Unit 7 Preparing reports and returns

7.1 Prepare and present periodic performance reports

This is about collating information on costs and revenues for management purposes and calculating ratios and performance measures.

• Collating information on costs and revenues
• Reconciling information from different sources
• Comparing performance results over time that allows for changing price levels
• Calculating ratios, unit costs, resource utilisation, profitability
• Analytical reviews of ratios/performance measures (audit).

7.2 Prepare reports and returns for outside agencies

This is about producing accounting information to meet external requirements.

• Preparing accounting information into the appropriate formats, complying with any conventions and external agency’s requirements, for example tax authorities and regulatory bodies, to meet reporting requirements
• Calculating ratios and performance measures, for example, gross profit margin, net profit margin and return on capital employed
• Ensuring external requirements have been met by reviewing documentation/returns submitted and third party correspondence against requirements (audit).

This is about collecting information and completing sales tax/VAT returns

• Collecting information to go in the return
• Calculating inputs and outputs
• Calculating tax payable/receivable
• Completing sales tax/VAT returns
• Analytical reviews of sales tax/VAT returns (audit)
• Reconciling revenues in the accounts to those disclosed on the tax return (audit).