FAQs: Financial Reporting Services

1. What is financial reporting, and why is it important?

Financial reporting involves preparing structured reports that summarise your business’s financial performance and position. These reports:

• Help in making informed business decisions
• Are often required for tax, audit, and investor purposes
• Show how well your business is performing and where improvements are needed
• Help attract funding and meet regulatory compliance

2. What types of financial reports do you prepare?

At One Sphere Solutions, we generate:

• Income Statements (Profit & Loss) – showing revenue, expenses, and net income
• Balance Sheets – showing assets, liabilities, and equity
• Cash Flow Statements – tracking cash inflows and outflows
• Budget vs. Actual Reports – comparing forecasted to real performance
• Custom financial dashboards – tailored summaries for non-financial managers
• Reports for auditors, investors, and lenders

3. Who needs financial reporting services?

Our services are suitable for:

• SMEs and startups
• Sole proprietors and partnerships
• NGOs and donor-funded projects
• Transport operators and traders needing support for tax, funding, or regulatory compliance
• Companies looking to improve financial discipline, clarity, and accountability

4. Do I need financial reporting if my business is small?

Yes. Regardless of size, financial reporting helps:

• Identify where your money is going
• Understand profitability and business growth
• Prepare for tax filing and loan applications
• Track customer payments and outstanding debts
• Keep your business organised and accountable

5. How often should I receive financial reports?

Depending on your needs, we provide:

• Monthly reports – for active monitoring
• Quarterly reports – for strategic reviews
• Annual reports – for audits, tax filing, and stakeholder communication

We customise the frequency to your business goals and reporting obligations.

6. Are your reports compliant with Ghanaian standards?

Absolutely. We adhere to:

• The Ghana Financial Reporting Standards (GFRS)
• International Financial Reporting Standards (IFRS) for applicable clients
• Requirements from the Ghana Revenue Authority (GRA) and other regulatory bodies
• All bookkeeping is aligned with Ghana’s Companies Act, 2019 (Act 992)

7. Can you interpret the reports for non-financial business owners?

Yes. We simplify technical terms and highlight key performance indicators (KPIs) such as:

• Net profit margins
• Operating expenses
• Cash burn rate
• Return on investment (ROI)
• Debtors & creditors balance

We also offer strategic advice based on the data.

8. What tools do you use to prepare financial reports?

We use both internationally recognised software and custom Excel-based models, including:

• QuickBooks
• Xero
• Zoho Books
• Wave Accounting
• Integration with your POS or CRM (if needed)

9. Can financial reports help with loan applications or investor funding?

Yes! Clean and clear financial reports:

• Build investor and lender confidence
• Support your business valuation
• Demonstrate profitability and growth potential
• Help secure loans, grants, and partnerships

10. How do I get started with your financial reporting services?

It’s simple! Book a consultation and we’ll assess your needs:

We’ll create a tailored reporting package to support your growth and compliance.