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Financial Statements
Accurate financial statements are the cornerstone of smart business decisions. Whether you’re a small-medium business, a mid‑market company, a not‑for‑profit, or a co‑operative, clear financial reporting is essential to managing cash flow, making informed decisions, and meeting stakeholder expectations.
From over 50 years of service to the Perth and WA business community, we understand that no two organisations are alike. That’s why we provide tailored financial statement preparation that meets the specific needs of your business or organisation—whether it’s a “special purpose” set of financials for a small or medium business, or a “general purpose” financial statement required to comply with Australian Accounting Standards (AAS) for larger companies, public entities and not‑for‑profits.
Our Financial Statement Services Cover:
- Wide Range of Organisations: We work with small, medium and mid‑market businesses, not‑for‑profits, co‑operatives, and even SMSFs.
- Flexible Reporting Options:
- For many small and medium businesses, a “special purpose” set of financials may suffice—providing clarity without the complexity of AAS compliance.
- For larger organisations, public companies and not‑for‑profits, we prepare “general purpose” financial statements in accordance with AAS.
- Diverse Entity Structures: We’re experienced in working with various structures including partnerships, family trusts, unit trusts, companies, consolidated groups, joint ventues and SMSFs.
- Audit Arrangements: When required, we can organise the audit of your financial statements through our network of high‑quality, external auditors to ensure audit independence.
Read Key Points & Transcript
Financial Statements for All Types of Businesses & Organisations in WA
video key points
- Financial statements are crucial for business owners and leaders, aiding in informed decision-making about business performance and growth.
- The Profit and Loss Statement highlights financial performance over a specific period, typically a financial year, showcasing revenue, expenses, and profit or loss.
- The Balance Sheet offers a snapshot of a business’s financial health at a particular moment, detailing assets, liabilities, and equity.
- Beyond tax compliance, preparing financial statements is essential for evaluating a business’s ability to settle current and future debts, crucial for both operational management and strategic planning.
- Financial statements are not only necessary for tax purposes but are also vital for the mandatory audits required by some companies and all Self-Managed Superannuation Funds (SMSF).
- If you require assistance in preparing meaningful financial statements to navigate your business’s financial landscape effectively, we encourage you to reach out for professional help.
Presented by: George Trundle
video transcript
Financial statements play a vital role in helping business owners and leaders make informed decisions about their business’s performance and growth.
The Profit and Loss Statement shows your business’s financial performance with regards to a specific period, usually a financial year.
The Balance Sheet provides a snapshot of your business’s assets and liabilities at a specific point in time, usually the end of a financial year.
Preparing financial statements can be a necessity for tax compliance. It may also be a necessity as the information contained on these reports allows you to assess the business’s ability to meet all current and future debts.
Further, for some companies and all Self-Managed Superannuation Funds (SMSF), financial statements are vital for mandatory audits.
If you’re needing assistance with preparing meaningful financial statements, then give us a call. We’re here to help.
Frequently Asked Questions for Financial Statements
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What are financial statements and why do they matter?
Financial statements summarise your business’s financial performance, generally covering a financial year. They provide crucial insights for decision‑making, compliance and securing financing. -
Which types of organisations can benefit from your financial statement services?
We handle financial statements for small, medium and mid‑market businesses, as well as not‑for‑profits and co‑operatives. We work with diverse structures including partnerships, trusts (family or unit), companies, consolidated groups and SMSFs. -
What is the difference between “special purpose” and “general purpose” financial statements?
Special purpose financial statements are tailored for internal decision‑making and may not fully comply with AAS, while general purpose financial statements meet the strict requirements of Australian Accounting Standards for external reporting. -
How do you ensure audit independence?
We engage with a network of high‑quality external auditors to arrange independent audits whenever required, ensuring objectivity. -
Can your services help minimise my tax obligations?
Yes. Accurate financial statements support effective tax planning, enabling you to identify tax‑minimisation opportunities and improve cash flow. -
Are your financial statement services available Australia-wide?
While Munro’s is based in Perth, we regularly assist clients throughout WA and Australia with accounting, tax and business advisory services. -
How quickly can you prepare my financial statements?
The timeline depends on the complexity of your records and reporting needs. Typically, our process takes a few weeks from initial review to final report delivery. If you need the financial statements prepared by a specific deadline, then simply let us know and provide enough notice with complete information to allow us to dig in and get it done for you. -
What is the price for your financial statement preparation service?
Our pricing is transparent and reflects the complexity of your needs. Please visit our pricing page and contact us for a personalised quote. -
Do you have any client reviews on your financial statement service?
Our clients frequently highlight our responsiveness and clarity. With over 100 Google reviews praising our proactive, specialist approach, you can be confident in our service.
Where To Begin
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- Call Us 1800 818 924
- Email Us hello@munros.com.au
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Visit Us
308 Fitzgerald Street
Perth WA 6000