What Our Financial Statements Service Includes
Financial statements are the foundation of sound business management and regulatory compliance. They provide directors, shareholders, lenders, regulators and other stakeholders with a structured view of a company's financial health. At Said Accounting, Steve Said prepares financial statements that are not only compliant with applicable standards but also genuinely useful as decision-making tools for business owners and management teams.
Our financial statements preparation service covers the full suite of primary statements required under Maltese law and applicable accounting frameworks. This includes the statement of financial position, commonly known as the balance sheet, which presents a snapshot of your company's assets, liabilities and equity at a specific date. It also includes the statement of comprehensive income, which details your revenues, expenses and profit or loss for the reporting period. Where required, we also prepare the statement of changes in equity, showing movements in share capital, retained earnings and other reserves, as well as the statement of cash flows, which analyses the sources and uses of cash during the period.
The notes to the financial statements are equally important. These provide essential context and detail that cannot be conveyed through the primary statements alone. Steve prepares comprehensive notes covering accounting policies, breakdown of key balances, related party transactions, contingent liabilities, post-balance sheet events and all other disclosures required by the applicable reporting framework. Each note is drafted with clarity, ensuring that readers can understand the information without needing specialist accounting knowledge.
In addition to statutory financial statements, we prepare tailored financial reports for specific purposes. These include management accounts for internal use, financial statements for bank loan applications, reports for potential investors or acquirers, and financial information required for regulatory submissions. Whatever the purpose, Steve ensures the financial statements are fit for their intended use and present the information in the most appropriate format.
Who This Service Is For
Our financial statements service is relevant to any business or organisation in Malta that needs professionally prepared financial reports. This includes limited liability companies fulfilling their statutory obligations under the Companies Act, partnerships and sole traders seeking structured financial reporting, non-profit organisations and clubs with reporting requirements, and branches of foreign companies operating in Malta that need to prepare local financial statements for regulatory purposes.
We also serve businesses at different stages of their lifecycle. Start-up companies benefit from our guidance on establishing appropriate accounting policies and chart of accounts structures from the outset. Growing businesses rely on us for timely, accurate financial statements that support funding applications and strategic planning. Established companies value our consistency and attention to detail in their annual reporting cycle.
If you are a director or business owner who wants to understand your company's financial position clearly and meet your compliance obligations without stress, our financial statements service is designed for you. Steve takes a hands-on approach, working directly with you to ensure the statements reflect the true economic substance of your business activities.
Why Choose Said Accounting for Financial Statements
The quality of your financial statements reflects directly on your business. Banks, investors, auditors and regulators all form impressions based on the clarity, accuracy and professionalism of your financial reporting. Steve Said's ACCA qualification and Certified Public Accountant warrant ensure that your statements meet the highest professional standards. His training encompasses both International Financial Reporting Standards and local Maltese accounting requirements, giving you confidence that the correct framework is applied and all disclosures are complete.
What distinguishes Said Accounting is the personal attention each set of financial statements receives. Steve does not delegate your accounts to junior staff or use a production-line approach. He works directly with your financial data, understanding the transactions behind the numbers and ensuring that the statements tell an accurate and complete story. This hands-on involvement means errors are caught early, unusual items are properly investigated and the final product is something you can present with confidence to any audience.
We also recognise that financial statements serve a purpose beyond compliance. They should help you understand where your business stands financially, where the opportunities lie and where the risks are. Steve routinely discusses the financial statements with clients, highlighting key ratios, trends and areas that may warrant management attention. This advisory element adds significant value beyond the accounting work itself and is included as part of our standard service.
Confidentiality and data security are fundamental to our practice. All client financial information is handled with strict professional care, in accordance with the ethical requirements of the ACCA and Maltese CPA regulations. Your financial data is stored securely and shared only with parties you authorise.
How the Process Works
Step 1 - Understanding Your Requirements: Every engagement begins with a conversation about your specific needs. Steve determines the applicable reporting framework, the intended audience for the financial statements and any particular reporting requirements. This ensures the statements are prepared in the right format from the start.
Step 2 - Data Collection and Review: We gather your accounting records, which may include trial balance exports, bank statements, invoices, contracts, loan agreements and payroll data. Steve reviews the completeness and accuracy of the underlying records, flagging any gaps or inconsistencies that need to be resolved before the statements can be prepared.
Step 3 - Adjustments and Computations: Based on the review, Steve prepares all necessary adjusting entries. These may include accruals, prepayments, depreciation charges, provisions, foreign currency translations and any other adjustments needed to ensure the financial statements are prepared on the correct basis. A detailed schedule of adjustments is maintained for your records and for audit purposes.
Step 4 - Statement Preparation: The primary financial statements and notes are prepared using professional templates that comply with the relevant reporting framework. Steve cross-checks all figures for internal consistency, ensures the statements balance and verifies that all required disclosures are included.
Step 5 - Presentation and Discussion: The draft financial statements are shared with you for review. Steve schedules a meeting to walk through the key figures, explain any significant items and answer your questions. Any amendments are made based on your feedback, and the final version is prepared for signature.
Step 6 - Finalisation and Filing: Once approved and signed by the directors, the financial statements are ready for filing with the Malta Business Registry and submission to your auditors if applicable. We retain copies of all working papers and supporting documentation in an organised format for future reference.
Reporting Frameworks in Malta
Companies in Malta generally prepare their financial statements under one of two frameworks. The General Accounting Principles for Smaller Entities (GAPSE) is the standard used by most small and medium-sized companies. It offers a simplified set of recognition, measurement and disclosure requirements that are proportionate to the needs of smaller businesses. International Financial Reporting Standards (IFRS) are used by larger companies, entities with public accountability, and companies in regulated industries such as banking, insurance and financial services.
Choosing the right framework is important because it affects the level of disclosure, the measurement bases used for assets and liabilities, and the overall complexity of the financial statements. Steve advises every client on the most appropriate framework for their circumstances, taking into account statutory requirements, the needs of key stakeholders and the cost-benefit of more detailed reporting.
Frequently Asked Questions
What is the difference between financial statements and annual accounts?
The terms are often used interchangeably in Malta. Annual accounts typically refer to the complete statutory package filed with the Malta Business Registry, which includes the financial statements, the directors' report and any auditor's report. Financial statements specifically refer to the primary accounting documents: the balance sheet, profit and loss account, cash flow statement and accompanying notes.
Can you prepare financial statements for a bank loan application?
Yes, we regularly prepare financial statements and projections for clients applying for bank loans or other forms of financing. Steve understands what banks look for and can prepare financial information in a format that supports your application. This may include historical financial statements, projected profit and loss accounts, cash flow forecasts and sensitivity analyses.
How often should financial statements be prepared?
Statutory financial statements must be prepared at least annually. However, many businesses benefit from more frequent financial reporting. We can prepare monthly or quarterly management accounts that give you a regular view of your financial performance, helping you identify issues early and make informed business decisions throughout the year.
What if my accounting records are not up to date?
We can help. Steve has extensive experience in bringing accounting records up to date from incomplete or disorganised source documents. We can reconstruct your records from bank statements, invoices and other available documentation, then prepare the financial statements from the completed records. We also offer ongoing bookkeeping services to keep your records current going forward.
Do you prepare consolidated financial statements?
Yes, for groups of companies that require consolidated reporting, Steve can prepare consolidated financial statements in accordance with IFRS or GAPSE as applicable. This involves eliminating intercompany transactions, aligning accounting policies across group entities and presenting the financial position and performance of the group as a single economic entity.