This involves preparing formal records that document your company’s financial performance and position. This can be for internal use, external stakeholders, or by legal requirement. 

What it is: The preparation of key financial statements that tell the story of your business’s financial health.

Key Activities:

• Preparation of Financial Statements: Compiling the Profit & Loss Statement (Income Statement), Balance Sheet, and Cash Flow Statement.
• Monthly/Quarterly Management Reporting: Creating tailored reports for business owners and management to help them make informed decisions (e.g., tracking KPIs, budget vs. actual analysis).
• Year-End Financial Statements: Preparing formal statements for shareholders, banks, or investors.
• Compliance Reporting: Ensuring reports meet specific standards like the Australian Accounting Standards Board (AASB) requirements.
• Directors’ Reports: Assisting in the preparation of reports that must accompany financial statements for proprietary limited companies.

Why it’s valuable: It transforms raw data into actionable intelligence. You can’t manage what you don’t measure. These reports are essential for securing loans, attracting investors, and making strategic business decisions.