Reporting your business performance is known as Financial Reporting (F.R). It means presenting your business performance in a report format for a given period, usually one year.
PROFIT OR LOSS
The
report shows whether your business made a profit or loss. It shows your cash position, your assets and
liabilities. It usually follows a
standard format and is prepared by a Finance Expert/Accountant.
It
can be scary to present your business information to the Government/public, but
it will help build financial integrity for you and your business which you will
need when dealing with banks, financial sponsors, potential investors,
shareholders and bigger clients.
Your
business financial reports helps the Government in making economic decisions
that affect businesses. For example,
making funds accessible to small & medium scale businesses; increasing or
reducing business taxes, etc.
International
organisations like the International Monetary Fund (IMF) also use financial
reports to monitor growth & development in countries.
DELISTING OF BUSINESS NAME
It
is important that every business owner has a basic understanding of the
Financial Reporting requirements for businesses. Businesses that do not report their financial
performance stand the risk of being delisted from the Companies’ Register. This means your business ceases to exist as a
legal entity.
‘ Success is - little steps of deliberate actions’
– anonymous
We remain passionate
about your business success!
CONTACT US TODAY!
twitter: @ehisbebe
Phone no: 08091001173
Lagos, Nigeria.
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