Financial statements: what are their types and importance

Financial statements play a vital role in the accounting process, reflecting the financial position and economic performance of any organization.

In an era of increasing financial and regulatory complexity, the role of the elite team of accountants stands out as a reliable source of knowledge and experience in analyzing and understanding these statements.

Whether you are a long-time financial professional, a business owner, or even just interested in expanding your financial knowledge, this article will be useful to you.

What are financial statements?

Financial statements are considered the backbone of any institution or company and occupy an important place in the world of accounting and financial analysis.

It consists of a set of reports that provide detailed financial information that is useful in evaluating the company’s financial performance and helps in making strategic decisions.

The most prominent of these lists that are essential for any business activity are:

Income statement, which shows profits and losses during a specific period.

The statement of financial position or balance sheet, which shows assets, liabilities and equity at a particular date.

A statement of cash flows, which shows how cash flows into and outside the company.

A list of changes in equity, which shows the changes that occurred in equity during the period.

Types of financial statements and their importance in financial reports

First: The statement of financial position, also known as the balance sheet, which displays assets, liabilities, and ownership rights at a specific date, providing a comprehensive overview of the company’s financial position.

Second, the income statement that shows revenues, costs, and profits during a specific accounting period. This list is important for analyzing the company’s operational performance.

Third, the statement of cash flows, which provides details about how the company generates cash and uses it in operating, investing, and financing activities.

Finally, the list of changes in equity, which shows the changes that occurred in equity during the financial period.

By providing specialized insights into each listing, we help companies enhance the transparency and reliability of their financial statements.

A good knowledge of these lists can contribute to improving strategic decision-making processes and enhancing trust between the company and its various stakeholders.

How to prepare financial statements

Preparing financial statements requires specialized skill and experience to ensure accuracy and transparency, and here comes the role of elite accountants who provide close supervision and deep knowledge of how to prepare these vital documents.

To prepare the lists, a set of methodological steps and internationally accepted accounting standards must be followed:

  1. Collecting financial data: It begins with collecting all the necessary financial information, such as records of sales, expenses, collections and payments.
  2. Data classification: Data is classified according to its nature and purpose, such as classification of assets, liabilities, and property rights.
  3. Recording accounting entries: Accountants record accounting entries in accordance with the followed accounting principles.
  4. Preparing the balance sheet: The balance sheet shows the financial position of the facility on a specific date, and includes assets, liabilities, and property rights.
  5. Preparing the income statement: The income statement shows profits or losses during a specific period by displaying revenues, costs, and expenses.
  6. Preparing a cash flow statement: It gives an overview of the cash inflows and outflows from operating, investing and financing activities.
  7. Review and analysis: Accountants review and analyze the lists to ensure their accuracy and compliance with standards.

Financial statements of Saudi companies

It serves as a mirror that reflects the true picture of the financial situation and economic performance of these companies.

It consists of a set of basic financial reports that include the balance sheet, income statement, cash flow statement, and statement of changes in equity. These statements provide a comprehensive picture of the financial position, results of operations, and changes in the financial position of the company.

These lists can play a vital role in strategic decision-making by investors, managers and creditors, as well as in determining the value of the company in the market.

Statement analysis provides deep insight into financial performance and helps evaluate operational efficiency, solvency, liquidity and profitability.

Therefore, Elite Accountants’ experts take a scientific and practical approach in analyzing these lists to provide clients with the information necessary to understand the precise financial aspects and provide constructive recommendations that contribute to the growth and prosperity of companies in the Saudi market.

How to inquire about filing financial statements

Companies must submit these lists to the competent authorities in accordance with applicable laws.

But how is it done?

  1. Visit the website of the financial authority or regulatory body that requires the filing of lists.
  2. Search for the option to inquire about lists, which is usually available within electronic services.
  3. Enter the data required to verify the deposit, such as the company’s commercial registration number, or its code.
  4. After entering the data, the status of the deposit will be displayed and whether the list has been submitted and accepted or not.

In conclusion, we stress the importance of understanding the different types of financial statements and how to prepare them accurately, especially for companies that seek to provide a clear picture of their financial position.

At Elite Accountants, we understand the challenges that companies face in preparing and submitting these vital documents, and we strive to provide financial solutions tailored to meet your needs.

Let us be your partners in success! Contact us now for an immediate consultation.

Elite Accountants for Financial and Administrative Consultations

Business owners and decision makers in the Kingdom of Saudi Arabia!
Are you looking for specialized financial and administrative consultations that will help you achieve your strategic goals and develop your business? If so, Nukhbaat Accountants Library is the perfect choice for you! We provide distinguished and integrated consulting services that include financial planning, risk management, and financial performance analysis, in addition to many other services.

