Financial statements and compliance accounting are the foundation for becoming a forward thinking, proactive and strategically operating business, providing tangible results in the short and long term.
An annual report provides you, your bankers, clients and investors with a valuable insight into the financial and social health of your organisation. Preparing annual financial statements includes providing a statement of financial performance, statement of financial position, statement of equity and a depreciation schedule. Compliance accounting and financial reporting fulfil current legal and commercial obligations, but there is more to pure compliance than just keeping out of jail.
Skilled interpretation of financial reports will provide insight into your business’ current state of affairs, and reveal the areas where efficiencies can be made or where expenditure is required. A set of financial statements provides the basis for the following year’s business plan, helping to set measurable and achievable goals, and providing the information required to establish a budget for the coming financial year.
Beyond the compulsory annual report we can also assist with periodic financial reporting on whatever basis best suits your needs. Having a regular flow of information about your business’ performance enables you to capitalise quickly on opportunities offered by a good month, or to take action to correct the business’ course if you find things are not tracking against budget as you expected. In addition to periodic financial reporting we can provide a set of tools that gives a structured and successful approach to cash flow planning, which is an important element of any business and which is often overlooked.
When thinking about acquiring an existing business, you will find that the financial reporting of that company is a key factor during the due diligence process. We can help you to better understand those financial statements, both current and historic, before you make a business decision. Financial reporting will show the historic trends, turnover and expenditure, assets and debt of the company, and give you a thorough understanding of the business’ viability prior to committing to a purchase.