The most important steps for your GmbH's annual accounts

Here you will find a checklist for the annual financial statements of a GmbH. It can help you as a guide so that you don't forget any steps towards a complete and successful annual financial statement:

• Preparation of the profit and loss account (P&L)
• Preparation of the balance sheet
• Compliance with the deadlines for the annual financial statements of the GmbH
• Costs for the annual financial statements of the GmbH

In order to determine how successfully your company has operated in the annual financial statements of the GmbH, it is necessary to prepare a profit and loss account (P&L). It includes a comparison of all income and expenses to show the company's profit or loss.

• Income: Here you list the income of the financial year (sales revenue, interest income and other income of your company)
• Expenses: Here you record which costs you had for the income (material and personnel costs, depreciation)
• Income statement: The profit or loss is shown as the difference between income and expenses

The balance sheet consists of the assets and liabilities side of the company's assets and capital. It reflects the company's financial position at the balance sheet date.

The assets side shows how the company's assets are structured. A distinction is made between fixed and current assets (property, equipment, receivables, cash and cash equivalents).
The liabilities side shows the company's equity and liabilities. A distinction is made between equity, provisions and liabilities. The deficit or surplus increases or decreases the equity.

It is not easy to manage all the important steps for the annual accounts on your own. Our team will be happy to help you prepare your annual accounts.

The deadline for the annual accounts of a GmbH is three months after the end of the financial year (§ 264 HGB). In the case of a small GmbH, the annual accounts can be prepared within a period of six months. There is an exception for GmbHs that are in a crisis situation. In this case, the balance sheet must be submitted eight to ten weeks after the balance sheet date.

The costs for the annual accounts of a GmbH and the tax consultant are very different. It is advisable to keep proper accounts that can be easily transferred to the tax advisor (e.g. using software). The cost of the tax consultant's hourly rate is set out in the tax consultant's fee regulations and varies according to the value of the company's business.

Your limited company's annual accounts are due at the end of the financial year. Not only are they required by law, but they are also crucial for your company's strategic decisions. Here is the most important information you need to know.

The annual accounts are a key document that must both meet legal requirements and provide essential information about the financial position of your limited company. It includes: 

• Balance Sheet
• Profit and loss account
• Optional notes

To produce a complete and successful set of financial statements, you should consider the following:

• Profit and Loss Account (P&L)
• Income: Income for the financial year (sales, interest, etc.).
• Expenses: Costs that are offset by income (material costs, personnel costs, depreciation).
• Result: The difference between income and expenses (profit or loss).

1. Balance sheet

• Assets side: Presentation of assets divided into fixed and current assets (property, receivables, cash and cash equivalents).
• Liabilities side: Presentation of equity, provisions and liabilities.

2. Deadlines for annual accounts

• General deadline: Three months after the end of the financial year (§ 264 HGB).
• Small GmbHs: Six months after the end of the financial year.
• Crisis situations: Eight to ten weeks after the balance sheet date.

3. Costs of annual accounts

The cost can vary greatly, depending on the complexity of the company and the hourly rate of the accountant. Good bookkeeping simplifies the process and can reduce costs.

The annual accounts of a limited company are a complex process that requires careful planning and execution. Our team is on hand to make this process efficient and to ensure that all legal requirements are met.