The best financial consulting company in the Kingdom

Small and medium-sized companies are the mainstay of the economy in the Kingdom of Saudi Arabia, but their owners face many challenges in managing their businesses effectively.

Here comes the importance of the financial consulting company in achieving success and continuity for startup companies.

The best financial consulting company in the Kingdom is distinguished by a set of distinctive specifications, such as:


It has a team of highly qualified experts in the fields of financial analysis, investment, and financial planning.


The company provides comprehensive services that include asset valuation, advanced financial analysis, and financial risk management.


The company must be committed to transparency and integrity in all financial operations, and adhere to the standards of local and international laws and regulations.


The company must have a proven track record of success and excellence in providing financial and advisory services, and must have certificates and recognitions from recognized financial organizations.

In conclusion

The company must feature a high level of customer service, be able to provide financial advice to individuals and meet customer needs in an effective and timely manner.

Elite Accountants Office: Experts in financial management

The Elite Accountants office is considered one of the most prominent offices specialized in the field of financial management, as it provides innovative and specialized financial and administrative solutions that meet the needs of companies and individuals. The office is distinguished by its extensive experience and its qualified and specialized work team in the fields of accounts, taxes, accounting and financial planning.

The Elite Accountants Office aims to achieve mastery in the financial management of companies and individuals, by providing customized and integrated solutions that suit the needs of clients. The office always strives to achieve leadership and excellence in the field of financial management, while ensuring the provision of high-quality and specialized services.

Therefore, Elite Accountants is considered the best financial consulting office, for obtaining innovative and specialized financial and administrative solutions, ensuring mastery and excellence in managing your business.

Administrative consulting on the establishment and governance of companies

Management consulting on the establishment and governance of companies is vital to the success of companies in the Kingdom, as it helps build strong and sustainable foundations for the company, and ensures that the correct procedures are implemented to ensure the achievement of set goals.

This consultation includes guidance on the process of establishing the company, designing the organizational structure, and developing administrative policies and procedures, and aims to provide a strong framework for the company, and achieve transparency and responsibility in its operations, as consulting companies in the Kingdom cooperate with clients to identify and implement the best corporate governance practices, including distributing… Roles and responsibilities and improving monitoring and reporting systems.

These consultations also play a crucial role in enhancing transparency and integrity and enhancing confidence between shareholders and investors, which helps companies succeed and sustain in the financial market.

Specialized accounting consultations: monitoring and analyzing numbers

Specialized accounting consultations are considered one of the essential aspects of the success of companies in the Kingdom. These consultations include monitoring and analyzing the company’s financial numbers, as accounting experts analyze the financial statements and performance reports to understand the financial situation and operational performance of the company.

Accounting consulting is provided to identify strong and weak points in financial performance, identify opportunities for improvement and strategic guidance. Advice and guidance are also provided to improve the management of financial numbers and achieve the financial sustainability of the company.

Financial and administrative consulting: achieving business excellence

Financial and administrative consulting plays a crucial role in achieving business excellence in the Kingdom, and financial and administrative consulting companies work to provide comprehensive consultations to improve the performance and management of companies.

This consultation includes analyzing business strategies and developing financial and operational plans. Advice is also provided on organizing internal operations and improving leadership and management structures.

Financial and administrative consulting contributes to achieving excellence by analyzing data and providing means to improve operational efficiency and reduce costs. Consultations are provided on improving the use of financial resources, developing marketing strategies, and expanding the customer base.

Thanks to the specialized experience and expertise of the consulting teams, any financial and management consulting office can guide companies to achieve excellence in many areas, such as: innovation, technology, and sustainability. Advice is also provided to expand the scope of the business, enter new markets, and achieve sustainable growth.

Therefore, financial and administrative consulting plays a crucial role in guiding companies towards excellence and success in the competitive business environment in the Kingdom  by analyzing numbers and providing effective financial and administrative strategies.

In conclusion, Elite Accountants is a leading brand in the field of financial and management consulting, providing high-level services to companies of all sizes, and our team of experts is dedicated to helping our clients achieve financial success and enhance their business operations.

With our proven track record and extensive experience, we are confident in our ability to provide the best solutions for your financial needs. Contact us today to strengthen your financial management and achieve business success!

