Annual Financial Statements Finalization.
Get your financial statements finalized in just one click.
What is Financial Statements Finalization?
Accounting is the recording of transactions related to sales, purchase, revenue income, revenue expenses, capital income, capital expenses, cash transactions, bank transactions, etc. but after the accounting is done there are lots of adjustment entries required to pass to finalize the financial statements. We can say, preparation of Balance Sheet, Profit & Loss Account (Cash Flow Statement if required) from rough accounting entries is called financial statements’ finalization.
Why Finalization of Financial Statements Required?
Just passing the accounting entries has no relevance until the accounts are not ready to prepare Financial Statements. A user like a business owner, investor, Govt authority can not get correct and relevant information from books of accounts until Financial Statements not finalized.
Information, Data, and Documents required for Finalization of Financial Statements.
To finalize the work of financial statements of an entity, the following information, data and documents are required:
• Accounting data (maintained in accounting software like tally etc.)
• Other accounting transactions (other than sale, purchase, cash, and expenditure)
How myaccountants.in can help you to finalized your Financial Statements?
myaccountants.in has knowledgeable and experienced team members to guide you and resolve your queries related to everything about Financial Statements Finalization. You can follow the steps given below to get finalized your Financial Statements through us.
Step 1. Book your service by making payment for a selected service, and you can ask queries related to the service in case of any doubt.
Step 2. After receipt of your payment, our team member will contact you to understand your requirements related to the finalization of your financial statements and guide you to send the required documents and information to get your financial statements finalized, and he will tell you about how much time it will take to complete the work.
Step 3. Our team will start the process of preparation of the Balance Sheet, Profit / Loss Account (Cash Flow Statement, if required) same you provide the relevant and required data, information, and documents.
Step 4. After preparation of the Balance Sheet, Profit / Loss Account (Cash Flow Statement, if required) of your business, our team member will send you the account data on your email ID for your review.
Step 5. Our team member will further adjust the financial statements, if required, after getting the reply from your side.
General Questions and Doubts related to Financial Statements Finalization.
Q 1. How Financial Statements Preparation/Finalization is different from a recording of accounting transactions?
Ans. Recording of accounting transactions is just the recording of transactions related to sale, purchase, cash, expenses, etc. After recording such transactions, lots of important adjustment entries and balancing of accounting ledgers were required to final preparation of Balance Sheet and Profit / Loss Account.
Q 2. What is a Balance Sheet and Profit / Loss Account?
Ans. A balance sheet is a statement that reflects the position of a business in terms of asset holding and obligations at a particular point in time. A profit / Loss account is a statement that reflects the performance (result) of an entity in terms of profit it earned or loss suffered by it during a particular time period.
Q 3. What should be the period of preparation of Financial Statements?
Ans. Generally, the Financial Statements are required to be prepared on annual basis, as of 31st March of the accounting year ending in India.
Q 4. Where Financial Statements can be used?
Ans. The performance of any business can only be tracked through its Financial Statements (Balance Sheet and Profit / Loss Account). Apart from the use by the owner, it has also required to upload the figures of Financial Statements in Income Tax Return, GST Annual Returns, and other Govt compliance.