Compilation
In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Banks often require compilations from an independent CPA as part of their lending covenants.
How is it done?
First of all you must have a set of books and records from which a trial balance is prepared. In addition, your book bank balances must be reconciled to your bank statements. We will take your information and create a balance sheet, profit & loss statement and statement of cash flows for the period you require.
Write-Up Services
Most business owners haven't the time, nor the expertise to prepare their own financial statements on a regular basis from which to analyze performance. In addition, most bookkeepers are not trained to ensure that financial statements are in accordance with generally accepted accounting principles. We will provide you with monthly financial statements and reconcile your bank balances. Since we are trained accounting professionals we understand not only the financial impact of transactions, but also their tax implications. We will help you understand how to read your statements and help you better plan for current and future tax obligations.
How is it done?
Each month (or quarter) we ask that you provide us the necessary details we need in order to do the job. The following is a list of usual items we request:
- Check stubs
- Sales summary
- Bank statements
- Credit card statements
- Promissory note documents
- Any and all government notices
- Payroll records
- Purchases made with personal funds
- Inventory (on a periodic basis when you perform a physical count)
- See also our Small Business Accounting Services section.
