Are you ready to file your annual report? Here is everything you need to know

Are you ready to file your annual report?

As a business owner, it is essential to have your finances under control, and the annual report plays a central role here. A correct annual report filed on time not only ensures that your company complies with the law; it also gives a detailed insight into the company's financial position. This is essential when investors, banks and partners assess your company's financial stability and future growth potential.

What does an annual report contain?

An annual report consists of several important elements, with the financial statements being one of the most central. The financial statements give an overview of the company's income, expenses, assets and liabilities, and thereby show its financial development over the financial year: read more about the financial statements here. In addition, the annual report also contains:

• A management's review, describing the company's development and expectations for the future.
• Accounting policies, explaining the methods and principles used in the accounts.
• Notes, elaborating on specific items in the accounts and providing a better understanding of the financial information.

When and how must the annual report be filed?

For unlisted companies, the annual report must be filed digitally with the Danish Business Authority (Erhvervsstyrelsen) no later than six months after the end of the financial year. If your company's financial year ends on 31 December, the filing deadline is 30 June.

Filing takes place via Virk.dk (the Danish public business portal), where there are two different methods:

1. Regnskab Basis: a simple solution for smaller companies in reporting class B.
2. Regnskab Special: a more advanced solution for companies in all reporting classes that, for example, need to prepare consolidated accounts.

It is important to keep your bookkeeping in order, so you can be sure that all figures add up and that the financial statements meet the legal requirements. Many companies use an accounting consultant to assist in the process to ensure correct and error-free filing.

Read more about how we can manage your bookkeeping here.

Consequences of missing or late filing

If the annual report is not filed on time, the consequences can be serious. The Danish Business Authority can impose fines on the company and its management, and in the worst case the company can be subject to compulsory dissolution. That is why it is essential to stay on top of the deadlines and make sure all information is correct.

We file your annual report and ensure accurate bookkeeping.

Get professional help with your annual report

At Summ, we offer professional assistance with preparing and filing your annual report. Our experienced accounting consultants can help you with everything from correct bookkeeping to submitting the annual report, so you are spared the worry and can be confident that your company meets all requirements.

We also offer specialist tax advice, so you can optimise your company's tax position and make use of relevant deductions. We can also help with payroll administration and VAT reporting, ensuring efficient administration of your business.

For companies seeking a more strategic approach to financial management, we offer CFO services. This gives you access to a financial expert who can help with budgeting, ongoing reporting and strategic planning, so you can make the best decisions for your company's future.

Contact us today

Unsure how best to file your annual report? Contact Summ today and let our accounting consultants help you get your company's finances in order.