Financial Statement Reporting
Get Professionally Prepared Financial Statements!
We can help you in the preparation of your business or personal financial reports. The reports can be prepared for general use by third parties, used by identified third parties for a specific purpose or most commonly for general purpose use by unidentified third parties.
Most common reports prepared by certified public accountants include:
- Audited financial statements
- Reviewed financial statements
- Compiled financial statements
- Financial forecasts and projections
The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions. Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities and equity are directly related to an organization’s financial position. Reported income and expenses are directly related to an organization’s financial performance.
Financial statements may be used by users for different purposes:
Owners and managers require financial statements to make important business decisions that affect its continued operations. Financial analysis is then performed on these statements to provide management with a more detailed understanding of the figures. These statements are also used as part of management’s annual report to the stockholders.
Employees also need these reports in making collective bargaining agreements (CBA) with the management, in the case of labor unions or for individuals in discussing their compensation, promotion and rankings.
Prospective investors make use of financial statements to assess the viability of investing in a business. Financial analyses are often used by investors and are prepared by professionals (financial analysts), thus providing them with the basis for making investment decisions.
Financial institutions (banks and other lending companies) use them to decide whether to grant a company with fresh working capital or extend debt securities (such as a long-term bank loan or debentures) to finance expansion and other significant expenditures.
Government entities (tax authorities) need financial statements to ascertain the propriety and accuracy of taxes and other duties declared and paid by a company.
Vendors who extend credit to a business require financial statements to assess the creditworthiness of the business.
Media and the general public are also interested in financial statements for a variety of reasons.
The submission of financial reports to others is a critical process. Your reports must be complete, accurate and prepared in a format that is in accordance with generally accepted accounting principles (GAAP). Reports prepared by independent certified public accountants add an unmeasurable credibility to readers. The presentation of your reports is critical for lending decisions and the reliance of readers on the accuracy of this information. Similarly, the accuracy of these reports directly impacts how you or your Company is perceived by others. Simply printing a report from your financial software will just not due!
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