Financial Statements

The process of undertaking business accounting is to give businesses a real insight into the operation and performance of their business. From annual financial report preparation to board packs and real-time key performance indicators, the Westcourt business accountant team provides meaningful information about their business performance to families who own businesses and other users of the business financial reports.    

At Westcourt, the business accounting process needs to be tailored to your end needs – ranging from a yearly process for micro/small operators. It requires the accounts to show the ATO to larger organisations that need a business accounting process to let them know what is going on.    

Our commitment to business accounting through the preparation of cash flow statements, profit and loss reports, and balance sheets – tailored for the end-user makes our business accounting and financial statement preparation process fit for purpose. For many families in business, we prepare the same set of financial statements differently for different users – the AGM will often contain reduced accounts. The ATO reports will typically be quite detailed, including a reconciliation of accounting income to the operating profit. The management reports will often be very high level, so management can pinpoint areas of focus that need a deep dive.

Our tailored, collaborative approach to accounting for businesses means that we will actively work with your team to get the best result for your family and your family business. In most instances, our clients will engage their full-time financial controller, office manager, bookkeeper or CFO, who is typically responsible for data entry and management reports. And our collaborative approach to business accounting means that we will be engaged to support and review your current team – not work against them.     

The advent of cloud accounting has made our role significantly easier in supporting the business accounting process for our client’s finance teams. The ability to access the cloud software programs for our clients, drill-down and provide quick answers have helped us simplify many processes for our clients that previously took a significant amount of time – and because we don’t keep timesheets. We are happy to take client calls that we can fix “on the spot” rather than drag out the business accounting process into a long-winded saga. We want to simplify the business accounting work to focus on what accountants are good at – generating value and insight to change future business decisions positively.    

At Westcourt, we have specialist business accountants on hand with post-graduate qualifications to support our knowledge. Our commitment to only providing advice to families in business, a Xero Gold Champion practice and a deep global accounting network mean that we are a natural choice for preparing financial reports and business accounts – so why not call us today.    

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