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Financial Accounting & Reporting
This is the firm’s accounting practice. It covers the books of account, the close of each month, and the financial statements prepared from those books. Day-to-day recording sits inside that work. It is not left as a separate, lesser task.
Books of account
Invoices, banks, and ledgers are recorded so that a balance can be traced to a document. Reconciliations of banks, debtors, and creditors are part of the month, not a repair done at the year end. A trial balance that does not agree is not passed forward.
The close
Each month is closed: cut-off, provisions that are known, and the adjustments that belong to that month rather than to the next. The year-end close uses the same file, extended to the profit and loss account, the balance sheet, and the notes that explain the figures.
Financial statements
The statements are drafted from the closed books. Where an audit follows, the schedules are already in an order an auditor can follow. Where it does not, the statements are still prepared, because the tax computation and the next year both depend on them.
Management commentary on those numbers is the work of the virtual CFO practice. Write to office@kgcmail.com about a file the office already holds.