Preparation of Annual Statutory Accounts: Should I Hire Professionals or Let My In-House Team Take Care of It?

Although there is no legal requirement for hiring an accountant or auditor to prepare annual statutory accounts, having professionals take care of your company accounts just makes the task more convenient.

You’re on the list for preparing a financial statement if your annual revenue has exceeded $30 million or you’ve acquired assets greater than $60 million in two consecutive years.


Understanding the Preparation of Annual Statutory Accounts

Statutory accounts are the company’s annual accounts that must be filed at the end of the financial year after analysing the company’s financial records. It takes into account the income, assets, expenses, equity, and liabilities.

This is a mandatory report submitted to government agencies in New Zealand, which contains financial and non-financial information about the previous year. The report generally includes notes about the accounts, a profit and loss account report to show running costs, loss of profit generated, and a balance sheet to label the value of what the company owned, owns, and owes.

Why Outsource the Preparation of Annual Statutory Accounts

Hiring professional auditors and accountants to prepare annual statutory accounts can improve managerial decision-making as accounts are trained to analyse the risks well in advance. Interpreting the correct financial position of your company through collection, summarisation, and analysis of monetary records can also help optimise business processes and resources.

Not to forget, it keeps you from the hassle of hiring a dedicated team for generating records and aids the workings of corporate taxation, making the preparation of annual statutory accounts rather time-saving.


Hiring a Professional in Auckland, New Zealand

Bens Chartered Accountant (BCA) LTD is led by a qualified Indian chartered accountant in New Zealand who can guide you through the preparation of annual statutory accounts to give you and your clients an accurate report of their financial health. With services so dedicated, you’re bound to gain a competitive edge over your competitors.

This chartered accountant auditor is keen on assisting businesses of all sizes regarding corporate tax planning and management in Auckland using software and technology to strategically support your practice while improving efficiency. Contact BCA today to make the most of this tax advisory and management consulting.

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