Financial reporting is a standard accounting practice that uses financial statements to disclose a company’s financial information and performance over a particular period, usually on an annual or quarterly basis.
A financial report is critical for understanding how much money you have, where the money is coming from, and where your money needs to go. Financial reporting is important for management to make informed business decisions based on facts of the company’s financial health. Potential investors and banks will also use your company’s financial reporting to decide if they want to invest or loan you money.
Fair & Square has been offering extensive Accounting and Financial Reporting Services in Dubai and all over the UAE to help clients present the company’s financial status to its investors, creditors, clients, suppliers, and government agencies, thereby ensuring the financial statements comply with International Financial Reporting Standards (IFRSs). The detailed financial reports provided by us help you evaluate your company’s financial performance of the past and ongoing financial periods.
The key advantages of outsourcing your company’s financial management would be that you save valuable resources for your company, whether that is in the form of time saved or money, allowing your organization to function more smoothly and in a financially sound manner. It allows management to make faster decisions as our reporting is customizable based on the requirements of the management. Outsourcing your services to us allows you to lower your costs or save your employees’ time, while at the same time providing your organization with a host of resources at its disposal to call upon when required.
Scope of Financial Reporting Services:
- Financial Statements Analysis Service: financial statement is a written record that discloses a company’s financial details and business activities. These statements are audited for accuracy by the government, accounting firms, or independent
Finally, after collecting all the relevant data, the Financial Statement preparation for the company is done by us. We also offer Finalization of Financial Statement Services to help clients verify their accounting records for better financial planning.
There are four financial statements that every company must prepare and every investor should look at: –
- The Income Statement
- The Balance Sheet
- Equity Statement of the Shareholders
- Cash Flow Statement
- Bank Reconciliation Services: A bank reconciliation statement summarizes banking and business activity, reconciling an entity’s bank account with its financial
Bank reconciliation statements confirm that payments have been processed and cash collections have been deposited into a bank account.
All fees charged on an account by a bank must be accounted for on a reconciliation statement.
After all adjustments, the balance on a bank reconciliation statement should equal the ending balance of the bank account.
- Accounts Reconciliation Service: Companies use reconciliation to prevent balance sheet errors on their financial accounts, check for fraud, and to reconcile the general
In double-entry accounting, each transaction is posted as both a debit and a credit. Balance Sheet is prepared on the basis of the equation – ‘Assets = Liabilities + Shareholders’ Equity”. It shows the financial position of the company.
- Cash Flow Statement Service: Cash flow statement is prepared to find out the cash inflows and cash outflows of a company. It is a combination of three statements: –
- Cash flow from functioning activities
- Cash flow from financing activities
- Cash flow from investing
We analyze all the losses and profits of the company. Then all losses are added and all profits are subtracted to find out the net cash inflow for the financial year. It helps the management know where the company stands in terms of collection, prepare the credit policy, and further investment and diversification of business.
- Ledger Entry Service: A Ledger Entry is a recorded statement of the business transactions of a company. It should include: –
- The correct date
- The totals to be debited and credited
- The account of the transaction
- A unique reference number (URN)