FINANCIAL REPORTING

Collect financial data from various sources : Gather relevant financial information, including transactions, balances, and supporting documents, from sources like accounting systems, bank statements, etc.

Record and classify transactions in the accounting system : Enter financial transactions into the accounting system and categorize them into appropriate accounts following accounting principles and standards

Make necessary adjustments and accruals : Review financial data and make adjustments for accurate recognition of revenues, expenses, prepaid expenses, accrued liabilities, and other accounting estimates.

Prepare financial statements : Use adjusted financial data to create required financial statements such as the balance sheet, income statement, statement of changes in equity, and cash flow statement.

Review and analyze the financial statements : Ensure accuracy, consistency, and compliance with standards and regulations. Analyze the financial performance, trends, and risks of the entity.

Conduct an audit (if required) : Engage an independent auditor to evaluate the accuracy and reliability of financial information and provide an audit report expressing their opinion.

File the financial statements with regulatory authorities : Submit the financial statements to relevant regulatory bodies if required by applicable regulations.

Monitor changes in accounting standards and regulations : Stay updated on changes in accounting standards and regulations and adjust the reporting process accordingly.