Financial statements are required by companies and trusts when the books are completed for the year. They provide a record of the financial activity of the company and trust. Financial statements although not required by sole traders or partnerships are useful documents to have. Financial statements are required by organisations who need information on the income you have earned. Institutions like banks require them before assessing you for a loan. If you wish to sell your business having properly prepared financial statements can add value to your business by showing clearly the financial results of the business.
At XA financial statements are prepared as part of your end of year books and are included as part of the service with our monthly service. Our financial statements are prepared to Generally Accepted Accounting Standards (GAAP) and conform with the legal requirements required under the financial reporting act.