Financial Statements

For a company to gain a competitive edge, it is important that financial reporting is carried out efficiently.

Preparation and review of monthly, quarterly, and annual financial statements: Balance Sheet and Profit and Loss Account.

For a company to maintain a competitive edge, it’s important that financial reporting is carried out efficiently. Financial reporting and analysis involve creating various types of reports and analyzing data to determine the financial health of an organization.

Financial reporting and analysis are 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 activities.

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 capable of preparing a set of reports as needed to provide you with a true picture of your company’s financial situation.

Profit and Loss Account

The profit and loss statement summarises the costs, expenses, and revenues that have occurred during the period, which is typically a financial year or a quarter. These financial statements provide information about an organization’s ability to generate profits by minimizing costs and maximizing revenues.

The profit and loss account is one of the most important statements in the preparation of financial statements. It is also known as the “income statement” or “statement of income and expenses”.

Profit and Loss Statement by Months

Monthly Profit and Loss Statements are prepared to provide a summary of the last twelve months. These statements are displayed for each month.

Balance Sheet

It is the primary financial report. The balance sheet shows the value of the organization’s net assets and liabilities as of a specific date.

Cash Flow Statement

In this statement, the cash activities of the organization are summarized. It includes the investment, financing, and operating activities of the organization. This statement also shows the organization’s initial and final balances.

Similarly, the statement also captures the use and sources of cash during the year.

Bank Reconciliation Report

The bank reconciliation report contains information about the cash balance of the organization’s accounts at a particular point in time. In this report, this balance is reconciled with the amount appearing on the organization’s bank account statement.

Payroll Report

The payroll report displays, alphabetically, the information of all employees who received their salaries in a specific month. All deductions are shown alongside gross wages.

Company Analysis Report

The business analysis report contains financial information from the income 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 balance of the current month is compared to 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 categories. For each type of sale, gross profit and gross profit percentage are shown. The report displays information related to a specific month and compares the information between the current and previous years.

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 preparing accurate financial reports. Choose us as your financial reporting partner and receive the highest quality of service. For more information, please contact us by phone or email.

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