Accounting software for financial reporting
Every year, a large number of accountants meet during World Accounting Week to discuss issues that are pertinent to the accounting industry. A topic that was discussed this year (2009) is the importance of accurate financial reporting for small to medium enterprises (SMEs). This element of running a business is so important that the International Accounting Standards Board (IASB) has released a financial reporting standard targeted at SMEs.
QuickBooks offers a range of accounting software that provides SME owners with the tools necessary to adhere to the financial reporting standard as well as present their businesses’ financial statuses clearly. Continue reading to learn more about financial reporting and how using accounting software can benefit you and your SME.
The purposes of financial reporting
Two of the primary purposes of financial reporting are to notify interested parties as to the wellbeing of your business and to identify and rectify possible issues within your business’s operations.
While business owners often have the largest stake in a company, there may be several other interested parties who are affected by the success or failure of your business. Potential investors and shareholders in particular will require that you are able to present them with in-depth information detailing the success of your business.
The second purpose of financial reporting is largely a preventative measure that can help your business to avoid issues before they occur. Regular financial reporting will give business owners an overview of how much money is being spent on each different department of their business. If one department is underperforming or spending more money than budgeted for, business owners can attend to the issue quickly before it escalates.
Components of financial reporting
Financial reporting is a relatively standardised process and should include certain documents that shareholders, potential investors and other interested parties can read and understand easily. Such documents include a balance sheet and an income statement.
A balance sheet is a snapshot of your business’s finances. It presents an overview of how much the business is currently worth by detailing its assets and liabilities. An income statement, on the other hand, shows the day-to-day activities of the business over a specific period of time, detailing income and expenses.
Accurate financial reporting with QuickBooks
Use QuickBooks accounting solutions to correctly report on your company’s finances. We offer a selection of accounting programs and payroll software that can help SME owners record their finances and report them to the relevant parties.
QuickBooks SimpleStart - for new and home based business
The simplest way to manage and track money going in and out of your business.
QuickBooks Pro - manage your business accounts simply and easily
Manage your business accounts simply and easily.
QuickBooks Premier - fast and easy advanced accounting
Fast and easy advanced accounting.
Quick Payroll is designed to meet the fast growing needs of dynamic South African SMEs.
It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Lite is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Lite interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Lite is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Startup is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Startup interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Startup is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
