📧 Contact us: cfo@bioutsource.com
India India

Financial Statement Preparation Services

Clarity, consistency, and prompt decision-making are more important when preparing financial statements than merely adhering to regulations. At BI-Outsource, we assist companies in a variety of sectors in producing organized, audit-ready financial reports that satisfy regional regulatory requirements as well as international accounting standards.

BI-team comprises seasoned audit managers and accountants with expertise in preparing financial statements per with US GAAP, IFRS, and other standards. We make sure your financials correctly and reflect your actual performance, whether you're a multi-entity company or a developing startup.

As we all know, financial statements are one of the most significant management tools, so our firm spends the majority of its time gathering information about the clients' needs and business aspects.

In order to accomplish the preparation of the annual accounts, we have split our financial statement preparation services into various phases as below:
  • Understanding the business: In order to customize reporting, we start by examining your entity structure, accounting environment, and operations.
  • Data collection: We collaborate with your group to acquire the completed trial balance and accompanying schedules for every important account.
  • Tax computations: Accurate calculations of deferred tax and current income tax provisions are performed, supported by the necessary documentation.
  • Cash flow statement: To show actual cash movement over the time, a meticulously reconciled cash flow statement is created.
  • Consolidation (if necessary): We create consolidated financial statements that adhere to the relevant consolidation regulations for companies with several entities.
  • Schedule drafting: The financial statements are created for internal review and audit, together with supporting schedules and detailed workings.
  • Final statements: Our team prepared a complete set of financial statements, including the Balance Sheet, Income Statement, Statement of Changes in Equity, and Cash Flow Statement, as well as notes to accounts and disclosure of major accounting policies.
  • Client review and updates: The draft is submitted for your approval, with amendments as needed to reflect audit recommendations or regulatory changes.

Numerous accounting firms handle the preparation of annual accounts, but it is uncommon for them to specialize in this area, so by selecting us, you have come to the correct place!

Indian requirements we work to

Indian businesses keep books under the Companies Act, 2013 and prepare financial statements under Ind AS or the Accounting Standards that apply to them. We keep your records ready for GST returns, quarterly TDS returns, tax audit where your turnover requires it, and your annual ROC filings.

Common questions

Do you handle GST and TDS entries?

Yes. We record GST and TDS correctly as we post, reconcile them with the GST portal and Form 26AS, and keep your returns ready to file.

Do you work with clients outside India?

Yes. Many of our clients are abroad. Our Kochi team works in your time zone where needed and in your accounting software.

Which software do you use?

We work in Tally, Zoho Books, Xero and QuickBooks. If you already use one, we work in your file.

Guides

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