Financial Reporting Services
Financial Reporting Services includes preparation of Balance Sheet as per applicable accounting standards and statutory compliance, preparation of income statement and other management report.
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Financial reporting services is one of the mandatory compliance to be fulfilled by every organisation. At the end of every financial year, the business organisation must prepare and present a comparative financial statement disclosing all the financial results and other disclosure requirements to the management and external stakeholders such as investor, customers, regulators etc.
Financial Reporting services serve as reporting of financial result to management, external stakeholders, it also serve the purpose of statutory audit and regulatory filings such as Annual Return filing with Registrar of Companies, Tax Return filing with Income Tax Department.
We at ReturnFilings.Com offer our services for Financial Reporting services which includes:
• Finalizing accounting entries: Before start of preparing the financial report we analyze the bookkeeping of the organisation and check for its completeness. Some of the entries are required to pass before year end finalization are provisioning of expenses incurred in current financial year but paid in next financial year, segregating prepaid expenses into current financial year and rolling financial year, provisioning of statutory dues payable, provisioning of leave encashment and gratuity as per actuarial valuation report. This is being the first and preliminary step in financial reporting services.
• Finalizing Fixed Asset Register and Depreciation calculation: We will ensure to finalize the fixed asset register and calculate depreciation as per the Income Tax Act and as per the Companies Act. We will ensure treatment of foreign exchange in case of capitalization of assets procured from outside India.
• Finalization of Trial Balance: After finalization of accounting entries and posting depreciation and other provision entries, we will finalize the trial balance and ensure that trial balance is prepared taking into account all the opening balances as per last financial year. Finalizing Trial is another major step in Financial reporting services.
• Financial Statement and Financial Report: Based upon the finalized trial balance, we proceed on preparing and finalizing the financial statement comprises of Balance Sheet, Profit and Loss Statement, Cash Flow Statement and schedules of account in supporting of balance sheet and profit & Loss account.
• Disclosure Requirement: After finalizing the financial statement, we track it based upon the regulatory requirement of Indian Accounting Standards (IAS), US General Accepted Accounting Principles (US-GAAP), International Financial Reporting Requirement (IFRS) and disclosure requirement as specified by Companies Act, Income Tax Act, SEBI Disclosure requirement as applicable to the organisation.
• Comparative analysis for management reporting: After finalizing the financial statement and disclosure requirement, we prepare a comparative analysis of financial statement based on year-over-year (YoY) and quarter-over-quarter (QoQ) basis, this will help for the management to analyse the overall business position of the organisation.
• Graphical representation of financial comparative data and reason for increase / decrease: After preparing management reporting, we seek and analyse the reason of increase and decrease in the financial statement. Thereafter we prepare graphical representation of financials comparative data mentioning the reason and management comment and future prospects covering such increase/ decrease in financial data.
• Other supporting documents: After finalizing the financial statement, we provide other supporting documents to the organization which will be helpful for the organization for future reference. Some of the examples of other supporting documents are account payable reports, account receivable reports, bank reconciliation report, Inventory reports and its valuation, Payroll reports, details of fixed asset register and computation of depreciation as per Income Tax and Companies Act, Actuarial Valuation Report on Gratuity Valuation and leave encashment valuation, General Ledger Reports. These are some examples, in practical we deliver almost all relevant supporting documents which we come across in preparation of financial statements.
• Addressing to auditor or management queries: After preparing and delivering all the required documents relating to financial statement, we will address the auditor queries or management queries as and when arises.
We at ReturnFilings.Com will provide you our financial reporting services of preparation and finalization of financial statement; we make it happen through the team of our professionally qualified staff. We at ReturnFilings.Com will provide you value added services which will be based on our study after analysing your business scenario. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your financial reporting services.