Compilation & Review Services
A compilation involves using the financial records of a business to prepare financial statements that fit within a generally accepted format.
A review goes one step further, in that key financial data are carefully analyzed, with the reviewed results being used to prepare the financial statements.
Many businesses in their early stages do not require audited financial statements. While a business frequently may need financial results presented in a proper format (to creditors and owners, for example), often there is no need for financial statements that have been subjected to a full scope of auditing tests. A compilation can often serve the needs of the business in an economical manner. Further, we can prepare your statements on our in-house system (which is designed for accounting firms and is integrated with our payroll and income tax software) efficiently and quickly on a monthly, quarterly or annual basis. We have professional staff who have many years of experience with all kinds of industries to compile these statements.
As accounting professionals, we are thoroughly familiar with the rules regarding the presentation of financial results. We ensure that statements are presented consistently from period to period and that the disclosures made (if needed) are meaningful.
Beyond our knowledge as to how statements should be prepared, we add our experience as business advisors. If your financial statements fail to provide the type of information necessary to adequately determine and evaluate your business’ results, we can suggest improvements. If our analysis reveals actual or potential problems in the business’ financial position, we can point them out and recommend solutions.