Tag Archives: Financial Statement

Why You Need a Financial Close Plan

If you struggle to issue timely financial statements, or your financial statement falls apart under scrutiny, you need a financial close process and a close plan. In the blog titled You need a close-process, we discussed the financial close process, and gave examples of close activities. To close the books accurately and on time, a […]

To Issue Accurate Financial Statements, You Need a Close Process

Financial statements provide useful financial information about the reporting entity to existing and potential investors, lenders, and other creditors for decision making. As a financial statement captures the financial effect of all activities carried out in the business, the accountant must coordinate with different parts of the business to get accurate and timely information to […]

The Benefits of Financial Statement Audits Go Beyond the Audit Report

Financial statement audits have benefits beyond the audit report. Most businesses won’t get the benefits because they see the audit as a necessity to abide by the law, not to improve their business. Small and Medium Enterprises (SMEs) rarely have the skills they need to build sound accounting systems in-house. They need the benefits a […]

5 Accounting Terms You Must Know to Understand Financial Reports

Accounting has its own language. To have a meaningful conversation with your accountant, you must know the accounting terms they use. Five accounting terms you must know are: Net income Cash flow Invoice Accounts receivable (also called debtors) Accounts payable (also called creditors) WHAT IS NET INCOME? Net income is the same as net earnings […]

Choosing an auditor? What should you consider?

An annual audit is required for all companies registered in Ghana. Each year, businesses of all shapes and sizes must hire an external auditor. And many struggle to make this decision. So, what must you consider as you search for an appropriate financial statement auditor? Let’s find out. Think about the following: The factors to […]

What is the main objective of a financial statement audit?

Did the auditors sleep on the job? Did they collude with the management? Can we even trust auditors? Ghanaians have been asking such questions ever since the Bank of Ghana withdrew the licenses of five banks. So, to better judge the work of an auditor, you must: Understand the objectives the auditor seeks to achieve. […]