Corporate requirement: Financial reporting forms a very important part of every companies daily requirements. It provides necessary inputs to assess a company’s financial performance. Past, and historical data form the prime form of information, required for the analytical reporting.
Periodic Requirement: Financial reporting and analysis is a practice which is conducted by every organization or business to analyze and assess the company’s financial performance in the previous financial year. Financial reports would give the organization an analysis of how the organization performed.
Following are some critical decisions that are taken based on the reports generated:
- Continue or discontinue its main operation or part of the business
- Make or purchase certain materials in the manufacture of their product
- Acquire or rent/lease certain machineries and equipment in the production of their goods
- Issue stocks or negotiate for a bank loan to increase their working capital
- Make decisions such as investing or lending capital
The Function involves Core knowledge and expertise. Knowledge beginning from basic ratio analysis to core domain knowledge allow for better decision making. Konnect’s expertise with various vertical’s such as Manufacturing, Retail, telecom, Hospitality, Healthcare, Logistics & BFSI.
Konnect’s Financial Reporting Services
Konnect’s proficient team of Chartered Accountants focused on verticals can generate client specific Financial Reports. Reports and Services are as under:
The income statement summarizes the costs, expenses and revenue generated over a particular period of time. The period of time will usually be a year or a fiscal quarter. The financial report provides information about the capability of the organization to make profit by minimizing costs and maximizing revenue. The income statement is one of the important statements that are prepared during financial reporting. This report is also called ‘profit and loss statement’, statement of profit and loss’ or ‘income and expense statement’.
Income statements by month are prepared to provide summarized information for the latest twelve month period. These statements are displayed for every month.
The balance sheet is the most vital financial statement. The balance sheet displays the organization’s net equity, assets and liabilities at a specific date.
This statement provides a summary of the organization’s cash flow activities. This includes, the organization’s investing, financing and operating activities. The statement of cash flow also displays the organization’s beginning and ending balances of cash. The statement also highlights the uses and the sources of cash for that particular year.
The bank reconciliation report presents information about the cash balance shown on an organization’s books at a specific date. This report settles this balance with the amount displayed on the bank statement of the organization.
The payroll register displays information in an alphabetical order about all the employees who were paid during a particular month. Payroll taxes and other deductions with the gross pay are displayed.
The journal entry register displays the checks written during a specific month. The register associates the checks with the general ledger accounts that they have been charged to. The register also displays the dates when the check was written.
Detail General Ledger Report
This report exhibits all the organization’s activities for a particular month
The business analysis report provides financial information from the income statement, cash flow statement and balance sheet. This information is effectively used to calculate key performance metrics. This report can also help you analyze the financial performance of your organization.
This report evaluates the balance sheet of the latest month with the balance sheet of the previous month. The report displays the changes in the equity, assets and liabilities.
This report presents the expenses, costs and sales by category. For each type of sales, the gross profit and percent of gross profit is displayed. This same is done for the expenses. The report displays information pertaining to a particular month and compares information between current and previous years.
We can also provide you with management reporting services, sales reports, sales tax reports and purchase reports.
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