Importance of financial reporting
One of the most important facets of an organization is how well the accounts and finance of the company is managed. An entity is valued at the face of the annual financial statements that are issued to the public. The share price of a company vastly depends on these statements. All the investors bid the share price after analyzing whether the entity has the potential to generate profits or not. This “analysis” by investors is formed after evaluating and judging of the financial statements. If described shortly, your financial statements represent your financial performance throughout the year and how well you can do in the future.
Similarly, important decisions are made on the basis of these financial statements as well as banks and financial institutions lend loans on the premise of the financial performance portrayed on your financial reports.
Importance of true and fair financial reporting
After preparation of accounts and reports by the management, an audit is performed by an external auditor hired by the audit committee. The audit is performed to verify the authenticity of the management and truthfulness of the financial statements. All the financial reports are issued to the public and stakeholders along with this audit report. This audit report can either be qualified or unqualified. An unqualified audit opinion indicates that the financial statements have been prepared according to the international financial reporting standards (IFRS) and portray a true and fair view of the business whereas a qualified report indicates the vice versa of it.
Hence, it is vital for your company to prepare your accounts and reports with honesty and as per the IFRS. SNR ASSOCIATES can guarantee you a high level of assurance that the financial statements will be prepared accurately by our qualified accountants who are well versed with the IFRS, international accounting standards (IAS) and the generally accepted accounting principles (GAAP).
You can fully trust our team with your business and can be tension-free. Preparation of financial reports is an elaborate task that requires skill and practice and we are here to assist you with our years of experience in the field. We have been providing accounting and financial services to several satisfied clients throughout Dubai and are willing to add you to the list as well.
How is SNR ASSOCIATES going to help?
We will be providing you the following services in regards to accounting and financial reporting:
- We will design the financial system for. This includes the drafting a system for accounting procedures and processes for recording of entries, documentation of all transactions, segregation of duties and bookkeeping etc.
- This financial system will be implemented by our team as well. We will set up all the accounting procedures and accounting software to carry out all the financial activities appropriately.
- We will also do data entry and update all your accounts on a regular basis depending on the frequency of your transactions.
- Our team will supervise as well as review all the points mentioned above.
- Our team will check from time to time whether the process is being followed accurately. Inefficiencies will be avoided as well as removed during this procedure.
- Finally we will prepare your income statement, balance sheet, cash flow statement and statement of equity. All your reports will be prepared quarterly and annually for a regular analysis of your financial performance.