Year-end Financial Reports in Singapore

Year-end financial reports of a company are annual reports of a company’s financial health & the growth to public disclosure. They are generally financial statements which reflect the state of affairs of a company & its progress during that financial year. These reports come in many formats and are useful to several business-related entities. They possess many advantages out of which the major ones are:

Provide Financial Information:

Of course, providing financial information is the cornerstone of any financial report, though there are some possibilities to discuss here. They are prepared meticulously, keeping in mind the aims that they must serve. Reports give brief information regarding the financial activities of a company & sometimes graphs, and it includes tables to simplify complex information. They also include a Balance sheet, Income statement, Financial summary, Cash flow statement & sometimes even financial notes to mention the financial methods that the company used to record the transactions. In a nutshell, it is a comprehensive report that explains you about the financial status of a firm from tip to toe.

Promotion of the Company:

In spite of serving as an accounting tool, a company can also use it as a marketing implement. It serves as an asset to promote the company since it comprises the liabilities, assets, debts, profits, growth rate. The companies can use all these to promote the company to investors, shareholders, banks, etc., giving them confidence in investing in the firm.

Use for Investors, Banks, Government, Suppliers, etc.:

One of the key features of year-end financial reports  is its flexibility to serve many people from varied sectors. For eg: Investors use it as a weightage to invest in a company. Moreover, they act as a bridge between shareholders & a company. Also, companies use it to avail loans from banks & other lenders, government uses them to regulate policies & implement taxation. They also make communication easier & simplified between the suppliers.

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