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Writer's pictureShane Glavin

Have You Started Preparing for Year-End Financial Reporting?


 Giant colorful charts on the top of a wooden table.

Looking to the past for a more successful future is a strategy that works for companies in many different areas, but it is crucial in financial reporting. Balance sheets, income statements, cash flow – they are all important pieces of the fiscal year-end accounting process.


The Relevance of Year-End Reporting

There is no better way to put your financial stability on display than through thorough year-end financial reporting. For many companies, this is actually a critical step in proving you’re in compliance with various regulatory requirements.


The process involves reconciling accounts, modifying entries and producing financial statements. The outcome should be a clear statement that stakeholders can easily analyze. If you are a company leader or decision-makers, you look forward to completing the financial reporting process because you use that information to plan for the future, as there are many valuable insights to be gained from the data.


Financial Reporting Playbook

A smooth, accurate and pain free financial reporting process begins with careful planning.

 

·       What are your objectives and timelines?The more clearly you define your target dates, goals and objectives, the better equipped you will be to allocate the correct resources. Be reasonable with your goals and make sure you’re allotting the proper amount of time to complete your reporting.

·       Assess your inventoryThis can vary from one company to another, but it is essential to accurately account for all your inventory and ensure there are no discrepancies between what you have on hand and what your records show.

·       Gather documentationFrom receipts to payroll records, contracts to invoices, give yourself plenty of time to gather the necessary documents. These will be used to verify financial transactions.


Staying Ahead of Challenges

Even the companies that follow all the necessary planning steps are not immune to challenges along the way. For example, there might be a data accuracy issue, such as missing data or erroneous data that cause a problem. Fortunately, there are management tools available that can autodetect minor errors that would otherwise be tough to catch, but will also make you aware of larger errors.


An option that goes beyond that is to bring in a professional, such as a CFO service provider, to assist you with your year-end financial reporting.


As you research CFO service providers, keep in mind that the best match will be the one offering a strategic partnership. Also, only choose a provider that educates you about your company’s financial health and helps you make informed decisions. At Power CFO, we develop strong bonds with our clients, working side-by-side with them, plotting a strategy for profitability. Contact us to learn more and what we bring to the table.

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