Annual Financial Statements is a legal requirement and must comply with prescribed standards in accordance with the International Financial Reporting Standards (IFRS) or IFRS for SME’s.  This is a worldwide reporting tool that enables third parties such as Banks and SARS to determine how well a business has performed over a period.

Financial statements are also a tool that you, as the business owner can use to measure your business performance.  As a business owner you want to know if your business is making a profit and is solvent.  All major banks and independent lenders would require Annual Financial Statements when they consider funding in the form of either an overdraft or a business loan which can be used to either expand your business or as short term working capital.

When preparing Financial Statements, we collate information that has been processed into a trial balance. We also confirm all the balances in the Balance Sheet with supporting schedules such as bank statements, stock sheets, loan accounts and asset registers of the company. Compliance with the tax authority (SARS) is also confirmed and the balances shown in the Financial statements.