What is the purpose of an annual report?

What is an annual report?

An annual report is a yearly publication that companies provide to shareholders outlining and recounting the business' financial position and economic well-being. This report is also filed with the U.S. Securities and Exchange Commission in order to publicly document and disclose information about the company's financial condition.

The report consists of numerous sections and financial reports that summarize the operations of the business during the past year. The report also may comprise of optional sections such as letters from the company's CEO, an auditor's report, personal stories about the business, and other notes or disclaimers.

While the preparation and filing of annual reports are a requirement for publicly traded corporations, all business owners can benefit from a carefully prepared summary of their finances. An annual report can help you define your core strategies, assess the success of your yearly goals, and set upcoming goals for the year to come.

How much does it cost to get an annual report prepared?

The cost of preparing an annual report varies greatly depending on the size of your business and the complexity of your financial situation.

There are numerous accounting elements that go into preparing a thorough annual report including the review of financial data, audits, and conducting and collection of financial reports. These services and details will vary in price depending on the fees of an accountant who can perform the task for you.

There are also other key elements to keep in mind for the preparation of an annual report. Since the report is a public document for your stockholders, many business owners use their annual report as a marketing tool, investing money into creative design and writing.

Who needs to file an annual report?

In the United States, publicly traded LLCs and corporations must prepare and file an annual report in order to remain in good standing with the SEC.

You are expected to deliver your annual report to shareholders when holding your annual meeting to elect directors. However, there are more strict deadlines regarding filing specific tax forms with the SEC based on your category of filer.

It is wise to consult with a professional to check your category of filer and revised deadlines to avoid errors and mishaps in filings in filing Forms 10-K and 10-Q for your business.

Professionals Near You

Ageras' network lets us find help for businesses in every industry, every size, and every part of the country. We know accountants all across the United States, from big cities to small towns. Whether you're looking for an accountant near you or wish to work with a professional that will work remotely - we can find an accountant that suits your particular preference.

What's included in an annual report?

An annual report is made up of numerous components that together summarize the overall performance of your business. 

Do you have the best expert preparing your annual report?

We know the best professionals in every industry, at every budget.

You may already be using a professional to prepare your annual reports, but you may be missing an expert with knowledge in your industry, or with the specialty you need. Finding the right expert through Ageras is fast and easy, plus you don't have to spend time browsing the market. Don’t spend time calling accountants to find out if they have the time to help you or if they have the right qualifications, we'll do the work for you when you submit your request.