Box Advisory Services

Annual Financial Statement Preparation Services

Our team of small business tax accountants can assist you with your annual financial statement preparation

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Awards & recognitions

Why Financial Statements are Important

Financial statements can provide wide-ranging benefits for business owners to determine the performance and health of a business.

Profit and loss statements can provide identify your business financial performance
Balance sheets offer a snapshot of your business assets and liabilities at a specific point in time

Financial statement preparation is important for your business to determine if the business can pay its debts when they are due (solvency).

Who Needs Financial Statements?

Financial statement preparation without any prior experience can be stressful, inaccurate and ultimately waste a lot of precious time that can instead be dedicated to focusing on your business.

Not only can we prepare your financial statements, using the insights, but we can also advise you on:

Your business direction and health
Address business shortcomings
Potential future growth

Who Our Financial Statement Preparation Suits

We prepare annual financial statements for sole traders, partnerships, companies and trusts. For most small businesses, that means a profit and loss statement and a balance sheet for the year to 30 June, and they are the basis for the tax return.

Owners need them outside tax time too. Lenders often ask for recent financial statements with a loan application, and they are the clearest record of how the business performed when you plan the year ahead or talk to a buyer or investor.

From Your Records to Finished Statements

We work from your accounting file in Xero, MYOB or QuickBooks, or from bank statements if you do not use software. We reconcile the accounts at 30 June, record year-end adjustments such as depreciation, and check balances such as loans, amounts owed to and by the business, and stock on hand.

Where something does not add up, we ask you before the statements are finalised. We also go through the statements with you, including anything that has changed a lot from the previous year.

The work happens after 30 June, once the year’s transactions are recorded. Because we are a registered tax agent, the returns that rely on the statements, such as a company tax return or trust tax return, can use the ATO lodgement program, which gives later due dates for many returns.

If your books are not up to date, our bookkeeping service can bring them current first, so the statements start from reconciled figures.

Book a free 20-minute meeting with one of our accountants for a later date, or call 1300 411 022. If a lender needs statements soon and you want to talk straight away, a paid priority appointment is available on our booking page.

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Frequently Asked Questions

A profit and loss statement for the financial year and a balance sheet showing what the business owns and owes at 30 June. We prepare them from your records, and they are the starting point for your tax return.

Most small proprietary companies do not need to lodge financial reports with ASIC, unless an exception applies, such as a direction from ASIC or from shareholders. Every business still needs records that explain its transactions, and the company tax return is prepared from its accounts.

Access to your accounting file, or your bank statements for the year, plus loan statements, details of assets you bought or sold, and any amounts customers owed you or you owed suppliers at 30 June. If you hold stock, we also need its value at 30 June.

The ATO generally requires business records to be kept for five years from when they were prepared or obtained, or when the transaction was completed, whichever is later. ASIC requires companies to keep financial records for seven years.

Book a free 20-minute meeting with one of our accountants, or call 1300 411 022. Statements are prepared after 30 June and before your tax return, so we can plan the timing around your lodgement due date.

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“A big thanks to Davie and the team for making the transition so easy.”

I run a small contracting business and have started using Boxas for my company and personal accounting. A big thanks to Davie and the team for making the transition so easy. Sean Yee in particular has been incredibly helpful starting from the first Zoom meeting we had. I've been very impressed with Sean's ability and willingness to help. 2

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I highly recommend Box Advisory Services to anyone looking for top-notch accounting services for their business. The team of at Box are genuinely outstanding, providing personalised and expert advice at every turn. Their approach to accounting is a game changer, making it easy for anyone to engage and understand the numbers behind their business. The level of care and attention I received was exceptional, and I couldn't be happier with the results. Five stars, hands down.

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Sean, Davie, and team have all been incredible! I signed up with Box Advisory Services 4 months ago and I can honestly say that it was one of the best business decisions I have made for my construction business. Their knowledge combined with their customer service are second to none. I would highly recommend them to anyone that is looking for an accountant.

Patrick

“Very approachable and knowledgeable. Highly recommended!”

I found Box Advisory Services from their director Davie Mach's YouTube channel which provides lots of valuable information on taxation for business owners like me. Have been engaging with them for a year. Very happy about their professional advice especially from Mr Sean Yee who is very approachable and knowledgeable. Highly recommended.

Owen C

“I cannot recommend Davie and his team highly enough”

I cannot recommend Davie and his team highly enough. From the moment we started working together, their approachability, dedication, and expertise were evident. They've demystified complex accounting issues, offering solutions that are both practical and efficient. Their friendly and helpful service truly stands out. For anyone looking for reliable and knowledgeable accounting support, Davie and his team are the go-to professionals!

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“Will definately be using Box Advisory services again!”

Had the pleasure of having a consultation with Sean Yee and it was pleasant to know after many different consultants and advisors that Sean was able to provide honest and truthful feedback above and beyond our expectations. Will definately be using Box Advisory services again

Nicholas Lao

“Exceeded my expectations!”

I have had the pleasure of working with Davie Mach as my accountant and I must say, he has exceeded my expectations. His professionalism and attention to detail have made the financial aspect of my business seamless and stress-free. Davie always goes above and beyond to ensure that I understand all of my financial statements and makes sure that I am fully informed of any important financial decisions that need to be made. He is always available to answer any questions I have and provides clear concise advice. I highly recommend Davie to anyone looking for an exceptional accountant who truly cares about their client's success.

Rami Alcheik

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Box Advisory Services really understands how small business work and operate. Davie is a very professional accountant and one of the best in the game. He made accounting easy to understand and I trust him to handle all my businesses. Highly recommend Box Advisory Services for anyone who looking to grow their business.

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Davie has helped me from feeling totally out of control with my personal financing no more than a year ago to getting everything in order for me to purchase a property this year. He has taught me so much and always has my best interest at heart!! It's great having him helping me with my personal finances and for my small business! Couldn't recommend this team more highly!

Barton Tanner

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I have just signed up with Box advisory services accountants and am very happy with their services. Sean Yee is very responsive and knowledgeable. He's very patient and has an awesome insight in accounts, software and financial statements. He is always happy to help me when I need help. His advice is helpful and meets you where you are in terms of sophistication. He simplifies everything so I am able to understand and goes the extra mile to make sure I understand. I would definitely recommend their services!

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