Year end Financial Reports in Singapore
Year-end financial reports or the annual reports of a company are basically annual reports of a company’s financial health & the growth of a company to public disclosure. They are generally financial statements which reflect the state of affairs of a company & its progress during that financial year. They basically come in many formats and are useful to several business-related entities. They do 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 little extra possibilities to discuss here. They are prepared meticulously keeping in mind the aims that they must serve. They give a piece of brief information regarding the financial activities of a company & sometimes graphs and tables are included to simplify complex information. They also include a Balance sheet, Income statement, Financial summary, Cash flow statement & sometimes even financial notes are attached in order to mention the financial methods that the company use 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, it can also be used as a marketing implement. It serves as an asset to promote the company since it consists of the liabilities, assets, debts, profits, growth rate of a company, all these can be used to promote the company in front of 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 of varied sectors. For eg: It is used by the investors as a weightage to invest in a company & they act as a bridge between shareholders & a company, they are used 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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