Financial Statements
Clear financial statements. A clearer view of your business.
Your financial statements are the formal record of how the business performed and where it stands. We prepare accurate, timely statements for businesses and structures across Ipswich — and just as importantly, we take the time to explain what they are telling you.
- Profit and loss, balance sheet and year-end accounts
- Prepared alongside your tax return so the figures agree
- Explained in plain language, not just handed over
See the complete picture.
A set of financial statements brings a year of transactions together into two clear views of the business: a profit and loss statement showing what it earned and what it cost to earn, and a balance sheet showing what the business owns and owes at a point in time.
They matter for more than compliance. The statements are the figures your tax return is built from, the figures a lender or landlord will ask to see, and the figures you should be using when deciding whether to hire, buy equipment, take on premises or change direction. If they are late or unreliable, every one of those decisions is being made half-blind.
We prepare statements for sole traders, companies, trusts and partnerships, working from your bookkeeping records and following up on anything that does not reconcile. Then we sit down and go through them with you, because a report nobody understands is not much use to anyone.
What we can help you with
Preparation, reconciliation and explanation — the three parts that make a set of accounts worth having.
Profit and loss statements
Income and expenses for the period, laid out so you can see what the business earned, what it cost, and where the margin actually sits.
Balance sheets
Assets, liabilities and equity at the end of the period, giving you the fuller picture that a profit figure on its own never provides.
Year-end accounts
A complete set of annual accounts for the business, reconciled and ready to support the entity's income tax return.
Financial information for tax preparation
Accounts prepared so the tax return follows on directly from them, rather than being reconstructed separately.
Reporting for different structures
Statements appropriate to a sole trader, company, trust or partnership, including the member, shareholder or beneficiary information each involves.
Comparatives and context
Prior-period figures alongside the current year, so you can see what has moved rather than reading each year in isolation.
Financial reporting that goes beyond compliance.
Plenty of businesses receive a set of accounts once a year, file it, and never look at it again. That is a wasted opportunity — the information needed to run the business better is usually sitting right there in the statements.
We treat the handover as part of the job. Which costs have grown faster than revenue. What the debtors and creditors are telling you about timing. Whether the profit on paper is showing up in the bank account, and if not, where it went.
- A walk-through of the statements, not just a PDF by email
- Movements against the prior year explained in ordinary language
- The figures a lender, landlord or investor is likely to ask about
- A basis for the planning and tax conversations that follow
Who this service is for
Sole traders
Owner-operators who want a proper set of accounts behind the business rather than a shoebox and a spreadsheet.
Small businesses
Businesses with staff, stock or equipment, where the balance sheet matters as much as the profit figure.
Companies
Companies needing annual accounts prepared to support the company tax return and their reporting obligations.
Trusts and partnerships
Structures where income needs to be correctly reported and allocated to beneficiaries or partners.
Businesses seeking finance
Owners who have been asked for current financial statements by a lender, landlord or prospective partner.
Not-for-profit organisations
Associations and community organisations that need a clear set of accounts for their members and committee.
How we prepare your financial statements
- 01
Understand the business and structure
What the business does, how it is set up, and what the statements need to support — tax, finance, members, or all three.
- 02
Review the underlying records
We work from your bookkeeping data and reconcile it against bank, loan and other supporting records for the period.
- 03
Query and resolve
Anything that does not reconcile or does not look right gets raised with you rather than quietly journalled away.
- 04
Prepare the statements
We produce the profit and loss, balance sheet and supporting notes appropriate to your structure, with prior-year comparatives.
- 05
Go through them with you
We take you through the results and what they mean, then use them as the starting point for the tax return and any planning discussion.
Understanding your statements.
Financial statements have their own vocabulary, and there is no reason a business owner should be expected to arrive fluent in it. We would rather spend the extra half hour making sure you can read your own accounts than hand over a document you have to take on trust.
In practice, that means walking through what each section represents, which numbers are worth watching between now and next year, and which apparent problems are simply timing.
- What the profit figure does and does not tell you
- Why profit and cash in the bank are rarely the same number
- What the balance sheet says about the strength of the business
- Which figures are worth tracking through the year, not just at year end
Important considerations
Preparation is not an audit
Preparing a set of financial statements is a different engagement from auditing them. Where an audit is genuinely required, we will tell you, and it is engaged separately.
The statements reflect the records provided
Accounts are built from the underlying bookkeeping. If the records are incomplete, the statements will be too, so we resolve gaps before finalising anything.
Different structures report differently
What a company must show is not the same as what a trust or a sole trader shows. The right format depends on the entity and who the statements are for.
Timeliness changes their usefulness
Statements finalised eleven months after year end will still satisfy the compliance requirement, but they are far less useful for making decisions.
This information is general in nature. Reporting requirements can depend on your structure, your circumstances and current legislation — speak with our team for advice relevant to your situation.
You may also be interested in
Common questions about financial statements
What is included in a set of financial statements?
Do I need financial statements if I am a sole trader?
Can you work from my existing bookkeeping software?
Are my statements audited?
How long does preparation take?
We advise on your systems. Our IT partner builds them.
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Let’s talk about what you need.
Whether you have a straightforward question or a more complex financial situation, our team is here to help.
Level 1, 265 Brisbane St, Ipswich QLD · Mon–Fri, 9am–5pm