The preparation of your financial statements is one of the last steps in the accounting cycle, using information from the previous statements to develop the current financial statement. Furthermore, based on your needs, getsix® can prepare a financial statement on a ‘monthly’ basis, as some companies like to keep a tight handle on the financial position of the firm.
Financial Statement Preparations
Below are the elements getsix® will arrange:
- getsix® will prepare your ‘Income Statement’
The income statement calculates the net profit or loss, which are determined by sales revenue, expenses, and general ledger records.
- getsix® will prepare your ‘Statement of Retained Earnings’
The statement of retained earnings reflects the distribution of profit between retained earnings and dividends.
- getsix® will prepare ‘Balance Sheet’
The balance sheet illustrates the company’s financial position – it’s a snapshot of the last day of the accounting cycle.
- getsix® prepare ‘Cash Flow Statement’
From a cash basis, the statement of cash flow is a compilation and comparison of information from the three main financial reports: income, retained earnings, and balance sheet.
- getsix® will give you ‘Financial Statement Analysis’
Business owners may not need all the details, but they definitely need to understand the BIGGER PICTURE of their current financial and cash positions. These insights are crucial when making business operation decisions.
- getsix® will file your ‘Financial Statement Reports’
All companies, foreign and domestic, are required to file registration statements, periodic reports, and other forms. The purpose of this is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations, and the economy via a time-sensitive collection tool.