Financial Statement Preparation

Financial Statements are one of, if not the most important management tool in your business.  They are not only a legislative requirement, they also;

  • Provide information on past performance
  • Provide the basis to forecast future performance
  • Tell you whether increasing your price or selling more goods/services is right for you
  • Tell you how much Tax you need to pay now and in the future
  • Tell you who owes you money and who you owe money to.
  • Tell you how many of which product/service you need to sell to make a certain profit amount
  • Tell you if your customers are happy, if you have the right staff, and if your processes are working well or not.

Our financial statement preparation service ensures that your financial statements are accurate, timely and informative so they can be used to help you Grow Your Business and Reduce Your Tax.

Because your financial statements are so important, we don’t like to wait until the end of the financial year to get involved.  We recommend we review your financials at least quarterly but ideally monthly.  This way we can ensure you can make decisions about your money with confidence and speed like our Business Consultancy clients can with their monthly reports.

The Need for Financial Statement Preparation

The Corporations Act 2001 and The Company’s Constitution require directors of companies to prepare financial records. For Trusts and Self Managed Super Funds (SMSF) it will be the deed of trust that contains this requirements and as each deed can be different it’s important for trustees to be aware of their responsibilities.

Superannuation Industry Standards Legislation 1993 and Superannuation Industry Standards Regulations 1993 require all Superannuation Funds to prepare and maintain financial records and have them audited.

How Watson & Watt Will Help You

At Watson & Watt, we offer financial statement preparation and reconciliation to help our clients comply with two key financial statements: Profit and Loss, and the Balance Sheet. Our highly skilled accountants will take care of your data by preparing monthly financial statements. In this process, we take your data and reconcile it back to supporting documentation, apply the accounting standards as they apply to your entity, make financial statement notes, and make it all look pretty!At the end of the process, you will receive reports telling you how your entity has performed historically.