A Special Purpose Financial Report (SPFR) is the standard report produced by accountants at the end of each financial year. It includes a Profit & Loss Statement, Balance Sheet, Equity Statement, Notes and Compilation Report.

Who Should Get A SPFR

While there's no legal requirment for small businesses to produce a Special Purpose Financial Report, we believe they're an invaluable tool for every business, regardless of their trading structure.

Why SPFRs Matter

While most small businesses use a digital ledger system that can produce a Profit & Loss Statement and Balance Sheet on demand, a Special Purpose Financial Report is considered to be of a higher standard, because it has been compiled and checked by an accountant who signs off on the data and sets out the methodology behind the classification of transactions.

The SPFR is the conclusive history of how a business has performed over a financial year. It's a good opportunity to review what's gone on in the business and how things stand. Even small business owners who read no other financial reports at all should review their annual SPFR as a bare minimum.

Third parties will often request to view a businesses' SPFR for a number of reasons. This can include Centrelink, Austrade and other Government Agencies, the State Government if you're applyingn for grants, banks and other lenders, and potential investors.

SPFRs also serve as a valuable record into the future. Ledger data can be changed after the end of a financial year accidentally, deliberatly or through corruption. Moreover, subsciptions to accounting systems inevitably end. Preserving a yearly snapshot of a business can be an invaluable tool for future transactions or disputes.

We do not undertake any business tax compliance work without also preparing a SPFR for the businesss.

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