Financial Reporting Services

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Financial reporting services include the collection, analysis, summarization, and performance of the financial well-being of a business. Our financial reporting Solutions can provide your organization access to the following:

  • Save on the time in examining and preparing financial reports
  • Avoid spending money on expensive financial reporting software
  • Enhanced and practical decision making
  • Accurate and error-free analysis of data

Financial Reporting

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Financial reporting and auditing is a practice held by all organizations or businesses, in particular, to analyze and evaluate a company’s financial performance over the past financial years and how the company is performing QoQ (Quarter on Quarter). In simple terms, financial reports will provide the organization with an analysis of how organizations have performed in the past and how they are operating now.

LegalRaasta Consulting provides Financial Reporting Services to clients that allow them to understand the financial health of their organization, as well as being helpful and needed by financial institutions and investors, other than being used internally, let’s say for budgets, etc. In a medium to small business with lenders or development plans that may involve investors, reliable and timely created financial statements are an imperative feature. On an ongoing basis, our team takes pride in delivering multiple financial statements customized to the needs of each individual customer. Some of the activities performed by us are counting cash flow statements, balance sheets, and income statements. In your business, you can also understand how virtual bookkeeping services help.

Financial reporting provides you with a consistent performance viewpoint. It generates accountability, which gives an accurate understanding of the health of your business.

With financial statements, you should be able to answer the following questions: 

  • Are your rates efficient?
  • Is your company (earning more than in the past) growing?
  • What clients invest the most?

The most enjoyable aspect of running a corporation is not bookkeeping. But why not take advantage of financial reporting, because you have to record transactions?

Set aside time each month to compile and review financial reports and to make good decisions for your company using what you understand.

In general, financial reporting offers details on the performance of a company’s operations, financial status, and cash flows. The argument is checked by readers to determine the distribution of resources.

Financial reporting is a way to follow common accounting procedures to provide a detailed representation of the finances of a business, including:

  • Revenues
  • Expenses
  • Profits
  • Capital
  • Cashflow

The financial reports that help business owners a great deal to run their business smoothly are below:

  • External financial statements (income statement, detailed income statement, balance sheet, cash flow statement, and equity statement of stockholders)

  • Records to the financial statements

  • Communication by news releases and conference calls about quarterly earnings and related details

  • Reports to stockholders on quarterly and annual terms

  • Financial information posted on the website of a company

  • Government agencies’ financial reports, including quarterly and annual reports, to the Securities and Exchange Commission (SEC)

  • Records on the sale of common stock and other securities

At Legalraasta, we are committed to sending correct financial statements and reports to our customers. We are in strict compliance with the various laws and regulations applicable to different parts of the world and are well aware of the reporting requirements of IFRS and GAAP. Furthermore, the Financial Analysis and Monitoring team keeps itself updated on new trends and best practices.

The outsourced financial statement and reporting services offered by Legalraasta include the auditing, analysis, and compilation of financial statements. You can get a good picture of your company’s financial position on every given date through our services and insights and can make informed decisions. You will also have the time and money to concentrate on the core competencies of your company by selecting Legalraasta as a partner.

  • Customized account settlement and reconciling

  • The adjustable period for handling reconciliations

  • Complete report generation

  • Valid bank reconciliation services and general ledger upholding

  • Credit card reconciliation

  • Balance sheet account adjustment for a clear knowledge of assets and liabilities

  • Accounts receivable & Accounts payable reconciliation

  • Comprehensive check sequencing

Income Statement


The income statement summarizes the costs, expenses, and earnings over a period of time. This period will usually be a year or a quarter of the financial. This financial report provides information on the organization’s ability to make a profit by reducing costs and increasing revenue. The income statement is one of the most important statements prepared during the financial reporting period. The report is also called the ‘profit and loss statement’, the profit and loss statement ‘, or the’ income and expense statement ‘.

Monthly Income Statement


Monthly income statements are prepared to provide a summary of the latest twelve-month period. These statements are displayed monthly.

Balance Sheet


The balance sheet is the most essential financial statement in the business needed. A sheet showing the net balance of an organization, assets, and liabilities on a particular day.

Cash Flow Statement


This statement provides an overview of the organization’s financial activities. This includes organizational investment, funding, and performance. The cash flow statement also reflects the organization’s initial and final estimates. The statement also highlights the use and resources of the year.

Bank Reconciliation Report


The bank reconciliation report provides details about the balance of funds reflected in the organisation’s books on a particular date. The report pays this balance and the amount shown in the bank’s bank statement.

Payroll Register


The payroll file reveals data in alphabetical order about all the employees who were paid in a particular month. It shows the income tax and other fully paid exemptions.

Journal Entry and Check Register


The journal entry register shows checks written for a particular month. The register associates check with ordinary book accounts charged. The register also shows the dates on which the check was written.
Details General Ledger Report
This report outlines all the activities of the organization for a particular month.

