Is Your Business Small, Medium or Large?

We ask because it matters.  There are different reporting and taxation rules which apply to different sized businesses.

Working alongside small, medium and large businesses, we know which rules will apply to you.  This can save you time and expense by knowing the difference.

Who Is Reading Your Financial Statements?

Did you know that Accounting Standards have different rules depending on who is reading your financial statements?

If they are being prepared for tax purposes or the bank then you may prepare Special Purpose Financial Statements which require less disclosure information.

However, if a wider group of interested parties, like investors, are looking at your reports then you will need to have a full set of General Purpose Financial Statements.

What Reports Are Included in Financial Statements?

For special purpose financial statements you will need a balance sheet and an income statement.  For general purpose financial statements you will also need a statement of changes in equity and a cash flow statement.

We are up to date with the Australian and International Accounting Standards and can advise what applies to your business.

Although the standards are often complex, we pride ourselves on ensuring that our clients have a working knowledge of their financial statements and what the numbers really mean.

Do Our Financial Statements Need to Be Audited?

Again, this depends on the size of the business, who is reading the reports and what regulatory laws govern the entity.

For example, Not-For-Profit businesses would generally need to have their accounts audited.  A large company may need audited accounts.  All self-managed super funds need to be audited annually by a licensed SMSF auditor.

We can help you determine if your reports fall into any of these categories and then coordinate with the appropriate level of auditor.

How Often Do You Need Financial Statements?

Small businesses may only need their financial statements prepared annually, however, to really be on top of things, quarterly or monthly statements may provide better and more relevant information.

With the software we use it is even possible to have weekly or daily reports, as required.

Contact Us today.

Disclaimer:
The above services are provided by Stanley & Stewart Accountants Pty Ltd ABN 76 114 691 673, trading as Stanley & Stewart Chartered Accountants, a company that is not licensed to provide financial planning services.
Any financial planning services required are provided by Stanley & Stewart Financial Planning Pty Ltd ABN 97 611 554 299, an Authorised Representative of Politis Investment Strategies Pty Ltd ACN 71 106 823 241 AFSL No 253125.
Liability limited under a scheme approved by Professional Standards Legislation.