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Financial Statements 1

Why do I need financial statements?

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;

  • Assets
  • Liabilities
  • Equity

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.

Why POP Business?

POP Business is so successful at delivering awesome results for small businesses because of a combination of four things:

Financial Statements 3

Australian businesses that love our services include:

What Our Customers Say

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"The team at POP Business have been amazing for Sprintlaw. We have received high-impact and high-quality strategic counsel and tax accounting service from them. They represent truly modern-day accountancy at its finest."

"POP Business was the perfect accounting partner for Quicka when it came to finding an accounting firm. As a new and growing business, they took the time to really understand our business model. Highly recommend them for new and growing businesses."
"Professional, knowledgeable and friendly accountants, who take the stress out of finances and tax. I highly recommend using POP Business for a seamless experience."

"I found POP Business to be extremely helpful providing technical tax advice. They went above and beyond in every situation to ensure I had a smooth experience. I cannot recommend them more."

"As a small business owner I'm constantly managing my cash flow and looking to find value in any service I take up. I found POP Business online and found their pricing to be affordable with great service. Very happy with the team at POP."

Using POP Business has been incredible for my own business. Their team has been so helpful and understanding. I couldn’t recommend them more as an accounting partner for any new and growing business."

Whatever your tax needs, our team of experienced POP Business Accountants have got you covered.

Perhaps your small business is behind on your annual tax obligations?

Maybe you’d like to know if there’s other smart ways you can minimise your tax?

Or, it could be you’re looking for expert advice on how to growth-hack your business.

Good news. POP Business are the pros at all three. Tax shouldn’t have to be so… well, taxing. Drop us a line and you’ll never look back.

James Pham
Senior Accountant
Sidney Cachuela
Business Consultant
Patrick Sargent
Chartered Accountant
chartered accountants

Frequently asked questions

The basics of an enterprise includes:

  1. balance sheet (statement of financial position)
  2. income statement
  3. statement of changes in owners’ equity or stockholders’ equity.
  4. Notes to the these services

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:

  • Disclosing entities
  • Public companies
  • Companies limited by guarantee (except small ones)
  • All large proprietary companies that are not disclosing entities
  • All registered managed investment schemes
  • Small proprietary companies that are foreign-controlled
  • Small proprietary companies that have one or more crowd-sourced funding shareholders at any time during the year.

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.

Our financial statements preparation services start at $1,210 including GST depending on your business structure. Get in touch today for a custom quote.

You can lodge your financial statements through the following methods:

  • Lodging online with ASIC: You can lodge online through the company officeholder, registered agent and auditor portals after you have registered for access.
  • Lodging using Standard Business Reporting (SBR): If your financial, accounting or payroll software is SBR-enabled, you can lodge through the Standard Business Reporting (SBR) Program.

You can get started by simply filling out the enquiry form on this page.

You can also email [email protected]

The turnaround time will usually be within 4 weeks, however faster times are available.

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.

Yes. You can find POP Business’s office smack-bang in the heart of Surry Hills, in Sydney. Level 1, 285A Crown St, Surry Hills NSW 2010 (open in Google Maps).

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