Preparation of Accounts - Financial Reports

Peter Vickers Business Group have over 40 years of experience in the accounting profession, our accountants are expertly qualified in preparing Financial Reports. As a business owner you need to prepare regular accounts to show how your company has performed over a specific period. Most companies need to prepare Special Purpose Financial Reports.

Generally, as a minimum the Special Purpose Financial reports are made up of a Profit and Loss Account and a Balance Sheet, however they may contain varying degrees of other reporting requirements as established by the directors/owners/members. These are the type of reports that are prepared by most small and medium-sized enterprises (SMEs).

Financial reporting: What you need to know.

There are two types of Financial Reports that business and companies need to provide throughout the financial year. These are known as Special-Purpose Financial report and General-Purpose Financial report. As their names suggest, these reports analyse and report on different aspects of a business or company’s finance.

Special Purpose Financial Report

This report is created to present specific information to a specific audience, using a pre-ordained format within a specialised reporting structure. Examples of this are:

• Income tax reports
• BAS reports
• Bank reports

General Purpose Financial Report

The aim of the General-Purpose Financial Report is to provide information (Financial Statements) on the reporting business or company to potential lenders or investors to report their financial position. These reports usually follow set formats and apply Australian Accounting Standards.

The Financial Statements involved in a General-Purpose Financial Report includes:

• Balance sheet
• Income statement
• Statement of cash flows
• Statement of share-holders’ equity

At Peter Vickers Business Group, we produce high quality accounting reports with detailed notes which will help you understand your business performance more accurately, helping with your accounting and business planning.

If you need reliable and accurate accounting for your business or company and assistance with Financial Reporting, Contact Peter Vickers Business Group Today to discuss your Financial Reporting needs. 

_{Advice provided by Peter Vickers and Associates Pty Ltd Chartered Accountants Liability Limited by a Scheme under the Professional Standards Legislation ABN 60003466813. Authorised representative of Peter Vickers Insurance Brokers Pty Ltd trading as Peter Vickers Investment Services Australian Credit Licence and Australian Financial Services Licence Number 229302}