Financial statement preparation for Sydney businesses
Financial statement preparation for companies, trusts and partnerships across Kellyville and greater Sydney, prepared and reviewed under the oversight of a CPA-qualified, registered tax agent.
What financial statement preparation involves
Financial statement preparation turns your business’s financial records into a formal profit and loss statement, balance sheet and supporting notes, ready for the ATO, a lender, or your own decision-making. Companies, trusts and partnerships generally need formal financial statements each year, while sole traders with simple income and expenses often only need an income tax return.
SMA Business Advisory prepares financial statements as part of a connected compliance picture rather than a standalone task. Manraj Singh, a CPA-qualified, registered tax agent with 15+ years’ experience, oversees every set, working from your existing accounting records.
From your records to a
finished set of statements
We take your accounting records and turn them into financial statements you, your lender and the ATO can rely on, then walk you through what they show before they go anywhere else.
- Profit and loss statement
- Balance sheet
- Supporting schedules & reconciliations
- Review & walkthrough
Prepared by the adviser who handles the rest of your compliance
Your financial statements are prepared by the same adviser who handles your tax return and BAS, so the figures are consistent across every lodgement and nothing is lost in a handover between different people.
As a boutique practice, turnaround is set by when your work is genuinely ready, not by a queue inside a larger firm, which matters most if you’re a company, trust or partnership working to a bank or investor deadline.
- Companies, trusts and partnerships prepared correctly, not treated as a generic template
- Statements reconciled against your tax and BAS figures for consistency
- Direct access to the CPA responsible for your statements, with continuity from start to finish
- A plain-English walkthrough of your numbers before they go anywhere else
Frequently asked questions
Answers to the questions we hear most often. If you can’t find what you’re looking for, get in touch and we’ll be happy to help.
What's the difference between financial statements and a tax return?
Financial statements report your business’s financial position and performance for a period. Your income tax return is a separate lodgement to the ATO based on those figures. Most businesses need both.
Do I need financial statements if I'm a sole trader?
Not always. Sole traders often only need an income tax return. Companies, trusts and partnerships generally do need formal financial statements.
How often do I need financial statements prepared?
Most businesses prepare them annually, aligned to the financial year. Some businesses with lenders or investors need them more frequently, which we can arrange.
Can you prepare financial statements from Xero or MYOB?
Yes. We work in Xero for all clients. If you’re on MYOB, we’ll bring your figures across and keep your existing file reconciled with adjusting journals.
Will my financial statements be ready in time for my bank or loan application?
We work to your deadline where possible. Let us know upfront if you have a bank or lender waiting on your statements, so we can prioritise accordingly.
Do you prepare financial statements for trusts and partnerships, as well as companies?
Yes, we prepare financial statements for companies, trusts, partnerships and sole traders who need them.
What records do you need from me to prepare financial statements?
Typically your accounting software file or ledger access, bank statements, loan statements, and details of any asset purchases or sales during the period. We’ll give you a specific checklist once we understand your business.
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