BUSINESS ACCOUNTING

Keep Your Business Financials Up to Date with Stockman Accountants

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Financial Statements

Financial statements are imperative when it comes to reporting your financial gains and losses over the financial year. This report highlights your financial activities and your performance to the Australian Taxation Office and demonstrates the financial health of your business. They can be challenging to complete and produce, and we can help you. At Stockman Accountants, we can handle your financial statements for you and relieve any unnecessary pressure, so you can get on with what you do best, leading a thriving and successful business.

Types of Financial Statements

Financial Statements are made up of four different components, but they're all interconnected:

BALANCE SHEET

A balance sheet provides a snapshot of your business's financial condition and your assets, liabilities, and owners' equity.

PROFIT & LOSS STATEMENT

A profit and loss statement is also commonly known as an income statement, and it shows your business's revenues, costs, and expenses over a period of time.

CASH FLOW STATEMENT

This statement shows changes to the cash coming through your business, whether that be in or out. A cash flow statement shows whether you can cover short term expenses such as bills and payroll.

STATEMENT OF CHANGES IN EQUITY

You may know this statement as a retained earnings statement, but they are both one and the same. This statement shows changes in the equity of your business and changes in how much money your business retains.

These statements highlight how well your business is doing and provide you with the analytics to continue setting financial goals for your business. However, we understand your added stresses from taking care of your business takes up a lot of your time, so let us take care of it for you! We can complete your financial statements hassle-free.

Types of Financial Statements

Financial Statements are made up of four different components, but they're all interconnected:

BALANCE SHEET

A balance sheet provides a snapshot of your business's financial condition and your assets, liabilities, and owners' equity.

PROFIT & LOSS STATEMENT

A profit and loss statement is also commonly known as an income statement, and it shows your business's revenues, costs, and expenses over a period of time.

CASH FLOW STATEMENT

This statement shows changes to the cash coming through your business, whether that be in or out. A cash flow statement shows whether you can cover short term expenses such as bills and payroll.

CHANGES IN EQUITY

Business Tax Returns

If you operate a business in Australia, no matter the size, you need to file a business tax return. Ultimately, your business is separate from your personal income and should be treated that way.

We can help your business complete your tax return and lodge all of the necessary details to keep you out of the eye of the ATO. We also want you to make the most out of your business, and we will always strive to get you the best return possible.

Business Activity Statements

A Business Activity Statement (BAS) is another form that needs to be completed on behalf of a business to report all Good and Service Taxes (GST). If you're a registered GST entity, you need to fill out your business activity statement.

We know that is another added pressure to your already overflowing plate, but it can be made easy with Stockman Accountants. We can fill out your BAS statement for you and handle all of the nitty-gritty elements that will make your head explode. Make your life simpler and get us to help you with your BAS!