Financial Statements & Bookkeeping Services

We will provide the step-by-step process here to help you with financial statements and bookkeeping services.

Financial Statements & Bookkeeping Services

We will provide the step-by-step process here to help you with financial statements and bookkeeping services.

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Financial Statements

Murrayfield Financial statements and bookkeeping services 2021

Table of Contents

Are you looking for bookkeeping services or financial statements to be done for your business? Say no more we are here to help you. 

Here is another one of those things that businesses have to deal with on a regular basis. It can seem daunting especially if you have a lot of things to do for the company. Worry not this is why we are here for you! 

Just what are Financial Statements?

To put it simply, A financial statement, otherwise known as a financial report, is a formal record of the financial activities of a business, person, or other entity.

It is a way in which you can tell if your business is making a profit, growing in size, and even value. They are paramount to the business, especially if you plan to grow into an empire. 

Bookkeeping.

What is bookkeeping?

Bookkeeping, on the other hand, involves tracking and recording a business’ accounting activities.

This includes invoicing, payments, making sure financial records are up-to-date, and generating financial reports. Do you do this for your business?

Imagine the amount of time you could save if you handed these tasks over to a trustworthy bookkeeper!

If you choose to work with a reputable firm like us, you will still have managerial control while daily accounting tasks will be efficiently handled by trained professionals

Annual financial statements.

The accounting officer prepares these documents for companies as required by section 62 of the Close Corporations Act 1984.

The financial statements are the responsibility of the member. Accountants then determine whether or not the financial statements are in agreement with the accounting records.

These are then summarised in the manner required by section 58(2) (d) of the Act. PATC (Professional Accountants and Tax Consultants) have adopted such procedures.

The financial statements are the responsibility of the member. Accountants then determine whether or not the financial statements are in agreement with the accounting records.

These are then summarised in the manner required by section 58(2) (d) of the Act. PATC (Professional Accountants and Tax Consultants) have adopted such procedures.

Our Accountants also review the accounting policies for annual financial statements. This means they make necessary changes so as to ensure that these statements comply with a generally accepted accounting practice

Cash Flow Statements

Cash flow forecasting or cash flow management is a key aspect of the financial management of a business. This assists in planning its future cash requirements to avoid a crisis of liquidity.

Why is cash flow forecasting important?

If a business runs out of cash and is not able to obtain new finance, it will become insolvent. This is no excuse for management to claim that they did not see a cash flow crisis coming.

As a result, it is essential that management forecasts what is going to happen to cash flow. This is to make sure the business has enough to survive. We prepare the cash flow correctly.

Reasons why a cash flow forecast is important:

  • Firstly, It identifies possible shortfalls in cash balances in advance.
  • Secondly, It makes sure that the business can afford to pay suppliers and employees. Suppliers who aren’t paid will soon stop supplying the business. Worse is employees are not paid on time.
  • Thirdly, The cash flow forecast encourages the business to look at how quickly customers are paying their debts. As an important discipline of financial planning – the cash flow forecast is an important management process. Similarly to preparing business budgets.
  • Lastly, External stakeholders such as banks may require a regular forecast. Certainly, if the business has a bank loan, the bank will want to look at the cash flow forecast at regular intervals.

Get in touch.

Get in touch with us here, and let us take care of your bookkeeping services and financial statements (audited or unaudited) for you. Leave your details in the form below and our trained specialists will get in touch with you at the earliest time possible. 

You can also check out our company registration if you are thinking of registering a new company

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About Murrayfield Consulting

We have served over 5000 clients in the period of 7 years and we are still growing every day making a new business successful both online and offline.

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