Clients disclose various financial statements for presentation to several investors in their business. Financial reports come with press releases, minutes of the meeting, and multiple reports considered as public documents. Financial reporting allows Clients to present transparency and legitimacy on behalf of the business.
The following documents disclosed for financial reports are curated and presented to clients for review and approval:
- Trial Balance
A trial balance report is created to list down all ledger accounts and their respective balances. Such statements determine the equity of both total debits and credits. However, this document does not assess the accuracy of accounting records.
- Balance Sheet (Statements of Financial Position)
A balance sheet shows the company’s “financial position.” Financial Position refers to the assets owned and the claims against the company under liabilities and capital in full detail. Accountants create balance sheets during a quarterly or annual basis.
- Profit or Loss Statement (Statements of Comprehensive Income)The P&L statement shows the result of a company’s operations over a specific accounting period. Income, expenses, and the net income or loss of a company are listed here. Like the Balance Sheet, issuing a P&L statement occurs during an annual or quarterly basis. If the client owns a broader firm, they prepare a Statement of Comprehensive Income.
- Statements of Changes in Equity
The Statement of Changes in Equity displays the balance of the company’s capital account at the start of the accounting period, changes that occurred over time, and the ending balance of the company due to the frequent changes during the said period.
- Statements of Cash Flow
The Statement of Cash Flow displays the summary of cash entering and leaving the company. The changes in the balance sheet affect cash flows since the cash account moves from time to time.
- Other Required Reports by Management
If Clients either request or require additional assistance for other financial reports, such as but not limited to:
- Trend analysis of each Balance Sheet line item (monthly, quarterly or annual)
- Trend analysis of each Profit or Loss line item (monthly, quarterly or yearly)
- Budget vs. Actual Analysis
- Financial Ratio Analysis