Financial Statements are a summary of the business transactions for a period categorised into the profit and loss statement and balance sheet.
The profit and loss statement report’s the business income and expenditure for the financial year. Included is income received and expenses paid through the bank account, and also sales and purchase invoices.
The balance sheet includes the following;
It is here, the business reports the financial position of the company.
These services are used to track performance and provide key stakeholders with metrics on the business health and performance. They are used to make strategic decisions and optimise the decision-making process.
If you are looking for funding, These services are generally required to be provided and banks or investors will rely upon these to determine the likelihood of providing capital.
It is good practice to prepare each year to ensure your accounts are being tracked.
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POP Business is an award-winning, tech-driven company of cloud-based tax accountant specialists, whose smart software is being embraced by small businesses all over Australia.
Yes, we’re proudly ‘paperless’. But while we’re happy to reduce our carbon footprint, our number-one goal is to help our clients streamline their processes, minimise their tax, and take their businesses to the next level.
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POP Business is so successful at delivering awesome results for small businesses because of a combination of four things:
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The basics of an enterprise includes:
Although all companies should keep financial records, some types of companies need to keep these records for the purposes of preparing and lodging financial statements with the ASIC.
Corporations Act requires the following entities to prepare financial statements:
A financial audit is an independent, objective evaluation of an organisation’s financial reports and financial reporting processes. The primary purpose for financial audits is to give regulators, investors, Directors, and managers reasonable assurance that financial statements are accurate and complete.
Most small businesses are not required to be audited. That said, best to check with POP to ensure your business remains complient.
You can lodge your financial statements through the following methods:
You can get started by simply filling out the enquiry form on this page.
You can also email email@example.com
The turnaround time will usually be within 10 business days.
We communicate through email and phone mostly.
You can provide user access to your online accounting software so we can get the required business transactions for the tax lodgement.