If you want to loan money a financial institution would want to see full accounts (for starters).
Producing them doesn't take a lot to do for an accountant if you have a sound trial balance and gives the client that warm fuzzy feeling that they are getting something for their money that they can put their hands on and is theirs to keep. Tax returns are so much more transient.
Giving them accounts also helps clients visualise where they are improving (or not) in their business especially if accompanied by some period on period key ratio's.
Personally, no matter how small the company I always prepare a full set of accounts.
kindest regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Lots of other reasons as well Kaz, such as incorporating a sole trade, or sale of as well as what Shaun suggests.
In my view you should always provide a set of Accounts.
I dont get Accountants who just provide tax returns - not great when you get a client who has had such in the past and suddenly needs a mortgage or whatever and only a few weeks notice to try to put together the books from the last few years.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I always supply a full set of accounts because if you have already spent the time getting to trial balance stage it really does not take a lot longer to then provide the finished accounts, I also think this looks a lot more professional when presented in a display folder rather than just supplying them with a copy of their Tax Return, and as Shaun said the client actually seems happy that they have something which "is theirs to keep" even if they do not care what is inside.
-- Edited by Artois on Saturday 24th of June 2017 08:07:46 PM
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Doug
These are only my opinions of how I see things and therefore should not be taken as advice
We always prepare full accounts for client. It means you can review the comparatives much easier and actually give some good feedback on the business.
The accounts really are your 'shop window' as this is the main thing the client sees.
We don't do the bound / display folder accounts anymore. We try and be as paperless as possible and actually found that clients would just leave the bound accounts to gather dust!
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