Efficient financial reporting is important for any organization to gain a competitive advantage. Financial reporting and analysis involve creating different types of reports and analyzing the data to determine an organization's financial health.
Financial reporting and analysis is the practice used by any organization or company to analyze and evaluate the financial performance of the company for the previous fiscal year. It will provide the organization with an analysis of the results of the company's activity. An organization can use effective financial reporting services to determine whether its activities were excellent, good, satisfactory or poor.
GM Tax Consultancy offers a full range of financial reporting services to meet the needs of different organizations. Our financial reporting department can prepare a series of reports as needed to give you an accurate picture of your organization's financial situation.
Profit and loss statement
The profit and loss statement summarises the costs, expenses, and income received during the period. This period is usually a financial year or a quarter. These financial statements provide information about an organization's ability to make a profit by minimizing costs and maximizing profits. The profit and loss statement is one of the important statements made in the preparation of the financial statements. It is also mentioned as an "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 statements are displayed for each month.
The balance sheet is the main financial report. The balance sheet shows the value of the organization's net assets and liabilities at a certain date.
Cash flow statement
This statement summarizes the organization's cash activities. It includes the investment, financial and operating activities of the organization. The statement of cash flows also shows the organization's opening and closing balances. The statement also shows the use and sources of cash during the year.
Bank reconciliation report
The bank reconciliation contains information about the cash balance in the accounts of the organization at a specific time. In this report, this balance is paid with the amount displayed in the bank account statement of the organization.
Salary report (Payroll)
The salary report shows, in alphabetical order, the information about all employees who received their salaries in a given month. All deductions are displayed together with gross wages.
Business analysis report
The business analysis report contains financial information from the profit and loss statement, cash flow statement and balance sheet. This information is effectively used to calculate key performance indicators. This report can also help you analyze your company's financial performance.
Financial Analysis Report
In this report, the balance of the previous month is compared to the balance of the previous month. The report reflects changes in equity, assets, and liabilities.
Report on operational analysis
This report presents expenses, costs, and sales by categories. For each type of sales, gross profit and percentage of gross profit are displayed. The report shows information related to a certain month and compares the information between the current and previous year.
We can also provide you with management reports, sales reports, VAT reports, and purchase reports.
Benefits of financial reporting services
Outsourcing financial reporting services can give your organization access to the subsequent benefits:
- Saving time associated with financial analysis and reporting.
- Avoid spending money on expensive financial reporting programs;
- Better and more effective decision-making;
- Accurate and error-free data analysis.
At GM Tax Consultancy, we understand the importance and criticality of accurate financial reporting. Choose us as your financial reporting outsourcing partner and get the best experience. Please contact us for more information by phone or email.