Financial Statements (also known as the ‘accounts’) show a business’ financial performance and closing position for a particular period of time.
Every business is required to produce financial statements in some form, whether it be the income and expenditure statement of a small sole trader, or the audited group financial statements of the largest multinational company. Although accounts are primarily produced in order to comply with statutory corporate regulations and for taxation purposes, they are also extremely valuable for business management, review and planning purposes.
At G Salomon & Co Chartered Accountants our fully qualified chartered accountants ensure that your financial statements comply with UK GAAP or IFRS and all current applicable laws and regulations. G Salomon & Co use the latest versions of the most reputable accounting software packages as standard.
Many businesses also choose to have periodic sets (generally monthly or quarterly) of financial statements prepared in order to get timely information regarding the performance and position of the business. Management accounts can be tailored to produce accurate and useful information which enables decision makers within the business to compare financial and operational statistics with previous periods. This, in turn, aids the budgeting and forecasting process looking forward.
Contact us to discuss what financial and operational data and key performance indicators are important to your business and we will tell you how we can get that information to you within a matter of days after each period end.