Good financial statements should help you understand the business, not just satisfy a request for paperwork. We assist businesses in Tanzania with preparing financial information for management, banking, reporting and compliance purposes.
What financial statements can help you see
Depending on the applicable accounting framework and the business, financial reporting may include a statement of financial position, a statement of profit or loss, cash-flow information, changes in equity and explanatory notes. Together, these can show what a business owns and owes, whether it is profitable and how money moves through it.
Our financial statement support
- Reviewing the purpose and reporting period for the requested statements.
- Assessing the completeness and consistency of available accounting records.
- Helping organise ledger balances and supporting schedules.
- Preparing financial statements under the appropriate reporting framework.
- Explaining significant figures and outstanding questions before finalisation.
What we will need from you
The document list depends on the business and how its records are maintained. Typically, we may need the trial balance or ledger, bank records, sales and expense records, payroll information, financing agreements, asset information and prior-year figures. We will first establish what you already have rather than requiring the same checklist from every client.
Different needs call for different reports
Management accounts prepared to support a business decision are not identical to statutory financial statements, and neither should be presented as audited accounts without an appropriate independent audit. We will clarify the intended use, users and reporting basis at the outset.
Where an independent audit is needed, see our auditing services. For the relationship between accounts and yearly tax compliance, review annual returns of income.
Common questions
Can you prepare statements if our books are incomplete?
We can review the available records and explain what needs to be reconciled or reconstructed before reliable statements can be produced.
Are financial statements the same as an audit report?
No. Preparing statements and issuing an independent auditor’s opinion are different professional services with different requirements.
Can financial statements be used for bank financing?
Lenders set their own requirements, and some may request audited accounts or additional schedules. Confirm the lender’s specifications before commissioning the work.