From incomplete records to audit-ready IFRS statements for an SME

The founder needed audited financial statements to support a term loan renewal but had relied on cash-based notebooks and personal account commingling. No formal chart of accounts existed and inventory was tracked only at year-end physical counts.

We reconstructed nine months of transactions from bank feeds, separated personal and business flows, and designed a pragmatic chart of accounts. QuickBooks was configured with approval workflows for payments and monthly management accounts were introduced.

Year-end procedures included physical inventory attendance, receivables confirmations, and preparation of IFRS for SMEs compliant financial statements with appropriate going concern disclosure. The engagement concluded with a compilation report suitable for the lender’s credit committee.