Address: 4040 SH-6 South, Ste 200, College Station, TX 77845
When documenting and communicating financial performance and activities over a certain period, you should leave it to the professionals.
Our accounting firm in College Station, Texas, can help you prepare various financial and accounting reports according to professional standards, from profit & loss statements and balance sheets to income and cash-flow statements.
Don’t spend available, limited resources to track, analyze, and report your income; let our CPAs handle everything from examining resources used to assess the general financial health of your business.
The simplest type of report that we can prepare is presenting financial data in the form of financial statements, also knows as a Compilation Report. This report will show creditors and stakeholders that you engaged an outside accountant to prepare and present your financial statements. This type of report is not designed to express an opinion or provide assurance regarding the information contained in the financial statements. You will provide us with financial data which we will use to compile the required financial statements.
In most instances, the compilation statement is sufficient for small businesses looking for personal loans. Business loans will usually require a more in-depth financial statement, such as a review.
While the compilation report offers no assurance, the review report offers limited assurance. With a Review report we will review and make inquiries about your financial statements. We will gain an understanding of the following: accounting practices and principles used by the business, procedures performed for recording and accumulating financial information, and the actions taken at owners’ or directors meetings. We will also perform analytical procedures to understand your prior-year and current-year balances.
In most instances, a review will satisfy the needs of potential buyers, lenders, and investors. These reports can be helpful in obtaining smaller business loans or lines of credit. At the same time, businesses can utilize the review as a way to reduce challenges associated with the first-year audit.
The audit offers the highest level of assurance as it is the most thorough report. During an audit, we will obtain evidence through physical inspection, we will make inquiries with appropriate company personnel, we will perform verification of documents and substantive testing procedures. We will also examine supporting documents and work with third parties to confirm legal matters and balances. The purpose of an audit is to confirm that the financial statements are free from fraud or financial error. Businesses need audits to : raise equity, sell your business, plan for significant financing, get extended credit from large suppliers, minimize the possibility of fraud, improve productivity in business operations, to comply with statutory rules and regulations, for financial reliability and integrity and to receive funding from state or federal governments.
We can help you determine which report you need to meet the needs of your business and various stakeholders. We’ll work closely with you to see which type of report best meets your compliance and internal needs.
During our meeting we will look at the key differences between each report and help you make the best decision.
Schedule a time to meet with us and discuss your accounting and tax needs.