Business Analysis Report


Financial information from the income statement, cash flow statement, and balance sheet is given in the business analysis report. This information is used effectively to calculate important performance metrics. This report can help you and analyze your organization’s financial performance.

Financial Analysis Report


This report examines the balance of the last month and the balance of the previous month. Changes in equity, assets, and liabilities are expressed in the report.

Performance Analysis Report


This report presents costs, costs, and sales by category. For each type of sale, total profits and the percentage of maximum profits are shown. This is also true of costs. The report shows details about a particular month and compares data between current and past years. We may also provide you with management reporting services, sales reports, sales tax reports, and purchase reports.

  • In preparing, developing, supporting, and sustaining financial structures within their company, companies need constant hands-on support.

  • These financial systems are critical for monitoring a company’s monthly, quarterly, and annual financial performance and growth.

  • These financial formations and the reports they help produce help businesses build growth projections and accurately understand their current financial condition, helping them to provide a much more accurate representation of how their organization is progressing.

  • In developing, tracking, and reviewing KPIs for the organization as a whole, these reports are also crucial.

  • At Legalraasta, we understand that in developing a sustainable business model, these insights will prove invaluable by providing companies with clarity in their financial transactions.

  • Accurate and timely financial reporting services will assist business owners by using the actionable data generated to make informed business decisions to drive their growth.

  • If you are a company owner looking to grow, stabilize or assess your company’s financial sustainability, then choosing us to be your partner in outsourced financial reporting services will help your company achieve its financial objectives.

Getting used to preparing financial reports is good. However, it does not make sense to collect data and not use it. Calculate important small business finance estimates and look at the details in your reports to make decisions.

Ratios from the system of financial reporting

The following are only a few insights from financial statements that you can get.

Operating Margin


Compared to the overall revenue you make, the operating margin reflects how much profit you take home. It compares revenues to net revenue, in other words.
To find the operating margin, use the income statement. Divide the operating income by net revenue (before interest and tax expenses) (revenue minus expenses). The margin of service is shown as a percentage.

Ratio of debt-to-equity


The ratio of debt to equity measures how much you owe to how much you own. Find the debt-to-equity ratio using the balance sheet. To see how much debt you have vs. how much equity you have, divide liabilities by equity. More equity than debt is what you want.

Working capital


Operating income is the amount of money you have after paying off temporary debts. You use the working money to pay for daily activities. Use the balance to earn operating income by deducting current debts from current assets. Another related and useful measure is the fast rate. The purpose of a quick measure is to determine how easily your business can meet your short-term debt.

  • Articulate your ambitions: Make sure you have specific short and long-term goals that are quantifiable.

  • Guide your reporting: To make informed decisions, define the financial insights or key performance indicators (KPIs) you need.

  • Regulate and equip your staff: ensure that they have the skill, attitude, and bandwidth; or outsource them to prevent the headaches associated with the internal management of your finance team.

  • Choose the right tools: Software packages help keep your data organized, safe, and accessible.

  • Ensure precision: Make sure that there are internal controls in place.

  • Consistency of demand: Define and record standard operating procedures and preserve compliance.

  • Produce timely, consumable information: produce monthly reports that are easy to thoroughly read and review.

  • Know your cash position: As mentioned above, the availability of cash will make or break your company when it’s required.

There are some variations in internal and external financial reporting that any interested party must be aware of. Internal financial reporting is a corporate procedure involving compiling financial reports for use of the company on a regular basis. Sensitive information is found in the records, such as business metrics, financial performance, performance indicators, etc. They are meant to be perceived only by people working inside the organization.

External reporting, on the other hand, includes the processing of financial details to be circulated to individuals outside the company. External reports do not contain confidential details about the organization, unlike internal reports. External report recipients include prospective buyers, shareholders, and creditors who expect the reports to determine the company’s financial condition. The chief external financial reports cover the income statement, balance sheet, and statement of cash flows.

To make statement formation simpler, you can use financial reporting software. Basic accounting software compiles details and creates correct statements for you from your accounts. You can view your reports from anywhere with an internet connection if you use an online solution.

To build financial reports, you can also use a simple spreadsheet. But, this could take more time. And the use of a spreadsheet increases the likelihood of mistakes in the financial reports.

Our expertise in Financial Management and Reporting Services will help customers transform their finance functions to ensure that they meet the current challenges and develop a potential finance function. We aim to work efficiently as a “CFO Advisor.” In meeting the requirements of new accounting standards and legislation, we will help finance functions and take advantage of new processes and innovations to achieve a balance between efficiency, risk, and control. Our expertise in Financial Reporting Services helps customers with a variety of important topics, including:

  • Global Conversion Services: transforming to IFRS and US GAAP
  • Effectiveness of Close Quality and Finance Feature – Enhancing the pace and quality of financial closure and reporting processes
  • Reporting, budgeting, and forecasting Management
  • Accounting and Monitoring Incorporation post-deal
  • The readiness of Capital Markets (IPO)
  • Support in Accounting services

Financial Reporting

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