Financial Advisors (IFAs) + Annual Company Accounts: The Challenge
As financial advisor, preparing bank statements for annual company accounts is a common but time-consuming task. Preparing annual accounts for Companies House requires reconciling a full year of bank transactions. Many small companies still rely on PDF statements from their bank.
How BankScan AI Helps Financial Advisors (IFAs) with Annual Company Accounts
Convert client bank statements to Excel for quick financial analysis, cashflow modelling, and wealth planning presentations. For annual company accounts specifically, BankScan AI extracts Opening and closing bank balances, total income received, categorised expenditur automatically.
How Financial Advisors (IFAs) Handle Annual Company Accounts
When preparing bank statements for annual company accounts, financial advisors (ifas) need to IFAs request bank statements during fact-find meetings to assess client income, expenditure patterns, existing commitments, and savings capacity. They. BankScan AI automates the data extraction step.
Key terms you'll encounter: fact-find, suitability report, attitude to risk, capacity for loss.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload Full financial year (12 months), aligned to the company's accounting reference date of statements for annual company accounts.
AI extracts what you need
Our AI extracts Opening and closing bank balances, total income received, ca — formatted for financial advisors (ifas) workflows.
Complete your annual company accounts work
Download Excel files ready for annual company accounts. Full year reconciled to the nominal ledger, with month-end balances matching bank reconciliation statements, ready for trial balance extraction
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Financial Advisors (IFAs) — Annual Company Accounts
- Built for Financial Advisors (IFAs) — Saves 30-45 minutes per client fact-find on income and expenditure analysis, with annual reviews completed 20-30 minutes faster per client
- Software compatible — Output works directly with Intelliflo, CashCalc, Excel
- Built for Annual Company Accounts — Convert your full year of bank statements to Excel for fast reconciliation, trial balance preparation, and Companies House filing.
- Key data extracted — Opening and closing bank balances, total income received, categorised expenditure, inter-company transfers, director loan account movements, dividend payments
Compliance: Financial Advisors (IFAs) + Annual Company Accounts
When financial advisors (ifas) prepare bank statements for annual company accounts, specific compliance requirements apply.
- FCA rules require IFAs to conduct thorough fact-finds and demonstrate suitability of advice. Bank statements form part of the evidence base for suitability reports. Consumer Duty obligations require advisors to demonstrate they understand client financial circumstances. Records must be retained for the FCA's required period.
- Legal basis: Companies Act 2006 sections 394-397 (duty to prepare accounts) and sections 441-453 (filing requirements and penalties)
Annual Company Accounts — Built for Financial Advisors (IFAs)
Accounts must be filed within 9 months of the accounting year-end for private companies; late filing penalties start at 150 GBP and escalate to 1,500 GBP
Try Free — Financial Advisors (IFAs) + Annual Company Accounts