Balance sheet
Assets, liabilities and equity, each figure backed by a reconciled ledger and a schedule.
All accounting & bookkeeping services
Accounting & Bookkeeping
Financial Statements
FinAura prepares your financial statements: balance sheet, profit and loss, cash-flow statement and notes, in the Schedule III format for companies and the right format for LLPs and firms. Every account is reconciled first, and a Chartered Accountant reviews the statements before they go to your auditor, the Registrar or the tax department.
- Reviewed by Chartered Accountants
- Zoho Books and Tally Prime
- Bangalore and across India
What is covered
What We Prepare
A complete set of financial statements, with the reconciled ledgers and schedules behind every figure.
Profit and loss
Income and expenses classified the way the format requires, with year-end adjustments booked.
Cash-flow statement
Where cash came from and where it went, for companies that must present one and businesses that want one.
Notes and schedules
Accounting policies, ageing schedules, related-party details and the other notes the format asks for.
Year-end adjustments
Depreciation, provisions, prepaid and outstanding items, and stock valuation booked before the books are closed.
Audit support
The trial balance, schedules and explanations your statutory or tax auditor asks for, ready before they ask.
How the month runs
How Finalisation Runs
Four steps from the trial balance to a final set your auditor can sign off.
Step 1
Check the books
- Trial balance reviewed
- Every account reconciled
- Gaps listed for you
Step 2
Year-end entries
- Depreciation booked
- Provisions and accruals
- Stock valued
Step 3
Draft statements
- Statements in the right format
- Notes and schedules
- CA review
Step 4
Finalise
- Your questions answered
- Auditor's queries handled
- Final set for filing
Your part
What We Need From You
- 01Access to your books, or the trial balance and ledgers
- 02Bank statements and loan statements for the year
- 03Fixed asset purchases and sales during the year
- 04Closing stock details, if you hold stock
- 05Board decisions that affect the accounts
Our part
What You Get
- Balance sheet, profit and loss and cash-flow statement
- Notes and schedules in the required format
- Reconciled ledgers behind every figure
- A file your auditor can work from directly
- Statements ready for ROC and income-tax filings
- A short call explaining what the year's numbers say
A common question
Who prepares financial statements, and who audits them?
Management prepares the financial statements; the statutory auditor gives an opinion on them. The two roles are kept apart on purpose, so the auditor can test the numbers independently.
FinAura prepares the statements and supports your appointed auditor with schedules and explanations. If we prepare your statements, we do not also audit them.
See ROC and corporate complianceAudit opinionGiven by your appointed auditor
Financial statementsPrepared by FinAura, reviewed by a CA
BooksEvery transaction recorded and reconciled
Who it is for
Who We Prepare Statements For
Private limited companies
Statements in the Schedule III format, ready for the audit and the annual ROC filing.
LLPs
Statements of account and solvency, ready for the annual LLP filings.
Partnership firms and proprietors
Statements for the tax return, the tax audit and the bank.
Startups raising money
Clean, reviewed statements for due diligence and the data room.
The rules, in plain English
What the Law Asks of Your Books
Companies Act, 2013
Section 128
Every company keeps books of account that give a true and fair view of its affairs, at its registered office or another place the Board decides, and preserves them for at least the eight financial years before the current one.
Official source: mca.gov.inCompanies (Accounts) Rules, 2014
Rule 3
Books kept electronically must stay accessible in India at all times, with a daily back-up on servers physically in India. For financial years starting on or after 1 April 2023, the accounting software must keep an audit trail of every change that cannot be switched off.
Official source: mca.gov.inCGST Act, 2017
Sections 35 and 36
Every GST-registered business keeps its accounts and records at its principal place of business and retains them for 72 months from the due date of the annual return for that year, or longer while an appeal or proceeding is open.
Official source: cbic-gst.gov.inIncome-tax law
Books and tax audit
Businesses and professions above the prescribed limits must keep books of account, and a tax audit follows above further limits. The limits change from time to time, so we confirm which apply to you before the year starts.
Official source: incometax.gov.inThis is general information, not advice for your situation; we confirm what applies to you before any work starts.
Questions we get asked
Financial Statement Questions, Answered
What are the main financial statements?
The balance sheet, the statement of profit and loss, the cash-flow statement where required, and the notes to accounts, including accounting policies and schedules.
What is Schedule III?
Schedule III to the Companies Act, 2013 sets the format in which companies present their balance sheet and profit and loss, including the notes and disclosures that go with them.
Do you also do the audit?
No. The statutory audit is done by your appointed auditor. We prepare the statements and support the audit; preparing and auditing the same statements would not be independent.
Can you prepare statements if our books are incomplete?
Yes. We first bring the books current and reconcile every account, then prepare the statements. This is often done together with a clean-up project.
Do you prepare Ind AS financial statements?
Companies that fall under Ind AS present their statements under it; most smaller companies follow the Accounting Standards. We confirm which applies to you and prepare the statements accordingly.
How long does finalisation take?
It depends on the state of the books. With books kept current through the year it is a matter of weeks; with a backlog, the clean-up comes first.
Often Taken Together
All 10 Accounting & Bookkeeping services01Accounting & BookkeepingBookkeepingDaily or weekly recording of sales, purchases, expenses and bank entries, with every entry coded to the right ledger and GST head.02Accounting & BookkeepingAccounting Clean-Up and BacklogBehind on your books? We bring them current, fix wrong classifications, rebuild missing periods and reconcile every account before normal monthly work starts.03Accounting & BookkeepingFixed Asset Register and DepreciationA register of every asset with dates, costs and useful lives, and depreciation computed under the Companies Act and the Income-tax Act.04Accounting & BookkeepingInventory AccountingStock movements, valuation and cost of goods sold recorded so margins are real and stock on the books matches stock on the floor.05Tax & ComplianceROC & Corporate ComplianceAnnual ROC filings, director KYC, event-based filings and LLP to company conversion.06Tax & ComplianceTaxationGST, income tax, TDS, tax planning and notice replies, from reconciled data.