Annual business reports
Annual business reports are the best way to figure out whether your business is heading in the right direction or not. The goals, financial situation, and tax obligations of the business are clearly outlined in the reports. Although only publically traded companies are required to make their annual report public, various states expect businesses to file annual business reports every year.
Preparing an annual business report can be challenging regardless of whether you are a budding entrepreneur or a seasoned businessman. This is where we come in. We have over 20 years’ experience helping small businesses grow by taking care of the bulk of their tax operations efficiently and cost-effectively.
How can we help with your annual business report?
While large companies have whole departments that are dedicated to preparing annual business reports and handling tax obligations, this is not worthwhile for small businesses. We provide a practical solution and help them remain profitable. We do all the heavy lifting, including preparing all the forms required to file an annual business report to with the state.
We understand that your annual business report is a state-mandated document, and filing incorrect information could result in penalties. This is why we take our time and verify all the information, and notify you when the filing is successful. Tax Secrets takes charge of the complete annual business reporting process, and your business becomes integrated into our advanced tax and reporting system.
When dealing with something as precious as your business, we understand that you deserve the best care. This is why we keep you up to date with all the relevant state deadlines and ensure that you comply with the state’s reporting requirements. We give you consistent notifications to keep you abreast of any developments in the reporting process.
Why is an annual business report important?
When you are starting out in business, the importance of preparing and submitting annual business reports may not be obvious. There is a common misconception that they are just another unnecessary state hurdle to doing business. Here are some of the reasons why you should always prepare one:
- You can evaluate your business’ core strategies for weaknesses and deviations. It is easy to deviate from your core business, as you get caught up in the day to day running of things. Annual business reports keep you on the right track.
- They help you identify how well you are doing in comparison to your competition. It also helps you identify where you need to strengthen in order to increase your share of the market. This is the best way to remain competitive, especially if you are in the service industry.
- Every business has annual goals. Is this the year you seat out to open in another location? Do you have a major expansion on the books 5 years from now? An annual business report lets you know how well you are doing with regard to your goals. You get to see what you need to do to accomplish your short term goals, and what part of the business needs to be tweaked to remain profitable in the future.
