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outsourced bookkeeping services for startups are advantageous to startups as the company possesses professional experience at a comparatively lower cost than the cost of hiring full-time employees. Outsourcing also removes any possibility of financial mistracking, tax misfiling and simplified operations. Professional bookkeepers are in charge of invoicing, payroll, and reporting, leaving founders to work on product development and business growth. They are also useful in budgeting, investor reporting and scaling. Outsourced services provide flexibility, costs and scalability and therefore are a prudent decision when making solid financial bedrocks at the initial stage due to the dynamic changes that startups generally experience.

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Specific requirements for annual financial statements in different jurisdictions

Today the majority of year-end financial statements are made in full accordance with generally accepted accounting principles (GAAP). However, you should always consider the specific requirements for the chosen jurisdiction. For example:

The fiscal year. In vast majority of countries (especially EU member states), the financial year ends on December 31st. Other jurisdictions may have different approaches, since the financial year may end in different periods, depending on the registration date of the company, e.g., (in Singapore, the United Kingdom, Hong-Kong and others);

Timeframes to file the annual reports. Depending on the jurisdiction, the timeframe for submission of the annual report may vary from just few months up to a year: 3 months in Bulgaria and in Singapore; 4 months in Latvia, up to 12 months on Cyprus, or up to 8 months in the UK;

Requirements for audit. Note that in some countries every company must submit audited report (Cyprus, Singapore, Hong-Kong, Ireland). While in other countries companies may prepare an audited report voluntarily or, if they reach certain criteria (read further about Audit).

We highly recommend checking up local national legislation prior to drafting or submitting annual report, as in different jurisdictions requirements may slightly vary. You can also ask our bookkeepers for detailed information - click here to know more.

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