Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company’s financial objectives.
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Your financial statements are a component of your business report card. The level of detail and assurance required of your financial statements will depend on your objective in preparing your financial information. Audited and reviewed financial statements are normally required by financial institutions for lending purposes and by investors for raising capital, whereas compilations are generally used internally.
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. Audits are an intensive examination of your company’s systems and records providing the highest level of assurance. We constantly seek to help our clients make their businesses more profitable and efficient. As part of our audit engagement, we develop ideas and recommendations for ways to improve your business. We will discuss these ideas with you in detail and may summarize them in a useful, separate management letter. The implementation of these suggestions can often lead to efficiencies or increased profits, which help defray audit costs.
Reviews & Compilations
Our approach is to go beyond reporting your financial statements and help you understand how to interpret the information and what it says about your business.
Our approach is to go beyond reporting your financial statements and help you understand how to interpret the information.
Review reports are used when an audited statement’s higher degree of assurance is not necessary, yet ownership desires and/or creditors require financial analysis by qualified professionals. We look at the information provided by a company’s management team and perform inquiry and analytical procedures to determine the information is fairly stated. The process provides limited assurance that there are no material modifications that should be made to the statements for them to comply with GAAP (generally accepted accounting principles), IFRS (international financial reporting standards), or another basis of accounting.
Financial Statement Compilations
A compilation involves taking management’s information and presenting it in the form of financial statements. When compiling financial statements, accountants are not required to corroborate or review the information, and do not express any assurances on the data. Many clients use our compilation services to gather their information and complete the bookkeeping necessary for management to have essential financial information.