Financial statements are valuable tools in understanding your business.  You get a sense of the health of your business, how much income is coming in, where the money is going, how things compare to previous years, how much cash you'll have available and what you may want to do with it, among other things.

Your bank may also require financial statements as part of their lending covenants.  Or perhaps you plan to eventually sell the business and want to provide copies of financial statements to prospective buyers.

 
 

Compilations - Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Reviews and audits provide higher levels of assurance.  But we limit our scope to compilations - in most cases this is all our clients and their banks need.  Anyone in need of reviews or audits we happily refer to other firms to ensure they get the best service possible.