just began. For the year that ended you\u2019re now obliged to present an Annual Report. Be the deadline 6 months or 8, depending on your local requirements even shorter or longer, matter of fact still is that you need to prepare it.\u00a0<\/p>\n
Having two of your main statements \u2013 balance sheet and income statement \u2013 ready as you\u2019ve entered all the entries relating to the last year, you\u2019re ready to start working on the other two statements \u2013 statement of cash flows and statement of changes in owner\u2019s equity. Those two are always prepared based on the first two and collectively the four comprise the four main statements within the Annual Report. Remember that everything in the report will revolve around the four main statements, which tell the story of how your company\u2019s financial year went. They tell the story in numbers though meaning you need to add a bit of extra text to give details behind the numbers. Why did your loan balances increase notably or how come you\u2019re having zero stock compared to last year\u2019s considerable balance? Questions are raised and they should be answered to the readers of the report \u2013 the questions are answered in notes to the main statements, which again comprise a compulsory and an important part of the report.<\/p>\n
Something you\u2019re probably \u201cdragging\u201d along from year to year are the accounting policies so there\u2019s very little to be updated there. With the statements, the notes and now the policies set you\u2019re just stuck with updating the dates, the numbers and setting the framework for the report \u2013 you\u2019re ready to prepare your Annual Report.<\/p>\n
How to accomplish something that sounds so easy and yet as we know, time consuming? You make time for it; you plan for it and make a list of actions you need to take. If need be, make a project out of it with post-its and flipcharts \u2013 whatever makes your life easier is helping you. Never forget the deadline and make sure you\u2019re safely within the timeframe given by regulators for the preparation.<\/p>\n","protected":false},"excerpt":{"rendered":"
The financial year has ended and a new one just began. For the year that ended you\u2019re now obliged to present an Annual Report. Be the deadline 6 months or 8, depending on your local requirements even shorter or longer, matter of fact still is that you need to prepare it.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,46],"tags":[],"class_list":["post-3836","post","type-post","status-publish","format-standard","hentry","category-4-reporting","category-4-1-annual-report"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=3836"}],"version-history":[{"count":2,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3836\/revisions"}],"predecessor-version":[{"id":3838,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3836\/revisions\/3838"}],"wp:attachment":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=3836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=3836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=3836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}