Compiled Financial Statements
As a business owner you need to have current financial information so that you can make informed decisions about your business. Further, creditors and investors often require compiled financial statements from an independent CPA as part of their lending covenants or investing requirements. While your bookkeeper records the day to day business transactions, as your accountant and business advisor we will make sense of all this information by compiling it into useful reports, then sit down with you to analyze the results.
Each month or quarter we'll perform the following things for you...
Compiled financial statements (also called a "compilation") is a service to assist the management of a business in presenting its financial statements. In compiling financial statements, we present your financial information without expressing an opinion or assurance on the statements.
A compilation is the least expensive of the various forms of attest services (the other two being a review and an audit), and so is preferred by those businesses whose financial statement users are comfortable with this type of report.
We will meet with you whenever we compile your financial statements so you fully understand how to interpret and utilize the financial information. Plus we are always available for phone calls and meetings about other issues or concerns you have.
If you are contemplating a complex or unique business transaction, are unsure about a business issue, or would just like to discuss or "run" the issue by someone to get their thoughts, please give us a call. Unlimited consultations, phone calls and meetings are already included in our price, so please feel free to call us whenever you have a question or concern. If your question or issue requires additional research and analysis beyond the consultation, we will be happy to perform the additional work, and will discuss the estimated price of the additional work before we start.
A wise business owner once said, "Happiness is a positive cash flow." As a business owner, I'm sure you agree. Everything is better when your cash-in exceeds your cash-out. A statement of cash flows provides information about your business's cash receipts and cash payments during a period.
A Statement of Cash Flows allows you to assess:
The statement of cash flows classifies cash receipts and cash payments by operating, investing, and financing activities.
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
A balance sheet helps you:
Balance sheets, along with income statements and statement of cash flows, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Every transaction flows through the general ledger. After we compile your financial statements, we will make recomendations for adjustment to you general ledger.