Financial Statements

At Raw Chartered Accountants we take pride in ensuring your financial statements are prepared accurately and efficiently, and your reporting obligations are consistently met.

financial-statementWe take a proactive approach with our clients, including:

  • Scheduling work to ensure external reporting requirements are met (bank covenants, lodgement due dates, grant submissions);
  • Tailored checklists of information required.

This enables us to provide a firm turnaround and fee to support you in meeting your obligations.

Our Process

This service includes:

  • Review of your accounts in your bookkeeping system, reconciling and adjusting as required
  • Determining taxation adjustments and tax position
  • Determining capital distribution requirements, eg dividends or trust distributions
  • Preparation of the Financial Statements
  • Preparation of associated minutes where required
  • A management letter with matters to attend and highlights of any areas of concern

Unveil the mystery of financial reporting

Financial literacy is a legal obligation of all company directors, however most company directors are not accountants. We help you understand your financial statements so you have a good idea of how your business is performing, what your financial position is, and help you work your business harder to achieve your business’ goals.

We prepare the financial statements for you, but also like to take the time to help you understand what they mean by meeting with you once they are prepared to discuss.

Do you need financial statements prepared?

In general, all entities need to have financial statements prepared and there are reporting and lodgement obligations to a government bodies, financiers and other stakeholders to be met. A part of our role as your accountant is to ensure your financial reporting obligations are well understood and we help you meet those requirements by reminding you as obligations approach, by preparing and lodging on your behalf, and assisting in a variety of other ways to ensure you remain compliant.

The below is a summary that has been simplified.

Companies: The Corporations Act 2001 imposes legal obligations on a company's directors to ensure proper records are maintained, annual financial statements are prepared and the director's themselves must have a sufficient level of financial knowledge to be able to understand these accounts and ensure the company is trading solvently. Depending upon the size and structure of your company, there may be the need to provide your financial statements to others and there may be lodgement requirements with state bodies and/or ASIC. In addition, most companies must lodge tax returns with the ATO by set deadlines.

Trusts and Partnerships: Financial statements are prepared in order to meet obligations under trust deeds and partnership agreements in order that distributions can be determined and so tax obligations can be met.

Super Funds: Financial statements are required in order to meet legal obligations under the SIS Act 1993 and, must be audited. Financial statements also form the basis of determining and meeting tax requirements.

Reporting entities (including NFPs): There are additional requirements to prepare financial statements that comply with the Australian International Financial Reporting Standards (AIFRS). We have the skills and expertise to do this for you, at a fraction of the cost of bigger firms.