Year End Accounts Finalization Services
Our year-end accounts finalization services encompass a range of activities aimed at completing and accurately representing a company's financial position and performance at the close of its fiscal year.
- Opening balances confirmation with last audited financial statement
- Working for adjusting entries for accruals, prepayments, depreciation, and other adjustments necessary to align the financial statements with the actual economic activity during the year.
- Review and update accounting policies to ensure consistency and compliance with the latest GAAP pronouncements and any changes in the accounting standards.
- Calculate the current and deferred income tax provision based on the company's financial results and tax regulations. This involves assessing the impact of temporary differences between accounting and tax treatments
- Preparation of financial statements such as Trial Balance, Income Statement, Balance Sheet, Cash Flow Statement, Statement of changes in equity, other comprehensive income in compliance with GAAP requirements, calculate and disclose the earnings per share information in the financial statements
- Preparation of assisting schedules and workings sheets to financial statements.
- Prepare footnotes and disclosures accompanying the financial statements to provide additional information on accounting policies, contingencies, related-party transactions, and other relevant matters.
- Eliminating casting error by identifying and rectifying mathematical mistakes that might occur during the preparation, recording, or presentation of financial data.
- Assist with preparing documentation and schedules for external audits, if applicable. Address auditors' requests and queries during the audit process.
- Complete closing procedures to officially close the fiscal year and open the books for the new fiscal year.
- Organize and archive all relevant financial documents and records for future reference and potential audits. Communicate with the client throughout the process, providing updates, clarifications, and recommendations.