Financial Statements
For a company to gain a competitive edge, it is important that financial reporting is carried out efficiently.
For a company to gain a competitive edge, it is important that financial reporting is carried out efficiently. Financial reporting and analysis involves creating different types of reports and analyzing the data to determine the financial health of an organization.
Financial reporting and analysis are the practices used by any organization or company to analyze and evaluate its financial performance in the previous fiscal year. It will provide the organization with an analysis of the results of the company’s activity.
In this context, an organization can use effective financial reporting services to determine whether its activities have been very good, good, satisfactory, or poor.
Services
GM Tax Consultancy offers a wide range of financial reporting services to meet the needs of different types of organizations. Our financial reporting department is able to prepare a set of reports as needed to give you a true picture of your company’s financial situation.
Profit and Loss Account
The profit and loss statement summarizes the costs, expenses and revenues that have been incurred during the period, which is usually a financial year or a quarter. These financial statements provide information on an organization’s ability to earn profits by minimizing costs and maximizing earnings.
The profit and loss account is one of the most important statements in the preparation of financial statements. It is also known as “income statement” or “income and expense statement”.
Profit and Loss Statement by Months
Monthly profit and loss statements are prepared to provide a summary of the last twelve months. These statuses are shown for each month.
Balance Sheet
This is the main financial report. The balance sheet shows the value of the organization’s net assets and liabilities at a given date.
Cash Flow Statement
This statement summarizes the cash activities of the organization. Includes the investment, financial and operating activities of the organization. This statement also shows the opening and closing balances of the organization.
Similarly, the statement also captures the use and sources of cash during the year.
Bank Reconciliation Report
The bank reconciliation report contains information on the cash balance of the organization’s accounts at a given point in time. In this report, this balance is paid with the amount shown on the organization’s bank statement.
Payroll Report
The payroll report shows, in alphabetical order, the information of all employees who received their salaries in a given month. All deductions are shown together with gross wages.
Company Analysis Report
The business analysis report contains financial information from the profit and loss statement, cash flow statement and balance sheet. This information is used to determine key performance indicators.
This report can also be useful for analysing the financial performance of your company.
Financial Analysis Report
In this report, the current month’s balance is compared with that of the previous month. The report reflects changes in equity, assets and liabilities.
Operations Analysis Report
This report presents expenses, costs and sales by category. For each type of sales, the gross profit and the gross profit percentage are shown. The report shows the information related to a given month and compares the information between the current and previous year.
We can also provide you with management reports, sales reports, VAT reports, and purchasing reports.
Benefits of financial information services
Outsourcing financial information services can enable your organisation to benefit from significant advantages:
- Saving the time involved in financial analysis and reporting.
- Avoid spending money on expensive financial reporting software.
- Make better and more effective decisions.
- Ensure that your company’s data analysis is accurate and error-free.
At GM Tax Consultancy, we understand the importance of accurate financial reporting. Choose us as your financial reporting partner and receive the best quality of service. For more information, please contact us by phone or email.
