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Tips And Structure Of Drafting Your Annual Financial Statement
Tips and structure of drafting your annual financial statement
Do you ever wonder why it is compulsory to prepare a financial statement every once in a year? Yes, it is an intimidating and tedious task but one you cannot run away. Its role is to give you an inside eye into the health of your finances. Without it is like navigating deep in the ocean without a compass, and you keep circling in the same spot. From here, things can get nasty and see the company you literally build with blood and go down the drain.
Do not wait for this storm to rock your business. Even more importantly, do not put your trust in your often overworked company accountant. Tianlong Services Pte Ltd is a certified, licensed, and incorporated entity to operate in Singapore. Our mission is to help businesses put all their accounting, taxes, and financial books in a healthy shape. We have partners all over the country who trust our services. For their trust, we give back attention and time to critical areas and keep the businesses in compliance with financial laws.
Every client's company, medium, or small business we work with can categorically state that we have cleaned their books and they are never at loggerheads with any laws, regulations, or compliancesuch as the Companies Act. It is your turn to trust the pros and steer your venture back to the profitable and calm waters.
Today and in this post, we are giving you a heads up on tips and structure of drafting your annual financial statement. Read on…
Structuring your financial statement
First in the structure is your income statement. Typically, it is popularly known as profit and loss statement. The income statement serves the unique role of projecting the profitability of your company for a specific period. To draft it, you will need information from the general ledger and the assortment of general journals. The report here shows the flow of revenue from both primary and secondary sources.
Secondly is the statement for retained earnings. This statement is usually prepared after arriving at the net profit or loss. It shows the amount of dividends payable to partners as well as the amount the company retains.
Next is the balance sheet. This sheet is what gives your actual financial position at a current time. It is the balance between your assets and liabilities. It is a reflection of your company's financial standings at the closing date.
Tips for drafting your annual financial statements
Probably, you now know it is not mean work to get your business's financial statement ready and correctly done. That is why we still insist you give us the job and you will always know your financial standings by a flip of a page. Nevertheless, we would like to provide you with quick drafting tips for your business financial statement;
You will need to get your accounting records correct first. By way of following the Singapore Financial Reporting Standards (SFRS). Secondly, the format. There is a format for presenting your statement. Therefore, it is not a job you can leave to an amateur and expect any good results.
Never forgo making your financial statement. It is easy to ignore some aspects of your business. A financial report is one of those things many companies overlook. Do this at your own risk.
Outsourcing is cheaper, faster, and convenient. Having an accountant does not mean you are in the clear about accounting work. You may need an outside eye to put everything in order.
What can you get when you outsource?
At Tianlong Services Pte Ltd, we go the extra mile to make sure your books of accounts and fiscal information is in the right order. Drafting and sanitizing your financial statement is one of the core
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