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Accounts / Financial Statements

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Accounts / Financial Statements: Why You Need One

Accounts /Financial statements are reports that show how well a company is doing financially. These reports are written down and they explain what the company has been doing with its money. People like government agencies and accountants check these reports to make sure they are correct. 

Financial statements are formal records of the financial activities and position of a business, person, or other entity. They are prepared by accountants and auditors and are used by a variety of stakeholders, including investors, creditors, and managers, to assess the financial health and performance of an entity.

These reports are important because they help people make decisions about investing money in the company or lending money to the company. For companies that make a profit, the main financial reports are the balance sheet, income statement, statement of cash flow, and statement of changes in equity.

Financial statements are an essential tool for businesses of all sizes. They can be used to track financial performance, make informed decisions about the future, and secure financing from lenders.

Financial Statements

Our well rounded chartered certified accountants are experienced to prepare and submit year-end accounts for client corporations operating in a variety of industries.

Types of Financial Statements

Financial statements are prepared using a variety of accounting principles, such as the accrual basis of accounting and the matching principle. These principles ensure that financial statements are accurate and reliable.

There are four main types of financial statements:

Balance sheet: The balance sheet shows an entity’s assets, liabilities, and equity at a specific point in time. Assets are things that the entity owns, liabilities are things that the entity owes, and equity is the difference between assets and liabilities.

Income statement: The income statement shows an entity’s revenue and expenses over a period of time. Revenue is the money that the entity earns from its activities, and expenses are the costs that the entity incurs to generate revenue.

Cash flow statement: The cash flow statement shows how an entity has generated and used cash over a period of time. It is divided into three sections: operating activities, investing activities, and financing activities.

Statement of changes in shareholder equity: The statement of changes in shareholder equity shows how an entity’s shareholder equity has changed over a period of time. It includes changes from net income, dividends, and other transactions.

Financial Statements; We have a strong relationship with our clients

Starting and running a business can be challenging, and we’ve been there ourselves. ABM Digital Accountants don’t just work for the clients – we work alongside them. By collaborating closely, we can help you achieve your financial goals, navigate tricky compliance issues, and even find ways to save money on taxes.

So why settle for less when it comes to your finances? Choose an accomplished team to guide you through the complexities of financial statements of business accounting.

Features & Benefits of Our Account / Financial Statements Service

Client Benefits from Our Accounts / Financial Statements Services

How do we work with Accounts / Financial Statements?

Ready to get started? Just book a free consultation with us, and let’s chat. We can meet in our office or come to you – whatever works best for you. During the consultation, we’ll discuss your needs and show you how our services can help you reach your goals. There’s no pressure to commit, so you can decide whether we fit you.

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