{"id":1674,"date":"2025-10-28T11:59:00","date_gmt":"2025-10-28T09:59:00","guid":{"rendered":"https:\/\/konkretiakirjanpito.fi\/?p=1674"},"modified":"2025-10-03T08:09:19","modified_gmt":"2025-10-03T05:09:19","slug":"what-a-companys-first-statement-of-accounts-contains-and-how-to-prepare-for-it","status":"publish","type":"post","link":"https:\/\/konkretiakirjanpito.fi\/en\/2025\/10\/yrityksen-ensimmainen-tilinpaatos-mita-se-sisaltaa-ja-miten-siihen-kannattaa-valmistautua","title":{"rendered":"First annual accounts for a business - what's in them and how to prepare?"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"1674\" class=\"elementor elementor-1674\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-543b9554 e-flex e-con-boxed e-con e-parent\" data-id=\"543b9554\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-33840fcc e-con-full e-flex e-con e-child\" data-id=\"33840fcc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2b5e2ca0 elementor-widget elementor-widget-heading\" data-id=\"2b5e2ca0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The New Entrepreneur's Guide series<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e85888f e-flex e-con-boxed e-con e-parent\" data-id=\"1e85888f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-4b8e8f5a e-con-full e-flex e-con e-child\" data-id=\"4b8e8f5a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-69bd5adf elementor-widget elementor-widget-jkit_post_featured_image\" data-id=\"69bd5adf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"jkit_post_featured_image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div  class=\"jeg-elementor-kit jkit-post-featured-image jeg_module___6a05fde328c90\" ><div class=\"post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/konkretiakirjanpito.fi\/wp-content\/uploads\/2025\/09\/laskin-ja-tilinpaatos-26.9.2025-1024x683.png\" class=\"attachment-large size-large wp-post-image\" alt=\"Calculator and financial statements\" srcset=\"https:\/\/konkretiakirjanpito.fi\/wp-content\/uploads\/2025\/09\/laskin-ja-tilinpaatos-26.9.2025-1024x683.png 1024w, https:\/\/konkretiakirjanpito.fi\/wp-content\/uploads\/2025\/09\/laskin-ja-tilinpaatos-26.9.2025-300x200.png 300w, https:\/\/konkretiakirjanpito.fi\/wp-content\/uploads\/2025\/09\/laskin-ja-tilinpaatos-26.9.2025-768x512.png 768w, https:\/\/konkretiakirjanpito.fi\/wp-content\/uploads\/2025\/09\/laskin-ja-tilinpaatos-26.9.2025-1536x1024.png 1536w, https:\/\/konkretiakirjanpito.fi\/wp-content\/uploads\/2025\/09\/laskin-ja-tilinpaatos-26.9.2025.png 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ba52667 e-flex e-con-boxed e-con e-child\" data-id=\"6ba52667\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3b960f2c elementor-widget__width-auto elementor-widget elementor-widget-jkit_post_author\" data-id=\"3b960f2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"jkit_post_author.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div  class=\"jeg-elementor-kit jkit-post-author jeg_module__1_6a05fde3296fb\" ><p class=\"post-author\">Juha Saari<\/p><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20db98b2 elementor-widget__width-auto elementor-widget elementor-widget-jkit_post_date\" data-id=\"20db98b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"jkit_post_date.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div  class=\"jeg-elementor-kit jkit-post-date jeg_module__2_6a05fde329e25\" ><p class=\"post-date\">October 28, 2025<\/p><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd296cc elementor-widget elementor-widget-heading\" data-id=\"bd296cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">First annual accounts for a business - what's in them and how to prepare?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15e091ce elementor-widget elementor-widget-text-editor\" data-id=\"15e091ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The first annual accounts are an important step for every entrepreneur. It summarises the financial situation of the business at the end of the financial year and serves both as a formal report and as a tool for future planning.<\/p><p>However, for a new entrepreneur, preparing accounts can seem like a complicated process. In this article, we'll go through what your first set of accounts entails and how to prepare for it.<\/p><p>\u00a0<\/p><p><strong>What are financial statements?<\/strong><\/p><p>The financial statements are the official summary of the company's finances at the end of the financial year. It includes:<\/p><ul><li><strong>profit and loss account<\/strong>, which indicates the profit or loss of the company<\/li><li><strong>balance sheet<\/strong>, which shows the assets and liabilities of the company<\/li><li><strong>attachments<\/strong>, which provide more details on specific items and events during the financial year<\/li><\/ul><p>\u00a0<\/p><p>The financial statements give the entrepreneur, the authorities, investors and financiers a picture of the company's financial position.