The best financial statements are ones that are clear and simple to follow so they are relatable and help you make decisions.
Overly complicated numbers cause people to shut-down and not use them. We’re not interested in showing how smart we are by creating super complex financials no one can follow, we’re interested in providing clear, meaningful data that’s relatable and practical to the day to day operations.
Financial statements are typically required for compliance with government rules, loan covenants or other third parties requesting financials in order to do business with them. These folks will dictate the level of financial statement required, of which there are three: audits, reviews and compilations.
Audits, reviews and compilations can only be prepared by CPAs and must follow strict reporting requirements governed by the Board of Accountancy and American Institute of Certified Public Accountants. Each level provides a stamp of approval, if you will, at varying degrees. Compilations are the lowest assurance by the CPA, followed by review level and finally the audit.
We prepare compilation and reviewed financial statements but not audits. Audits are a unique specialty and you are best suited working with a firm that specializes in them vs one that only does a few. (Be sure to ask that question if you are looking for an auditor).
But, if you need a comp or review call us, we do a lot of them!