The FRS Process

The FRS Process - steps

The FRS Process is:
1.   You provide information to FRS (general purpose: trial balance and client disclosure  
      document; special purpose: trial balance and signatory details)
2.   FRS prepares the annual or financial report
3.   FRS sends you the draft annual or financial report *
4.   You review the draft annual or financial report and provide any tax or audit adjustments
      back to FRS
5.   FRS produces the final annual or financial report

*   Typically there are three drafts for general purpose: issued prior to year end audit, issued
     after audit adjustments and issued after tax adjustments. Thus steps 3 and 4
     are repeated.

The FRS Process – graphical illustration

Reports

FRS provides you with the following reports:
- the annual or financial report
- the financial report audit trail
- an analytical and KPI report (if requested)
- a draft accounting profit to taxable profit report (if requested)

What makes FRS so successful?
Michael Berrington used his 10 years of Chartered Accountancy experience (largely at PriceWaterhouseCoopers ) to re-engineer the financial reporting process. From this he developed software and incorporated this into a complete financial reporting system that can import data from any general ledger system.

This has enabled FRS to produce financial reports in less time and at a cheaper hourly rate than most Chartered Accounting practices. We are delighted to be able to pass these savings directly on to our clients.

Confidentiality
The involvement of FRS will remain confidential between the client and FRS.

The content of all emails, letters and financial documents (in whatever form) remains confidential. Also, all information transmitted, conveyed or implied during any engagement remains confidential.

Full details of the FRS confidentiality policy are contained in the standard terms and conditions, which are provided when an engagement letter is issued.