Annual accounts preparation
Want your annual accounts prepared quickly and accurately? At Profinancials, we complete your annual accounts in line with Dutch legislation, including the balance sheet, profit and loss account and notes. If desired, we file them digitally with the KvK and proactively advise you on tax optimisation. You work with a dedicated advisor at transparent, fixed monthly fees within our all-in bookkeeping packages for sole proprietorships, VOF, BV and holding companies. See our Annual accounts and bookkeeping services.
What are annual accounts and why do they matter?
The annual accounts show at a glance how your business is doing. The document brings together your year-end figures, giving insight into profitability, solvency and liquidity. Banks, investors and suppliers use the annual accounts to assess risks, while the Dutch Tax Administration (Belastingdienst) uses the tax accounts for your return. Whether you choose to prepare the annual accounts yourself or have them prepared, reliable figures are the basis for better decisions, financing and accountability.
What do the annual accounts consist of?
A complete set of annual accounts consists of three main components. The balance sheet shows your assets, liabilities and equity at the reporting date. This lets you assess solvency and working capital. The profit and loss account (also called the income statement) shows revenues and expenses over the financial year and explains your result. Finally, the notes set out the valuation policies, estimates and breakdowns, such as depreciation, inventories, trade receivables and long-term liabilities.
For micro and small entities, external publication can be simplified, but internally solid substantiation is essential. Think of correctly recognising subscription revenue, capitalising investments and systematically depreciating assets. When preparing the profit and loss account we ensure costs are allocated correctly, for example for accruals/deferrals or work in progress. The notes provide stakeholders with context for your figures, making trends, one-off items and risks clear.
Who must prepare and file, and when?
Every entrepreneur needs year-end figures, but the publication requirement differs by legal form. A sole proprietorship and most VOFs and professional partnerships do not file with the KvK, but do need tax accounts for the income tax return. BVs and NVs are required to file annually. Foundations and associations that run a business may also be subject to publication requirements, depending on size and activities. See also Annual accounts for local entrepreneurs and SMEs.
For BVs, a tight timeline applies in practice. The annual accounts are generally prepared within five months after the financial year, with a maximum of five months’ extension. Approval by shareholders follows, after which filing takes place within eight days. In any case, you must file no later than twelve months after year-end. Profinancials monitors your deadlines, prepares your accounts in the correct category and submits them digitally via SBR, so you meet all KvK requirements.
Preparing annual accounts in 5 steps
Want to see exactly how we work? Read more about How we prepare the annual accounts.
1. Bookkeeping and general ledger review
We start with a data check of your bookkeeping. Think of reconciling bank, cash, VAT, payroll and clearing accounts, and reviewing journal entries. We then analyse period results, margin development and open items, so the basis for your year-end figures is complete and explainable.
2. Balance sheet preparation
We itemise assets and liabilities, test valuations and process necessary adjustments. Depreciation is recalculated, provisions assessed and inventories measured according to your chosen policies. This results in a balance sheet that reliably reflects your solvency, liquidity and financing structure.
3. Profit and loss account preparation
Revenue is matched to the correct period and cost types are allocated correctly. We analyse gross margin, overheads and exceptional items, so your income statement presents a fair view. Where needed we process accruals and deferrals to attribute income and expenses to the proper financial year.
4. Notes and tax accounts
We document your valuation policies and explain key items such as depreciation, receivables and payables. In parallel we prepare the tax accounts, including tax depreciation limits and investment allowances. This way your commercial accounts and tax accounts align logically.
5. Approval and filing with the KvK
After discussing with your dedicated advisor, we finalise the accounts for approval. For BVs we take care of digital filing with the KvK. You receive the final report and the filing documents, so you present professionally and completely to banks or investors as well.
Tax vs commercial: which accounts do you need?
The commercial accounts follow financial reporting guidelines and are intended for reporting to shareholders and external stakeholders. The tax accounts follow tax rules and form the basis for your corporate income tax or income tax return. Differences arise, for example, due to different depreciation rules, reinvestment reserves or the valuation of provisions. Profinancials prepares both versions consistently and explains the differences clearly. Do you have a group or holding? We can also prepare consolidated financial statements and a consolidated balance sheet, giving insight into the overall picture of your business(es). Want extra context for your figures and next steps? Schedule an Advice session on annual accounts and figures.
Costs of preparing annual accounts
The cost of having annual accounts prepared depends on the complexity of your bookkeeping, the number of bank accounts, payroll processing, investments and any special items. Within our all-in bookkeeping packages, preparation, discussion and—where needed—filing with the KvK are included, at transparent fixed monthly fees. This way you avoid surprises afterwards. Want to know what this means for your situation—for example, the cost to prepare annual accounts for a sole proprietorship or for a BV? Contact us for a proposal that fits your business. See our Rates for year-end and bookkeeping.
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Frequently asked questions
These frequently asked questions provide clarity about what we arrange, how we work, and what you can expect when collaborating with us for your business administration.
Every entrepreneur needs year-end figures. Sole proprietorships use the accounts for the income tax return. BVs and NVs are required to prepare annual accounts and file them with the KvK. Profinancials supports all legal forms.
Start with reconciled bookkeeping, check the general ledger and then prepare the balance sheet, profit and loss account and notes. Profinancials takes care of this end to end and can deliver and file the accounts online.
The core consists of the balance sheet, the profit and loss account and the notes with valuation policies and breakdowns. Publication requirements differ depending on your size category.
That depends on size and complexity. In our all-in packages you work with fixed monthly fees, including preparation and discussion. Request a no-obligation proposal for your business.