Financials

Financial Statements
Your Reporting Requirements
  • Financial Statements for your Reporting requirements, Finance Application or Mortgage Broker, as and when you need them.
  • Timely turnaround for Relevancy and Reliability
  • Simple uniform format for Understandability and Comparability


We Prepare, Analyse and Report on the following:
General Purpose Financial Reports

These reports are prepared by applying the AASB’s and will generally follow a specified format although there still remains some ability to vary this. These reports are prepared by entities as determined under the Corporations Act and the application of the Statement of Accounting Concepts (SAC) 1 and 2. As a general guide any company that has a large number of employees, foreign ownership or a perceived high number of end users that are reliant on the financial accounts to make decisions regarding the application of their resources, then general purpose accounts may need to be prepared – however application and interpretation of these rules can vary.

Special Purpose Financial Reports

These reports can be prepared in virtually any format that the business requires or desires them to be in. Generally, as a minimum they will be made up of a Profit and Loss Account and a Balance Sheet, however they may contain varying degrees of other reporting requirements as established by the directors/owners/members. These are the type of reports that are prepared by most SME’s.

Income Statement or Profit & Loss Statement

The profit and loss statement is one of the most important tools for business owners. It details whether the business is operating at a profit or a loss for a specific period of time. Because we accurately record and organise your financial information, it's easy to access and create up-to-date financial statements at anytime.

Our profit and loss statement shows subtotals for each income and expense account in your chart of accounts. Once created, the profit and loss statement shows your total income, your gross profit, expenses and your net income or loss. You can click on any number in the totals column to get a detailed transaction list for that particular item. You can even opt to calculate each expense as a percentage of your income so you can quickly see any overspend or underspend.

Balance Sheet

The balance sheet shows what a business owns, the assets, what it owes, the liabilities, and its net worth at a specific point in time. The three parts of a balance sheet are assets, liabilities and equity. It has two sections that must balance, hence the name balance sheet. The balance sheet, together with the income and cash flow, is the main report for any business. In fact, the balance sheet is the core component of other financial statements as all others either feed into or are derived from it.

 

Balance sheets can you help identify and analyse trends in your business, especially for accounts receivable and accounts payable. Are your customers paying on time? Can you collect overdue invoices more effectively? Do you have any "bad debts" - debt that you can't collect? The balance sheet provides you with the financial information you need to effectively manage the business's financial health.

Cash Flow Statement

Cash flow measures your cash on hand and refers to the movement of money into and out of the business. Cash flow should not be confused with profit

Managing cash flow refers to the activities that businesses need to undertake to control the delay between the time they have to pay their suppliers and the time that they collect cash from customers.

We provide the data and reports that small businesses need to manage their cash flow

Account Payable Management

To effectively manage cash flow and to stay healthy financially, business owners must know how much money is coming into the business - accounts receivable - and going out or accounts payable. Accounts payable are typically expected to be paid within 15, 30 or 90 days. This makes it crucial to track and manage accounts payable.

Use our online Accounting solutions to enter and pay bills, manage bill due dates and schedule payments to keep money in your business as long as possible and avoid late charges.

Account Receivable Management

Accounts receivable management is a critical component to managing your business's financial health. You can speed up accounts receivable by invoicing customers regularly, accepting cash and credit cards, and by using discounts to encourage early payment. Effective accounts receivable management will help you collect money from your customers so that you have enough cash on hand to pay your bills and your vendors on time.

We can help you automate and manage accounts receivable. Automatically send invoices, track payments and generate reports. Easily identify your delinquent accounts and send statement reminders to customers with late payments. Access your A/R Aging Report (accounts receivable aging report) anytime and from anywhere to know which customers are late with their payments and by how many days.

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