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Accounting & Financial
Reporting

Accounting & Financial Reporting involves recording, summarizing, and presenting a company's financial transactions and performance.

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We help keep your business finances in order and provide clear financial reports so you can make smart decisions. Our team ensures compliance with all regulations and offers insights to improve your financial health

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Accounting is the process of recording and summarizing your financial transactions to give a clear picture of your business’s financial health. We handle everything from sales, expenses, and profits to ensure all your records are accurate and comply with legal standards.
 
Financial reporting involves preparing key documents like income statements, balance sheets, and cash flow statements. These reports help you understand your company’s financial performance and position, giving you valuable insights into how your business is doing.
 

Accounting ensures that every financial transaction is properly recorded, helping you track your business’s financial activities. It’s crucial for tax compliance, monitoring cash flow, and making informed business decisions.

The main financial statements we prepare for you include:
 
1.Income Statement: This shows your profits or losses over a set period.
2.Balance Sheet: It provides a snapshot of your assets, liabilities, and equity at any given moment.
3.Cash Flow Statement: This tracks how cash is coming in and out of your business, which helps you manage liquidity.
 Accounting can be performed by in-house accountants, external accounting firms, or freelancers, depending on the size and needs of the business.
 
Financial reports are typically prepared at the end of each financial year. In Sri Lanka, businesses usually submit their reports by November 30th for the previous financial year.
 
 We recommend updating your records regularly, ideally on a daily or weekly basis, so that your financial data remains accurate and current. This way, you’ll always have a clear view of your business's finances.
 
In accrual accounting, you record transactions when they happen, not when cash is paid. Cash basis accounting only records transactions when money changes hands. Larger companies must use accrual accounting.
 
Financial reporting helps you make informed decisions by providing an accurate view of your business’s performance. It also ensures compliance with tax regulations and can help you attract investors or secure financing.
 
As your accounting partner, we can handle your business’s accounting and financial reporting. We ensure everything is up to date, accurate, and in compliance with the necessary regulations.For further details contact us by calling 011-4541100
 
Yes, even small businesses need financial reporting. It helps you track your financial health, ensures tax compliance, and gives you the information needed to make smarter business decisions and grow your business
 
Accounting is about recording and organizing your financial transactions, while auditing is an independent review to ensure your financial statements are accurate and comply with all regulations. We manage your accounting, but an auditor will review everything to provide an extra layer of verification.
 

You must submit annual reports to the Inland Revenue Department. If your company is listed, you also need to submit quarterly reports to the Colombo Stock Exchange.

Yes, you need to file your Income Tax Return with the Inland Revenue Department based on your financial records. The return is due by November 30th for the year ending on March 31st.
 

The company secretary helps ensure that the company follows all legal requirements, and keeps the company records updated.

You need to file VAT returns either monthly or quarterly depending on your business size. This is done with the Inland Revenue Department based on the VAT collected from sales and paid on purchases. If you need any assistance with it, here we are to help you.

Reliable auditing, assurance, and secretarial services to support your business growth.
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  • consult@accsense.lk
  • +94 114 541 100
  • +94 702400011
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