Financial Reporting

Financial Reporting

Financial reporting is a financial statement which records all the information about the financial activities, business, or person. It encompasses the collection, analysis, summarisation, and presentation of the financial health of a business. It includes the performance of the company over a specific period of time. Financial reporting includes a balance sheet, income statement, statement of cash flows. It is useful for investors, creditors in making investment decisions.

Some of the Financial Reporting Services are as below –

• General ledger reports
• Trial balance preparation
• Fixed asset and depreciation calculation
• Accounts payable reports
• Accounts receivables reports
• Bank reconciliation reports
• Inventory reports
• Payroll Management Reports
• Risk assessment
• Financial statements

• Balance Sheets
• Income Statements
• Cash Flow Statements

TPAR- Taxable Payment Annual Report

This is basically for the payments you make to the contractors.

TPAR was introduced in the 2011- 2012 federal budget, the purpose of TPAR is to improve compliance.

You need to lodge TPAR on 28th August each year if you are into the building & construction industry, information & technology services, courier service, cleaning service.

The invoice you should receive from each contractor includes the details you need to report in TPAR includes the name & address their ABN, Also the amount you paid to them for their services including GST.

Even if you are not registered under GST then also you need to check if you are required to lodge TPAR.