Financial statements are the organized financial presentation that explains the company’s financial position, business results, assets, liabilities, owners’ or shareholders’ equity, and cash flows for a specific period.
However, preparing financial statements does not start only from the final report format. It starts from the quality of the accounts, bookkeeping, financial records, invoices, supporting documents, balance review, and correction of accounting errors before the figures are presented in financial statement form.
At Al Basma Accounting & Bookkeeping, we help companies prepare financial statements by organizing accounts, reviewing records, classifying revenues and expenses, reviewing assets and liabilities, and arranging financial data that supports management, shareholders, banks, auditors, and external reporting requirements.
Financial statements may also be connected with audit and approved financial report services when the company needs audited financial statements, an approved report, or a financial file to be submitted to an external party, bank, free zone, or regulatory body.
Before financial statements can be prepared properly, the company needs organized accounts and clear records that can be relied upon. For this reason, this page is connected with accounting, bookkeeping, financial records review, and accounts correction services.
The details of financial statements may vary depending on the company’s activity and the purpose of the report, but financial statements usually include key elements that explain the company’s position and results for the period.
Shows the company’s assets, liabilities, and owners’ or shareholders’ equity at a specific date.
Shows revenues, expenses, and the result of operations as profit or loss for a specific period.
Shows sources and uses of cash and changes in operating, investing, and financing cash flows.
Explain accounting policies and important details related to key balances and financial statement items.
Includes invoices, statements, reconciliations, and supporting documents behind the figures presented in the financial statements.
A company may need financial statements when management wants to understand the real financial position of the business, or when financial information must be submitted to shareholders, investors, banks, auditors, free zones, government authorities, or any external party.
Financial statements are also important at the end of the financial year, when an approved financial report is required, when the company is expanding, seeking financing, restructuring, bringing in a new partner, or evaluating performance for a specific period.
Financial statements do not depend only on extracting figures from accounting software. They require account review, document review, reconciliations, and ensuring that balances are properly classified and presented in a way that reflects the company’s activity.
Financial statements are used as a basis for approved financial reports according to the requirements of the receiving party.
Financial statements help partners and shareholders follow profits, losses, assets, liabilities, and equity.
They help investors assess the company’s performance and financial position before investing, expanding, or entering a new partnership.
Companies may need organized, audited, or attested financial statements for use outside the UAE or submission to external parties.
Banks and lenders may request financial statements to assess financial position and repayment ability before facilities or financing.
Organized financial statements support tax records, accounting compliance, and proper record keeping.
We start by understanding the purpose of the financial statements and the party they will be submitted to. We then review the available accounts, records, invoices, bank statements, balances, entries, and reports generated from the accounting software.
After that, we identify what needs to be organized, completed, or corrected, such as unclear balances, unlinked invoices, unclassified accounts, bank differences, or data that needs to be presented in a more suitable way.
The financial data is then prepared in the form of statements and reports that help management, partners, banks, auditors, or the receiving party understand the financial position and business results clearly.
You can follow the latest updates related to financial statements, accounting, bookkeeping, auditing, approved financial reports, accounting standards, banks, free zones, and related topics through the following articles.
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