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Financial Statement Preparation

Home » Financial Statement Preparation

Financial Statement Preparation

by Khadija Tahir


Preparing your financial statements, we can do so in any frequency that is most useful for you. Typically, this service is performed in conjunction with bookkeeping or transaction processing services and can be monthly, quarterly, or annually.

The financial statements are prepared in accordance with an acceptable financial reporting framework. If you’re not sure which reporting framework to use, we can explain the pros and cons of each and the best fit for your business. The financial statement preparation service intended for your own use to have current information on the financial standing of your business and to make decisions accordingly. In essence this service is no different from what an in-house controller or CFO would provide to management in a larger company. You can share your financial statements with outside parties but on each page, we will include a notice that “no assurance is provided” on the financial statements. Because we will prepare your financial statements directly from the records you provide, we will not verify the accuracy or completeness of the information and not required to issue a formal report on the financial statements.

Statement of Profit or Loss / Comprehensive Income

Presents the revenues, expenses, and profits/losses generated during the reporting period. This considered the most important of the financial statements, since it presents the operating results of an entity.

Statement of Financial Position

Presents the assets, liabilities, and equity of the entity as of the reporting date. Thus, the information presented is as of a specific point in time. The report format structured so that the total of all assets equals the total of all liabilities and equity.

Statement of Changes in Equity

Presents changes in equity during the reporting period. The report format varies, but can include the sale or repurchase of stock, dividend payments, and changes. This is the least used of the financial statements and commonly only included in the audited financial statement package

Statement of Cash Flows

Presents the cash movements that occurred during the reporting period. This can provide a useful comparison to the income statement, especially when the amount of profit or loss reported does not reflect the cash flows experienced by the business. This statement may presented when issuing financial statements to outside parties.

Notes to the accounts

Also known notes to financial statements, footnotes, notes to accounts are supporting information that is usually provided along with a company’s financial accounts or financial statements. Many such notes are required to be provided by law, including details related to provisions, reserves, investments, share capital, contingencies, etc.

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