Recruitment Agencies + Annual Company Accounts: The Challenge
As recruitment agency owner, 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 Recruitment Agencies with Annual Company Accounts
Convert your agency bank statements to Excel to reconcile placement fees, match temporary worker payments, and track client account balances. For annual company accounts specifically, BankScan AI extracts Opening and closing bank balances, total income received, categorised expenditur automatically.
How Recruitment Agencies Handle Annual Company Accounts
When preparing bank statements for annual company accounts, recruitment agencies need to Recruitment agencies invoice clients for permanent placement fees or weekly/monthly temporary worker charges, pay temporary workers via payroll or umb. BankScan AI automates the data extraction step.
Key terms you'll encounter: placement fee, temp margin, rebate period, umbrella company.
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 recruitment agencies 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 Recruitment Agencies — Annual Company Accounts
- Built for Recruitment Agencies — Saves 3-4 hours per week on placement fee reconciliation and temporary worker payment matching for an agency processing 50+ placements per month
- Software compatible — Output works directly with Xero, Sage, Bullhorn
- 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: Recruitment Agencies + Annual Company Accounts
When recruitment agencies prepare bank statements for annual company accounts, specific compliance requirements apply.
- Employment Agencies Act 1973 and Conduct of Employment Agencies Regulations 2003 govern agency operations. REC (Recruitment and Employment Confederation) members face additional compliance standards. AWR (Agency Workers Regulations) affect temporary worker pay calculations. HMRC employment status rules apply to contractor placements.
- 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 Recruitment Agencies
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 — Recruitment Agencies + Annual Company Accounts