The Diversa Group

A business is an ongoing entity that does not run itself. Good management and financial controls are essential for the success of the business. Good financial management is not guesswork and to do it properly you must have the tools to work with. You need current, accurate and well organized accounting records, a well thought out budget and regular financial statements. These tools may not provide you all the answers to your financial concerns but they will help you make sound decisions regarding your business.

Accounting
Preparing and maintaining adequate financial records is critical to business success and profitability. Accurate accounting records are essential for business planning and useful tools for management in making informed decisions. They can be simple or complex depending on the size of the business. There are many software systems available for maintaining accounting records. Whatever accounting system you use for your business it should be able to provide:

Detailed operating statements
A comparison of current actual results to budgets and prior periods
Financial statements suitable for use by management and creditors
Information for tax returns and reports to regulatory agencies
Sufficient control to protect assets and detect errors

Budgeting
A budget is a comprehensive financial plan setting forth the expected route for achieving the financial and operational goals of an organization. By its very nature, a budget is a series of future estimates that are expressed in financial terms and acts as a standard against which actual financial performance is measured. A budget is prepared before the beginning of the organization’s fiscal year and is used during the year to compare and measure actual financial performance.

Financial reporting
Financial reporting is the end product of the financial management process. It summarizes all the financial transactions of the company and should be done on a consistent basis throughout the year and is the yard stick by which an organization's financial conditions are measured at a specific time during the year. Financial reporting includes, but is not necessarily limited to, an income statement, balance sheet and cash flow statements. The effectiveness of planning and decision making in an organization depends largely on the ability of the financial reports to help people understand and make decisions. Therefore, the reports should be accurate, simple, clear and timely.

The Diversa Group has the resources and expertise to assist you with your accounting, budgeting and financial reporting needs.