Preparation of Financial Statements
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If it cannot be measured, it cannot be managed. An accurate set of accounts, promptly prepared after the year end, offer every type of business the best chance to understand, manage their position and create a basis for directors to make informed business decisions to safeguard the business and ultimately create value for shareholders.
We have a wide range of clients across Ireland, ranging from owner managed and family run businesses to public sector and charitable organisations and international companies. We have a wealth of experience in preparing financial statements both individual company and group consolidated financial statements across a wide range of industries including manufacturing, primary processing, retail, wholesale, hospitality, construction, property holding, pensions funds, charities and not-for-profit organisations. We have also significant experience in new age online industries such as influencer marketing and mobile applications.
The most common entities that we prepare financial statements for would include:
- Sole traders and partnerships: These financial statements are typically used as a basis for income tax returns and banking purposes.
- Companies: We prepare statutory annual financial statements for shareholders that comply with Irish GAAP (FRS 105, FRS 102), International Financial Reporting Standards (IFRS) and the Companies Act 2014.
- Charities and Not-for-profit organisations: These financial statements will be widely viewed and used by the many stakeholders involved in these types of organisations. The priority here is financial stewardship, transparency and strong corporate governance. We have significant experience in preparing annual financial statements under Charity SORP.
- We also prepare statutory financial statements for filing in the Companies Registration Office, assisting you to avail of all relevant exemptions. When preparing your accounts, we will always highlight issues that will require attention. We make specific recommendations for improvement there and then to ensure your compliance with all accounting standards and company law. In each case, we do this in line with the appropriate accounting standards. These accounting standards frequently change. The most recent and appropriate accounting standards are always applied, presenting your business in a manner that tells the reader that your affairs are properly and accurately recorded.
Unlike many other accountancy firms, we see the production of the financial statements not as an end in itself. For us, it is the start of an interpretation that allows us to highlight the story within the figures. We will compare your outcome with comparable businesses. This story and comparison will allow you to understand and plan your business, compliance and tax affairs in a timely and structured way. By highlighting the key performance indicators for your business, we will arm you to quickly respond to the issues around your business.
For some of our clients, annual accounts are all that is required. For many others, more frequent accounts are needed. We can deliver such accounts quickly and, in a form, that best suits individual needs at the time. Such accounts, prepared on site or remotely, are an invaluable tool to management
Whether you are a start-up, a single property landlord, business with or without employees, in a corporate form or not, we can complete your accounts in a prompt and accurate schedule. The accounts will be prepared in confidence in our office, in your office or online as you wish. We look forward to preparing your accounts, telling your story and pointing you to the key facts that will assist you manage your business and ultimately create value and wealth creation.
To discuss how we could help you prepare your financial statements, contact us today.