📣Benefits of closing financial statements in the entrepreneur's corner

📣Benefits of closing financial statements in the entrepreneur's corner

Financial statements are financial and accounting reports. showing financial position Operating results and changes in shareholders' equity of the business in each accounting period The financial statement report contains Statement of financial position, statement of income, statement of changes in shareholders' equity and notes to financial statements Each year, the business must close its financial statements and report them to the legal authorities.

The preparation of financial statements is a problem that many companies often meet Especially companies that do not have a company accountant. But for large companies that have accounting staff to handle the closing of the financial statements. it will be easy because the accounts are already set up every month What if it's a small company? How will we manage it? This article will help you understand what closing financial statements is. and understanding of accounting records and making financial statements easier than ever

🔹 What is closing financial statements?

“Financial Statements” are financial and accounting reports to know the quality of management. business performance Company's financial position Study the information and impact on the economy and accounting of the organization, etc.

The “closing of financial statements” is dealing with financial statements at the end of the accounting period. The financial statements must be prepared and submitted to the Department of Business Development and the Revenue Department as scheduled. The filing of annual financial statements can be filed via electronic system. submit by yourself or can be delivered by post as well

🔹What do business owners get from financial statements?

Even business owners have no accounting background. But financial statements help business owners know how to plan their business further.

- Know the financial path of the business from the trading account What do you pay the most? What sells the most And continue to assess whether to take the profit that has been invested with what next

- Know how much stock you have which products can be sold What kind of products does the cost sink in? And how to find a way to lead to income?

- Know the accrued and accrued items in order to find a way to manage the money further. Accrued means sold and still haven't received the money. For example, do a project for one customer. But half a year has passed, the customer still has not paid. Business owners will then assess what to do next. The accrual is We've bought things but haven't paid yet. So there are many creditors. Business owners have to figure out how to find capital to pay off their debts.

- Know how much assets you have in your own business and how much depreciation occurred

🔹 Closing process of financial statements

1. The most important thing is to collect financial documents. especially the trade documents Both sales invoices and purchase invoices The arrangement of the documents is different. Arrangement of company sales invoices Arrange them in the order of the document number. For the convenience of checking various items and arrangement of purchase invoices Sort by type of bill such as bill for purchase. Utility bills, gas bills, and miscellaneous bills

2. In the case of a company registered for VAT or VAT, the input tax-sales tax report must be complete. That is to say, the purchase invoice and sales invoice documents must be attached to the input tax-sales tax report. to submit documents complete as specified

3. Do not forget to check the company's bank statement or bank statement whether there are complete documents or not. If there is a lack of documents of which month Don't forget to request a bank statement as well.

4. When the documents are ready The next thing that should not be forgotten is to contact a reputable accounting firm to prepare financial statements for you. and should consider the neatness of the documents that are complete, easy to see and organized

5. When the financial statements have been prepared Don't forget to ask for information from that accounting firm, whether it's a ledger journal (G/L), property register. receive journal pay journal general journal to store information for your organization

Closing financial statements does not necessarily close once a year. If an entity is able to close its accounts monthly or quarterly, it will be of great benefit to the entity. Because it will provide up-to-date financial information and useful for decision making of business owners under today's fierce competition in online accounting software. Helping companies in closing financial statements and preparing financial statements Entrepreneurs can track all important business reports online.

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