FINANCIAL REPORTING

FINANCIAL REPORTING

Financial reports are produced on an annual basis by business of all types and sizes in order to inform customers, shareholders and directors about the company’s progress, its current state and its current financial position. Although financial statements are ideal for estimating a company’s position in the marketplace, they can take a lot of time and effort to draw up and there are some common errors which often arise in their generation.

Financial statements are very important to provide an outline of the position of your company as well your performance and any changes to your company. At The Accountancy Solutions, we can help you to prepare, review and report your financial statements to the required body. Whether you need complex accounting assistance or simple advice on the preparation of your financial statement reports, we can make sure that your produced report is in accordance to the regulations, covering your balance, cash flow and retained earnings. 

COMMON MISTAKES IN FINANCIAL STATEMENTS

There are numerous common errors which business owners make when drawing up financial reports including:

  • Mixing up liabilities and assets 
  • Making mistakes in sales reports
  • Failure to keep track of small expenses over the year
  • Using figures from previous year or quarter’s inventory without taking into account changes in the market and costs 
  • Handling multiple streams of revenue can lead to complexities that result in mistakes
  • Confusion of investment activities 
  • Confusing non-cash flow and cash-flow financing activities 
  • Running financial forecasts that are based on the previous year’s results and which fail to account for the future
Advice for Financial Reporting

Financial reporting is used by owners, managers, employees, investors, institutions, government, and others to make important decisions about a business. Financial reporting is essentially a way of following standard practices to give the world an accurate depiction of a business’s finances. Drawing up financial statements and reports can be extremely time consuming and challenging for business owners, particularly those whose forte lies in other areas. By using the services of a skilled accountancy team such as that at The Accountancy Solutions, you can ensure a professional and high quality approach to your finances and guarantee that your accounts will be accurate and up to date.

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