Providing zakat and tax advice

Are you looking for financial and administrative consulting services that will help you achieve success in your business? If the answer is yes, we invite you to learn about our distinguished services in the field of zakat and tax, as they are two essential elements in the financial system in the Kingdom, and require accurate knowledge and correct application to avoid financial and legal problems.

Let us help you achieve tax compliance, submit correct zakat returns, and reconcile financial interest with Islamic values.

Submitting zakat declarations in accordance with the provisions of Sharia

By this we mean providing periodic reports showing the financial value of Zakat that must be paid based on assets and income in accordance with the provisions of Islamic Sharia.

Zakat is one of the pillars of Islam and has been imposed on individuals and institutions to give away a portion of their wealth to the needy and poor.

The person or institution must accurately calculate the zakat due and submit a declaration specifying the financial value of the zakat and details of banks and assets.

This includes providing details of cash, investments, real estate, and other funds eligible for zakat.

Zakat declarations are important matters that every Muslim must adhere to in accordance with the provisions of Islamic Sharia. However, submitting these declarations requires extensive knowledge of financial and administrative laws, and this represents a great challenge for many individuals and companies.

Here comes the role of Elite Accountants, as we provide customized financial and administrative solutions to facilitate the process of submitting zakat declarations, ensuring excellence in business management.

Our team of accounting experts has the experience and knowledge necessary to provide professional and reliable services in analyzing and submitting returns, in full compliance with the provisions of Islamic Sharia.

We aim to reduce the burden of financial procedures on our clients, and enable them to achieve their goals with confidence and consistency. By choosing Elite Accountants, you will receive distinguished and integrated services that guarantee the submission of zakat declarations in accordance with the provisions of Islamic Sharia in an accurate and professional manner.

Submitting income tax returns

Submitting the tax documents and information required by the tax authority to determine the tax level of a specific person or organization.

This relates to compliance with local tax laws and regulations, as individuals and organizations must submit specific financial reports regularly.

The tax filing process includes providing details about gross income, expenses, investments, gains, and any other tax activities. This data is used to calculate the final tax amount that must be paid or refunded.

Submitting tax returns contributes to achieving financial transparency and ensuring compliance with tax legislation.

It is a vital and necessary measure for any company seeking to manage its business efficiently and achieve sustainable growth.

However, this procedure may be very cumbersome and complex for many companies, especially small and medium-sized ones.

Therefore, Elite Accountants’ services come as a wise move for companies seeking financial and administrative solutions tailored to their unique needs.

We understand the importance of tax returns and always look forward to providing our services with a high level of professionalism and skill.

We ensure excellence in business management by providing customized financial and administrative solutions that suit the needs of each client.

Relying on elite accountants gives you reassurance and confidence in submitting income tax returns accurately and on time, which helps you achieve success and sustainable growth for your company.

Submit a value added tax return

The return represents the submission of an official report to the tax authorities about business activities subject to value added tax (VAT).

This return is filed regularly, usually quarterly or annually, and is required by individuals or companies to ensure compliance with tax legislation.

The VAT return includes providing details about taxable sales and value-added purchases, and also includes calculating the tax due or refunded.

This declaration is an important part of the financial organization and tax compliance process.

Submitting a VAT return is a vital process for every company operating in the Arab market, and certainly, compliance with tax requirements is important for achieving financial stability and sustainable growth.

Therefore, Elite Accountants provides specialized financial and administrative solutions to ensure excellence in business management for our valued clients.

We facilitate the tax return filing process and ensure deadlines are met and compliance with current tax laws and regulations.

We also provide specialized financial consultations to help you determine the most effective tax strategies to preserve your capital and achieve the best returns.

Submitting withholding tax returns

Filing withholding tax returns is an essential part of running a successful business.

However, this complex process may cause a lot of stress and challenges for companies.

Therefore, “Elite Accountants” provides customized financial and administrative solutions to ensure excellence in business management.

We guarantee that withholding tax returns are submitted accurately and professionally, creating a reliable and stable environment for your business. We have a team of highly trained accountants, who have extensive experience in the field of taxation and accounting.

By relying on Elite Accountants, you will be fully confident that your withholding tax returns will be completed accurately and efficiently, giving you the opportunity to focus on growing your business and achieving your financial goals with confidence.

Zakat and tax objections

Zakat and tax objections represent a legal process that individuals or companies can undertake to appeal or protest against the tax or zakat decisions that have been taken against them.

Tax objections:

Refers to an action taken by a person or company when they disagree with a tax decision made by the tax authority.

Reason for objection: The objection could be due to the calculated tax value, or to the tax classification, or any other reason

احجز استشارة