Accounting refers to the process of keeping financial records pertaining to the business. It involves the process of recording, summarizing, analyzing, and reporting all the transactions.
The reports generated by various streams of accounting are useful for business decisions. These reports give detailed information about the financial status of the business.
Objectives of Accounting: –
- Maintaining Systematic Records of Transactions
- Ascertaining Financial Position.
- Fulfilling Legal obligations.
- Ascertaining Profit & Loss.
- Assisting the Management.
- Information to All Interested Users.
Benefits of outsourcing accounting services
Accounting outsourcing means entering a contract by an organization with third party consultant to outsource part or all of its accounting functions.
Finance and accounting outsourcing activities are getting very much popular in many organizations, as outsourcing accounting and bookkeeping services helps an organization to focus more on core functions of business and to work more closely with the business core area and improve decision making.
WHY CHOOSE RVG?
If you’re running a business and want to concentrate on how to grow, but not able to concentrate on all the functioning of the company and finance, outsourcing your Accounting Services to RVG is the right choice. Accounting is the bloodline for any business and the essence for decision making. At RVG, we offer accounting and business advisory services which are professionally delivered meeting every bit of the client requirement.
Financial reporting uses financial statements to disclose financial data that indicates the financial health of a company over during a specific period. The information is vital for management to make decisions about the company’s future and provides information to capital providers like creditors and investors about the profitability and financial stability of the company.
Objectives of Financial Statements:
Financial Reporting Includes
- Financial statements (income statement, statement of comprehensive income, balance sheet, statement of cash flows)
- Notes to the financial statements
- Communication regarding quarterly earnings and related information through press releases and conference calls
- Shareholders’ Equity Statement.
- Financial information posted on a business’s website
Consolidation of Financial Statements
Consolidated financial statements are financial statements of an entity with multiple divisions or subsidiaries. Companies can often use the word consolidated loosely in financial statement reporting to refer to the aggregated reporting of their entire business collectively.
Each separate legal entity has its own financial accounting processes and creates its own financial statements. These statements are then comprehensively combined by the parent company to final consolidated reports of the balance sheet, income statement, and cash flow statement.
A company is required to prepare the annual financial statements under IFRS (International Financial Reporting Standards). In agreement with IFRS, holding enterprises are demanded to prepare and organize enhanced audited financial statements each year.
At RVG, Our professional experts can help your organization in preparing consolidated financial statements.