Financial Statement Preparation Services
If you are searching for financial statement preparation, income summary, financial statement preparation services, compiled financial statements, or CPA prepared financial statements in Scottsdale or Phoenix, Partridge & Associates can help!
Partridge & Associates offers CPA prepared and Non-CPA prepared compiled financial statement services according to your needs. Furthermore, we can use your financial statements and other reports to increase your company’s profitability.
A financial statement or financial report can be created to record the position and financial activities of a entity, person or business. Financial information can be provided in a manner or form that is easy to understand. Basic financial statements include:
A statement of financial position or balance sheet, reports on a company’s liabilities, assets, and owners equity
A statement of comprehensive income, statement of revenue and expense, profit and loss report, or income statement, reports on a company’s profits, expenses and income. A P&L statement provides information about the operation of a company. These include various expenses and sales incurred during a specific period.
Statement of Changes In Equity
A statement of retained earnings, equity statement, or statement of changes in equity, reports changes in a company’s equity during a specific period.
Cash Flow Statement
A cash flow statement reports a company’s cash flow activities, specifically their financial, investing, and operating activities.
Importance Of Financial Statements
Financial statements are extremely important when it comes to planning strategies, making decisions, eliminating failures, and determining success. Professionally prepared financial statements can help:
- Provide a transparent look in to your business’s financial conditions
- Reveals operating results like profits and losses, expenses, and sales
- To assess tax liability and find areas to reduce tax burden
- To find errors and reconcile books
- Show how much cash your company has to pay for asset purchases and expenses
- To report actual numbers and built trust in your business
- To ensure outgoing payments are paid
- To make better business decisions and plans
- To qualify for a bank loan
- To determine your company’s ability to generate cash, and the uses and sources of cash
- To determine whether your company has the ability to pay back your debts
What Are Financial Statements?
A financial statement is a collection of financial reports about your company’s financial condition, results and cash flows.
We can provide a compilation of financial statements for many industries including:
- Real Estate
- Mortgage Banking
- Employee Benefit Plans
- Construction Contractors
- Professional Services Firms
- International Medical Supply Company
Objectives Of Financial Statement
According to Wikipedia, “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.“
- Managers and owners need financial statements to make really important business decisions that can affect continued operations.
- Employees need financial statements in making (CBA) Collective Bargaining Agreements with management, for individuals or labor unions in discussing their rankings, promotion, and compensation.
- Investors need financial statements to assess the viability of investing in your company.
- Lending companies and banks use financial statements to decide to grant working capital, extend debt securities (debentures or bank loan) to finance your expansion, or other large expenditures.
Compiled Financial Statements
What Is a Compilation Of Financial Statements?
A compilation or compilation of financial statements refers to prepared or compiled financial statements handled by an outside accountant or CPA. In a compiled financial statement the information is not reviewed or audited so there is no assurance that the information provided is free from material misstatement or in accordance with financial reporting framework.
What Is A Compiled Financial Statement Used For?
Compiled financial statements are typically used when a 3rd party, such as a bank, investor or bonding agent require your company to provide its financial information. This information can be provided to them in a compiled financial statement. Compiled financial statement cost less than audited or reviewed financial statements.