FINANCIAL STATEMENTS
Financial Statements and Reports
It is a legal requirement for certain business entities to prepare annual financial statements. Legislation requires that the financial statements must conform to prescribed standards.
Businesses of all sizes require financial statements for many different reasons including the following:
All businesses need accurate and timeous financial reporting in order to grow and prosper. When running a business with the aim of making a profit, it would be reasonable to expect that you would want to know if you have indeed made a profit. Financial statements and reports provide you with this information.
If you need funding for your business, financial institutions will require financial statements in support of loan and overdraft applications. Financial statements present the business’ financial information and is structured in a way that is easy to understand.
The SA Revenue Services can and usually do call for financial statements in support of annual tax submissions. Investors will normally require financial statements on which to base their investment decisions.
Financial Statements
- Prepare annual financial statements
- Independent Reviews of financial statements
- Management accounts/Management reporting
- Evaluation of annual financial statements
- Arranging the auditing of annual financial statements
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