Financial Statements
A practical starting point
Which financial statements does your lender or business actually need?
A profit and loss statement shows activity over a period; a balance sheet shows the position at a date. Neither is useful when balances are unreconciled or the reporting basis changes without explanation. Owners also need to understand why reported profit differs from available cash.
Bring the recipient's written requirements before work starts. Internal management reporting, a compilation, a review, and an audit are different engagements; one should not be presented as another. We clarify the reporting purpose, accounting basis, period, and supporting schedules before agreeing to a scope we can deliver.
What to agree before work begins
The engagement should state the exact reports and level of service. Any unresolved balances or limitations should be visible to the people relying on the statements.
Services we can include
The engagement letter confirms the work, reporting periods, responsibilities, and fee. Select the support you need rather than assuming every item is part of one package.
- Income statement (profit & loss) preparation
- Balance sheet and statement of cash flows
- Monthly, quarterly, or annual reporting packages
- Comparative and trend reporting
- Plain-language commentary on what the numbers mean
Common questions
Do you provide audited financial statements?
We prepare compilations and management-use statements. For attestation or audit needs, we'll coordinate with the right specialists.
How often should I review my financials?
Most growing businesses benefit from a monthly or quarterly review so issues surface while they're still easy to fix.
Let's discuss the work you need.
Tell us about your situation, the records you have, and any deadlines. We will discuss the right scope and next steps before an engagement begins.