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:
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Understanding the business: In order to customize reporting, we start by examining your entity structure, accounting environment, and operations.
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Data collection: We collaborate with your group to acquire the completed trial balance and accompanying schedules for every important account.
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Tax computations: Accurate calculations of deferred tax and current income tax provisions are performed, supported by the necessary documentation.
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Cash flow statement: To show actual cash movement over the time, a meticulously reconciled cash flow statement is created.
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Consolidation (if necessary): We create consolidated financial statements that adhere to the relevant consolidation regulations for companies with several entities.
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Schedule drafting: The financial statements are created for internal review and audit, together with supporting schedules and detailed workings.
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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.
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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!