Review of accounting balances
We examine the balances to be used in reporting and identify items requiring reconciliation. Incomplete information is addressed before the work is finalised.
EXPERTISE FOR YOUR BUSINESS
Financial statements
Financial reporting that gives you a clear business overview.
Reports that explain your business’s position.
Financial statements bring together information for a period in a structure that can be analysed. Preparing them involves more than adding figures: it requires reconciled balances, supporting documents and consideration of the items affecting the presentation of the business.
We support the organisation of closing information and the preparation of statements appropriate to the entity. Available records are reviewed, matters requiring completion are identified and the main figures are explained.
Before work begins, we agree the period, reporting purpose and responsibilities for the information. If statements are needed by a particular recipient, their requirements are considered at the start.
Who is this service for?
- Businesses preparing for a period-end close
- Entities needing organised financial statements
- Managers seeking to understand changes in financial position
- Companies preparing information for partners or institutions
What your business gains
- Financial information presented in a structured way
- Reconciled balances and identified points for clarification
- A better understanding of assets, liabilities and performance
- Supporting records for the figures reported
Scope
What the engagement includes
Closing preparation
We organise records relating to assets, liabilities, income and expenses. Matters relevant to the reporting period are discussed with the business.
Statement preparation
Statements are prepared under the framework and requirements applicable to the engagement. Their final content reflects the available information and reporting purpose.
Explanatory information
We prepare explanations of relevant figures and policies where appropriate. The aim is to help the numbers be read in their proper context.
Explanation of results
We discuss the statements and main changes with management. Questions for further follow-up and information useful for planning are identified.
Our process
How we organise the work
Purpose and period
We define the reporting required, the period covered and the records available. The intended use of the statements is clarified.
Reconciliation and preparation
We review balances, request any necessary additions and prepare the statements using the agreed information.
Final review
We present the material for discussion, explain the main figures and document completion in line with the engagement.
Documents
What we need to get started
Good preparation begins with complete records for the period. These usually include:
- Accounting balances and entries for the period
- Prior-period statements, where available
- Bank statements and related reconciliations
- Records of assets, inventory and liabilities
- Documents explaining significant changes
Frequently asked questions
What if some records are incomplete?
We first identify what is missing and assess its effect on preparation. We agree how the gaps will be addressed; the timetable also depends on obtaining the necessary information.
Can you explain the statements in plain language?
Yes. Discussing the main figures and changes between periods helps make the statements useful for managing the business, rather than simply documents to keep on file.
Will this service meet every bank’s requirements?
Requirements vary by institution and purpose. Please provide the requested document list first, so we can establish what the engagement covers and whether any additional service is needed.