With the expansion of data availability, skilled financial reporting is evolving from a back office process performed on a routine basis (monthly, quarterly, annually) to be a constant and value added process that is provided on demand in formats that simplify results, identify trends and drive actions.
What is this service?
To business owners and stakeholders, accounting and bookkeeping is of little value if it is not used to provide reliable and timely information to support decision making. Financial Reporting is the result of skilled data acquisition and compilation of it into a form that is useful.
Who requires this service?
All business owners and investors need financial reporting processes that support them to both monitor and review performance and, help them make better, smarter decisions in the future.
Why Spry Roughley?
We have a real passion for financial reporting and helping owners and investors understand business / investment performance, positions and cash flows.
Like all of our services, we develop deep understanding of businesses and owners, as well as the needs of other users of the financial information. We work to ensure that underlying data capturing and processing systems are run as efficiently and accurately as possible as we appreciate that poor or late data leads to poor and late decisions.
With underlying data sources providing reliable and timely information, we then seek to develop financial reporting frameworks that support the relevant users. In modern environments this is achieved through the use of business intelligence (BI) tools such as Microsoft’s Power BI platform.
We also have a deep understanding of International (IFRS) and Australian Accounting Standards (AASB) and frameworks. We work with clients who require either General Purpose Financial Reports or Special Purpose Financial Reports to satisfy financial reporting requirements of international holding companies, Australian Corporations Act, shareholders and financiers (bank). We work with clients who have formal annual financial reporting requirements to ensure they produce compliant financial reports that are fit for purpose, including advising on and tailoring financial disclosures.
All Australian companies must keep written financial records that enable financial statements to be prepared. We recommend that all companies actually prepare financial statements on an annual basis regardless of the requirement to do so. The preparation of financial statements assists directors in the obligation to monitor the company’s operations and ensure its solvency.
Private companies that are not foreign controlled are required to lodge their financial reports if they are deemed Large companies in accordance with the Corporations Act. A company is Large if it meets two (2) of the following three (3) tests;
- The consolidated revenue for the financial year of the company (and controlled entities) is AUD $50 million or more;
- The value of the consolidated gross assets of the company (and controlled entities), at the end of the financial year, is AUD $25 million or more;
- The company (and controlled entities) has 100 or more employees at the end of the financial year.