<\/p><p>\u00a0<\/p><p><strong>When do the accounts have to be drawn up?<\/strong><\/p><ul><li><strong>The limited company<\/strong> must prepare financial statements at the end of each financial year.<\/li><li><strong>Business owner<\/strong> you do not necessarily need to prepare formal financial statements if your business is small - but you will need to attach a profit and loss account and balance sheet to your tax return anyway.<\/li><\/ul><p>\u00a0<\/p><p>Financial statements must be drawn up within four months of the end of the financial year. For example, if the financial year ends on 31 December, the deadline is 30 April.<\/p><p>\u00a0<\/p><p><strong>How to prepare your first set of accounts?<\/strong><\/p><ol><li><strong>Keep your accounts up to date<\/strong><br \/>With all your vouchers, sales invoices and purchase invoices in order, the closing process is easy.<\/li><li><strong>Make sure you have your receipts and supporting documents<\/strong><br \/>Missing supporting documents can delay the financial statements and cause explanations.<\/li><li><strong>Follow the results for a whole year<\/strong><br \/>The accounts should not come as a surprise. By checking profitability regularly, you'll know in time whether you're going to make a profit or a loss - and what the tax implications will be.<\/li><li><strong>Allow time for checks<\/strong><br \/>Before closing the accounts, the accountant makes sure that all the entries have been made correctly. The entrepreneur should be prepared to answer any questions about the value of inventory or work in progress, for example.<\/li><li><strong>Take advantage of expert help<\/strong><br \/>For many, the first annual accounts can be a new experience. A professional accountant will ensure that everything is done legally and on time - and that the entrepreneur understands the figures in practice.<\/li><\/ol><p>\u00a0<\/p><p><strong>Why are financial statements important?<\/strong><\/p><p>Financial statements are not just a legal obligation. It helps to:<\/p><ul><li>see how profitable the business has been<\/li><li>assess the company's liquidity and indebtedness<\/li><li>provide you with a basis for future decisions<\/li><li>reassure investors and financiers about the solvency of your business<\/li><\/ul><p>\u00a0<\/p><p><strong>Summary<\/strong><\/p><p>A company's first set of accounts can feel like a big step, but it's also a great opportunity to understand the state of your business. If you prepare carefully and keep your accounts up to date, the process is much easier.<\/p><p><em>At Konkretia Accounting, we help entrepreneurs to manage their first set of accounts clearly, step by step - without hidden costs.<\/em><\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3352a240 e-con-full e-flex e-con e-child\" data-id=\"3352a240\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-12bda73e elementor-align-center elementor-widget elementor-widget-button\" data-id=\"12bda73e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/konkretiakirjanpito.fi\/en\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact us!<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Uuden yritt\u00e4j\u00e4n opas -sarja Juha Saari 26 syyskuun, 2025 Yrityksen ensimm\u00e4inen tilinp\u00e4\u00e4t\u00f6s \u2013 mit\u00e4 se sis\u00e4lt\u00e4\u00e4 ja miten siihen kannattaa valmistautua? Ensimm\u00e4inen tilinp\u00e4\u00e4t\u00f6s on t\u00e4rke\u00e4 etappi jokaiselle yritt\u00e4j\u00e4lle. Se kokoaa yhteen yrityksen taloudellisen tilanteen tilikauden lopussa ja toimii sek\u00e4 virallisena raporttina ett\u00e4 ty\u00f6kaluna tulevaisuuden suunnitteluun. Uudelle yritt\u00e4j\u00e4lle tilinp\u00e4\u00e4t\u00f6s voi kuitenkin tuntua monimutkaiselta prosessilta. T\u00e4ss\u00e4 artikkelissa [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,52],"tags":[],"class_list":["post-1674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blogit","category-uuden-yrittajan-opas-sarja"],"_links":{"self":[{"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/posts\/1674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/comments?post=1674"}],"version-history":[{"count":7,"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/posts\/1674\/revisions"}],"predecessor-version":[{"id":1682,"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/posts\/1674\/revisions\/1682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/media\/1675"}],"wp:attachment":[{"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/media?parent=1674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/categories?post=1674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/konkretiakirjanpito.fi\/en\/wp-json\/wp\/v2\/tags?post=1674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}