Preparation & Analysis
Our financial statement preparation and analysis services help individuals and businesses understand their finances in a measurable, easy-to-understand way.
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to:
- Track revenues and expenses so that you can determine the operating performance of your business.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures, for example telephone, fax, mail, or supply expenses.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps you:
- Quickly get a handle on the financial strength and capabilities of your business.
- Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, perhaps you can collect your receivables more aggressively.
- Determine if your business is in a position to expand.
- Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses.
- Determine if you need to take immediate steps to bolster cash reserves.
- Determine if your business has been slowing down payables to forestall an inevitable cash shortage.
- Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
For Every Financial Need
How We Can Help
From planning to preparing and filing, we assist every step of the way. We ensure that our clients are compliant with all IRS regulations.
Depending upon the size and financial sophistication of your organization, outsourcing your business accounting services will save you time and money.
Audit & Assurance Services
We assist with assurance and reporting requirements placed upon many entities such as nonprofits, government agencies, and other organizations.
We help insure a bright and secure future for our clients and their families through Financial & Retirement Planning as well as Estate & Trust Planning.