Preparation and submission of financial statements

Financial statements are a set of documents reflecting the financial position of an economic entity over a specific period. They are submitted to the Revenue Service, shared with investors, and used for internal management purposes. The preparation and submission of financial statements to government regulatory authorities are mandatory for organizations of all ownership forms, types, and scales of economic activity.

Features of preparing financial statements

Based on accounting and management data, while strictly adhering to legislative requirements regarding the format, content, and submission deadlines of documents to government institutions, a specialist compiles financial statements. These are prepared following these principles:

  • Objectivity, reliability, completeness, and usefulness of information for stakeholders;
  • Comprehensiveness — the statements must provide an overall picture of the organization’s business activities;
  • Systematic structure — the presented figures must be interconnected;
  • Neutrality — the documentation must serve the interests of all users;
  • Consistency — reports should be prepared sequentially from earlier reporting periods to later ones;
  • Comparability — the statements should enable users to compare relevant indicators and assess the organization’s development prospects;
  • Substance over form – when documenting business activities, the economic substance of transactions should take precedence over their legal form.

The composition and format of financial statements depend on the organizational structure of the economic entity, the scale of its operations, and the applicable taxation system.

Advantages of accounting outsourcing

Managing financial documentation and interacting with regulatory authorities requires highly qualified staff, whose employment can be costly. Attempting to save on specialists often leads to significant financial and reputational losses, as irregularities in accounting reports result in fines from oversight bodies and erode the trust of current and potential partners. The optimal solution is to engage an outsourcing company, which ensures high-quality accounting and reporting while saving business owners unnecessary expenses.

Why trust us with financial reporting?

Entrusting the preparation of financial statements to Financial Outsource offers numerous advantages compared to handling the issues independently or employing an in-house accountant:

  • Rigorous internal controls. We have a multi-level internal review system that eliminates the possibility of errors;
  • Team-based approach. Our team structure allows us to provide services at any time convenient for the client. If one specialist is on leave, ill, or resigns, another steps in to ensure uninterrupted service;
  • Insured professional liability. Our professional liability is insured with the international company GPI Holding, protecting our clients from financial losses.

To order the preparation and submission of financial statements to regulatory authorities, contact us by phone or fill out the request form on our website. We will provide consultations and offer a comfortable collaboration format tailored to your needs.

Our Major Clients

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