Monthly Accounting and Annual Financial

Accounting should do more than satisfy tax and annual filing requirements. Properly maintained records should help business owners understand revenue, expenses, profitability, liabilities, cash position, and the overall financial health of their organisation.

Taxpoint provides end-to-end monthly accounting and annual financial statement services. Our work can cover document review, transaction recording, account reconciliation, management reporting, year-end closing, financial statement preparation, audit coordination, and preparation for electronic submission through DBD e-Filing, subject to the agreed service scope.

We turn complex accounting work into an organised process, allowing business owners to focus on operations and growth.

Why monthly accounting matters

Waiting until the end of the year to organise accounting records can result in missing documents, incorrect balances, delayed error detection, and limited time to correct problematic transactions.

Maintaining accounting records every month helps a business:

• Monitor revenue and expenses consistently

• Understand its profit or loss sooner

• Detect missing documents and unusual transactions

• Track receivables, payables, cash, and bank balances

• Prepare more reliable information for tax filings

• Reduce year-end closing pressure

• Improve cash-flow planning and management decisions

Monthly accounting therefore supports both regulatory compliance and better business management.

Scope of monthly accounting services

1. Accounting and document guidance

We advise clients on preparing, organising, and submitting invoices, tax invoices, receipts, payment vouchers, bank statements, contracts, payroll information, and other supporting documents.

A clear document process reduces missing receipts, duplicate entries, unsupported expenses, and delays during monthly and annual closing.

2. Document review and transaction classification

Documents are reviewed and classified into appropriate categories, including revenue, expenses, purchases, sales, receipts, payments, assets, loans, and transactions involving directors or shareholders.

Where information is incomplete or requires clarification, our team informs the client before completing the relevant accounting process.

3. Systematic transaction recording

Transactions are recorded in the purchase, sales, cash receipt, cash payment, and general journals using accounting software appropriate for the business and the applicable financial reporting framework.

4. Account reconciliation and review

Key balances may be reviewed and reconciled, including:

• Cash and bank accounts

• Trade receivables and payables

• Revenue and expenses

• Input and output VAT

• Withholding tax

• Director or shareholder loan accounts

• Fixed assets and depreciation

• Accrued income, accrued expenses, and other adjustments

This process helps identify differences between source documents, bank activity, and accounting records.

5. Fixed-asset register

We prepare and maintain a fixed-asset register containing purchase dates, asset values, useful lives, and depreciation information, allowing assets to be monitored and verified.

Management reports for better decisions

In addition to statutory accounting records, businesses can use accounting information to evaluate operational and financial performance.

Reports may include:

• Monthly or quarterly profit and loss statements

• Statements of financial position

• Revenue and expense summaries

• Receivable and payable ageing reports

• Cash-flow or cash-movement summaries

• Period-to-period performance comparisons

• Key issues requiring management attention

The format and frequency can be adjusted according to the size, nature, and management needs of each business.

Year-end closing and annual financial statements

At the end of the accounting period, we review and adjust the records in preparation for the annual financial statements. The work may include:

• Reviewing opening balances and transactions recorded during the year

• Reconciling bank, receivable, payable, and tax accounts

• Reviewing inventory and cost of sales

• Recording accruals, prepayments, and year-end adjustments

• Calculating and recording depreciation

• Reviewing director and shareholder transactions

• Preparing an adjusted trial balance

• Preparing financial statements and accompanying notes

• Preparing schedules and supporting details for the audit

• Coordinating with a Certified Public Accountant where required

Depending on the type of entity and applicable requirements, the statements may include a statement of financial position, income statement or statement of comprehensive income, statement of changes in equity, cash-flow statement, and notes to the financial statements.

Preparation and submission through DBD e-Filing

Once the financial statements have completed the relevant review and approval process, we can prepare the required information and supporting documents for electronic submission through DBD e-Filing.

The service may include:

• Preparing financial information in the required format

• Checking data consistency before submission

• Preparing supporting documents for the relevant entity type

• Submitting information through DBD e-Filing

• Checking submission status and evidence

• Reporting the result to the client

Filing dates and required documents depend on the entity type, accounting period, approval date, and requirements applicable to each business. Records should therefore be prepared in advance rather than waiting until the filing deadline.

Social Security services

For businesses with employees, we can assist with the preparation of Social Security contribution information and related employee registration work within the agreed scope, including new employee registration or notification of termination where applicable.

Payroll, employee numbers, and employment-status changes should be provided within the agreed timeline to support accurate preparation and submission.

Our working process

1. Understand the business, transaction volume, and existing accounting process

2. Agree on the service scope, document schedule, and contact person

3. Receive and review monthly accounting documents

4. Record transactions, reconcile accounts, and report missing information

5. Prepare accounting or management reports as agreed

6. Close the accounts and prepare annual financial statements

7. Coordinate the audit and statutory submission process

8. Maintain records and submission evidence for future reference

Documents normally required

• Tax invoices and receipts

• Sales invoices, purchase invoices, and payment vouchers

• Sales and purchase reports

• Bank statements for all business accounts

• Payment and receipt evidence

• Lease, loan, and business agreements

• Fixed-asset purchase or disposal documents

• Payroll and employee information

• Inventory details

• Explanations and supporting documents for unusual transactions

Who is this service for?

• Companies and partnerships requiring monthly accounting support

• New businesses without an internal accounting department

• Online businesses, retailers, and service providers

• Businesses with high document volumes or multiple payment channels

• Growing businesses requiring regular management reports

• Businesses with delayed, inconsistent, or disorganised records

• Entities preparing for an audit and annual financial statement submission

Why choose Taxpoint?

• An experienced team covering accounting, tax, and financial reporting

• Document review before transactions are recorded

• Systematic notification of missing information and unusual transactions

• A process tailored to the nature of each business

• Clear service scope and transparent fees

• Integrated accounting, tax, registration, and audit-related services

• Strong attention to accuracy, confidentiality, and deadlines

Frequently asked questions

Does an inactive company still need annual financial statements?

A juristic entity may still have accounting, closing, audit, and filing obligations even if it has no revenue or limited activity. The exact requirements should be checked according to the entity’s type and current legal status.

When should monthly documents be submitted?

Documents should be submitted every month within the agreed schedule. Waiting until year-end makes reconciliation more difficult and increases the risk of missing important deadlines.

Can documents be submitted digitally?

Scanned copies and digital documents may be used within the agreed workflow. However, the business should retain originals or other records where required.

Are tax filing and Social Security included?

This depends on the selected package and agreed scope. Transaction volume, employee numbers, business type, and required services should be provided for an accurate quotation.

Does the financial statement require an audit?

Requirements vary according to the entity type and applicable law. We can conduct an initial review and coordinate with a Certified Public Accountant when required.

Turn accounting records into information that moves your business forward

Do not wait until year-end to search for missing documents or correct unexplained balances. A reliable monthly accounting process provides earlier visibility, better planning, and a smoother annual financial statement process.

Contact Taxpoint for a free initial consultation and service assessment before making your decision.

Taxpoint — Where you meet a clearer understanding of accounting and tax.