Do you need compiled financial statements prepared for your business or help with financial statement management?
In many cases, banks and other types of financial institutions request basic information on your company’s finances. Hori CPA, provides low-level accounting services at a reasonable cost, swiftly delivering precise, accurate, compiled financial statements.
Three Levels of Assurance Services
When businesses apply for financing, they are usually required to provide financial statements that have been reviewed by a third party. Accountants offer business account and finance assurance services on three levels: an audit, a review or a compilation.
An audit is the most in-depth level of accounting, while the compilation of statements is the most basic. Hori CPA, offers all three levels to meet your business’ needs.
When Do You Need a Compiled Financial Statement?
A compiled financial statement is a helpful summary of all your organization’s financial data. It is used to prepare tax returns or to analyze results and make projections. Business financial statements are essential for company management when making decisions on investments, briefing partners and measuring annual progress.
Not every company needs a full audit or even a financial review, so the accounting profession has developed financial statement preparation as a third option — a general data arrangement with no professional assurances included. Depending on the level of assurance your stakeholders or bank requires, a financial compilation may be sufficient. It is also the least expensive option when compared to audits and reviews.
The first step in the compilation of statements is gathering all the relevant documentation. This includes obtaining copies of balance sheets and income statements. If internal records are sparse, the accountant can use bank statements and transaction lists. Investment information, loan balances, business expenses and all other transaction records are also required.
Inspecting the Data for Obvious Errors
While the preparation of compiled financial statements does not require any verification on the part of the accountant, the accountant will still examine the data for obvious errors. Any significant deficiencies that depart from generally recognized accounting principles will be noted and reported to management.
The Compilation Report
Hori CPA, provides an accompanying compilation report that certifies the data is the representation of the company’s management records only. No professional accounting opinion or analysis is included in the final delivery of the compiled financial statements. The report will include any notes on the procedures used in the compilation process.
Expert Services at a Competitive Cost
Hori CPA, handles the compilation of business financial statements in a range of industries, including roofing contractors, electricians, real estate investment firms and more. Trust your local Centerville accountant for financial statement management that is timely, efficient and accurate — trust Hori CPA.