What is a Year End Service in business accounting?

[accountinglads]

A Year End Service is a business accounting service that comprises of all financial transactions that are necessary to close books of a company in a year. It generally incorporates balancing of ledgers, preparation of profit and loss statement, balancing of balance sheet and calculating taxes. The service provides financial accuracy, up-to-date and legal financial records. Most companies hire services of professionals to do year-end tasks efficiently and accurately. The process does not only conform to regulatory compliance but also makes excellent insight into company performance and thus a better plan and decisions can be made regarding next year financial year.