If you are starting a business, one of the first things you need to do is open up an account with ACRA. When it comes to opening this account, there are certain documents and information they will request from you before your application can be approved. These include several different forms of identification and tax returns for both yourself and your business.
What do you need before submitting for an account with ACRA:
-Your identification card and passport
-The company’s tax returns for the past two years
-Information about your business, such as its name, address, and registered capital
The next step is to understand what acra financial statements will provide for your business. We have outlined what each statement means and how you can use it to make informed decisions about your company below:
-Balance Sheet: This statement shows a company’s assets, liabilities, and net worth at a specific point. It is used to measure a company’s financial health and stability.
-Income Statement: This statement shows how much revenue a company has earned over a specific period. It is used to measure a company’s profitability.
-Statement of Changes in Equity: This statement shows the changes in a company’s equity over time. It is used to measure the amount of money that has been added or removed from a company’s equity.
In conclusion, ACRA’s financial statements are an important tool for measuring a company’s financial health and stability.