Trial balance mapping and ledger review
We agree the source records, approval points, exception-handling process and handover output for this workstream, keeping responsibilities clear between client management and the accounting team.
Accounting & Bookkeeping · Elite Accounting
Financial Statement Preparation Services
Review-ready profit and loss, balance sheet and supporting schedules from accurate records. Reliable financial statements depend on more than exporting a trial balance. The process requires reconciled records, suitable accounting policies, adjustments and review of disclosure requirements that apply to the entity.
Financial Statement PreparationElite Accounting Services · PondicherryScope-based pricing · Records reviewed securely · No invented guarantees
What is financial statement preparation?
Financial records that support better decisions.
Reliable financial statements depend on more than exporting a trial balance. The process requires reconciled records, suitable accounting policies, adjustments and review of disclosure requirements that apply to the entity. Our approach starts by assessing existing records, business workflows and statutory obligations, so each engagement is designed around real needs rather than a generic one-price-fits-all package. The agreed outputs, review roles, responsibilities and turnaround are documented before work begins.
Detailed service scope
What our financial statement preparation service can include
Six practical workstreams. The final service specification depends on transaction volume, business structure, records, software and required review.
Bank, payable, receivable and fixed-asset reconciliations
We agree the source records, approval points, exception-handling process and handover output for this workstream, keeping responsibilities clear between client management and the accounting team.
Accruals, provisions and adjustment schedules
We agree the source records, approval points, exception-handling process and handover output for this workstream, keeping responsibilities clear between client management and the accounting team.
Draft statement of profit and loss and balance sheet
We agree the source records, approval points, exception-handling process and handover output for this workstream, keeping responsibilities clear between client management and the accounting team.
Cash-flow and notes coordination where applicable
We agree the source records, approval points, exception-handling process and handover output for this workstream, keeping responsibilities clear between client management and the accounting team.
Supporting schedules and qualified review handover
We agree the source records, approval points, exception-handling process and handover output for this workstream, keeping responsibilities clear between client management and the accounting team.
Ideal customers
Who benefits from this service?
We assess whether this engagement matches your records, company stage and the decisions you need to make.
01 · Client situation
Companies preparing financial statements for statutory review
02 · Client situation
SMEs needing P&L, balance sheet and cash-flow information
03 · Client situation
Businesses preparing records for lenders or investor discussions
Onboarding checklist
Documents and information required
Gather these records to help us assess the work. This is a starting checklist rather than a request to send confidential information through unsecured email.
01 · Final ledger and trial balance for the reporting period
Confirm the period and completeness of this record. We will identify any missing supporting evidence during onboarding.
02 · Prior-year signed accounts and comparative figures
Confirm the period and completeness of this record. We will identify any missing supporting evidence during onboarding.
03 · Bank, receivable, payable and loan confirmations
Confirm the period and completeness of this record. We will identify any missing supporting evidence during onboarding.
04 · Fixed-asset and inventory details
Confirm the period and completeness of this record. We will identify any missing supporting evidence during onboarding.
05 · Tax balances and contingent liability information
Confirm the period and completeness of this record. We will identify any missing supporting evidence during onboarding.
06 · Accounting policy and material contract information
Confirm the period and completeness of this record. We will identify any missing supporting evidence during onboarding.
Security: Do not send passwords, raw banking credentials, PAN/Aadhaar scans or employee personal information by unapproved channels. Agree secure access permissions and document transfer first.
Step-by-step process
How the engagement works
From first review through reporting, each stage has a practical output and approval checkpoint.
Determine applicable reporting framework
Assess entity type and whether Schedule III, relevant Accounting Standards or Ind AS requirements apply.
Reconcile source balances
Review control accounts, supporting schedules, cutoffs and significant unreconciled items.
Prepare adjustment workings
Document accruals, depreciation, provisions and classification issues for appropriate approval.
Build the draft statements
Prepare statements and supporting schedules consistent with applicable format requirements.
Send for review and approval
Hand over the working papers to authorized management and qualified audit/sign-off professionals as required.
Expected handover
What you receive
These are potential outputs rather than an unconditional promise. Each must be listed in the signed scope and supported by adequate records.
- Draft profit and loss statement
- Draft balance sheet and selected cash-flow statement if scoped
- Schedules and accounting-policy notes where relevant
- Adjustment journal and reconciliation workpapers
- Management/auditor review query list
What is not automatically included
- Audit assurance or statutory audit opinion
- Independent valuation, legal opinions and certification
- Automatic compliance with all accounting standards without entity review
Formal audit, certification, regulated tax representation and statutory sign-off require appropriately qualified practitioners and a separate engagement where applicable.
Fees and value
How we determine a suitable quotation
We do not advertise an unverified fixed price. We review transaction and account volumes, business structure, outstanding records, payroll, required reports and the level of review before quoting. Government fees, software subscriptions, tax filing and other external charges are identified separately when applicable.
Frequently asked questions
Financial Statement Preparation FAQs
Practical answers to commercial and operational questions. Tax and statutory requirements must be reviewed against current official rules and the facts of the engagement.
What financial statements can you prepare?
Depending on the entity and agreement, draft P&L, balance sheet, cash-flow information and notes or schedules may be prepared.
Do companies need Schedule III financial statements?
Applicable companies follow the presentation and disclosure framework relevant to their financial reporting regime, including Schedule III requirements.
Can you prepare statements from incomplete books?
Incomplete books normally require cleanup, missing evidence and reconciliations before reliable statements can be produced.
Can you sign or certify the financial statements?
The responsible authorized company signatories and applicable qualified professionals must fulfil statutory sign-off requirements.
Does preparation include a statutory audit?
No. An audit opinion is a separate independent engagement.
What is the difference between management accounts and statutory accounts?
Management accounts are internal decision reports; statutory accounts must follow the entity's applicable presentation and regulatory rules.
Do you provide comparative prior-year figures?
Where required under the reporting framework, comparative figures should be included from appropriate prior records.
Can statements be prepared for a bank loan?
A management or lender information pack can be scoped; lender-specific certification, audit or verification remains separate.
How are depreciation and provisions treated?
They are assessed under the applicable accounting framework, policies and supporting records and approved by responsible management.
Can you help with Ind AS accounts?
Ind AS applicability and the qualifications needed for complex reporting should be reviewed before accepting the scope.
Do you prepare consolidated financial statements?
Consolidation is a specialist engagement requiring entity, intercompany and reporting-standard review.
How long does preparation take?
Timing depends on record completeness, accounting complexity, reporting framework and review feedback; no universal turnaround is guaranteed.
Related expertise
Other accounting services
Find the right supporting service rather than paying for unrelated work.
Official information: Companies Act Section 128 ↗ · Schedule III financial statements ↗. Source links explain the relevant framework and do not endorse or certify Elite Accounting.
Discuss your requirements
Get a tailored financial statement preparation proposal.
Share your business type, approximate transaction volume and required reports. We'll identify the appropriate scope, exclusions, professional responsibilities and fee before proceeding.
Elite Accounting ServicesCall +91 90927 19929 ↗Email info@eliteaccounting.co.in ↗Consultation Information ↗
2nd Floor, No.52, Canteen St, Heritage Town, Pondicherry – 605001