Year-end financial statement

We provide following services to the business to ensure compliance, accuracy, and a smooth transition to the new financial year.

1. Preparation of Financial Statements

• Profit and Loss Statement (Income Statement)

  • Summarizing revenues, expenses, and net income for the financial year.

• Balance Sheet

  • Reporting assets, liabilities, and equity at the year-end date.

• Cash Flow Statement

  • Detailing cash inflows and outflows categorized into operating, investing, and financing activities.

• Statement of Changes in Equity

  • Showing movements in owners' equity throughout the year.

2. Closing the Books

• Year-End Journal Entries

  • Recording accruals, prepayments, depreciation, and amortization.

  • Adjustments for bad debts, inventory, and tax provisions.

• Trial Balance Finalization

  • Ensuring the trial balance is accurate and balanced.

3. Reconciliation of Accounts

• Bank Reconciliation

  • Matching bank statements with accounting records.

• Accounts Payable and Receivable Reconciliation

  • Reviewing outstanding invoices and payments.

• Loan and Lease Account Reconciliation

  • Ensuring accurate recording of interest and principal payments.

• Intercompany Account Reconciliation

  • Aligning balances between related entities.

4. Tax and Regulatory Compliance

• Tax Provision Calculation

  • Estimating and recording corporate income tax.

• Deferred Tax Asset/Liability Accounting

  • Calculating and reporting deferred taxes.

• Statutory Reporting

  • Preparing financial statements in compliance with IFRS, GAAP, or local standards.

5. Inventory Valuation and Adjustments

• Year-End Stock take Support

  • Assisting with physical inventory counts.

• Inventory Adjustments

  • Recording shrinkage, obsolescence, or revaluations.

6. Fixed Assets Review

• Depreciation and Amortization

  • Calculating and recording year-end adjustments.

• Asset Disposal and Impairment Accounting

  • Adjusting for sold, retired, or impaired assets.

7. Variance and Analysis Reports

• Comparison with Budgets and Forecasts

  • Highlighting significant variances and reasons.

• Key Metrics Analysis

  • Reviewing profitability, liquidity, and solvency ratios.

8. Audit Preparation

• Supporting Documentation Compilation

  • Preparing schedules for auditors (e.g., receivables, payables, and fixed assets).

• Internal Review and Validation

  • Ensuring all records align with applicable standards and policies.

• Responding to Audit Queries

  • Assisting in addressing external or internal audit concerns.

9. Final Review and Sign-Off

• Accuracy Checks

  • Verifying financial data and ensuring no discrepancies.

• Management Approval Process

  • Presenting statements for review and sign-off by senior management.

• Board Reporting

  • Preparing summary reports for board or stakeholders.

10. Filing and Submission

• Submission to Regulators

  • Filing statutory accounts with local authorities (e.g., Companies House, SEC).

• Tax Filing Support

  • Coordinating with tax advisors to ensure accurate tax returns.

• Investor and Stakeholder Communication

  • Preparing condensed financial reports for external parties.