Small businesses in all industries need a monthly accounting system, as well as periodically compiled financial statements. At Patterson & Associates, we deliver on both. We understand that many solutions for accounting involve hiring an individual and purchasing/maintaining computer software; our service is the ‘next step up’, coming at around the same price and offering a wider variety of guidance and ability.
Patterson & Associates’ skilled CPAs are available as you need them to prepare, compile or review financial statements of all kinds, primarily consisting of:
- • Income Statement
- • Balance Sheet
- • Statement of Cash Flows
- • Statement of Equity
Financial Review Procedures
Our Certified Public Accountants can perform different levels of work involving your financial statements.
- • Compiling Statements is simply the process of arranging your organization’s financial data into the most commonly-used format. It does not, however, come with any assurance that the data is in accordance with Generally Accepted Accounting Principles (GAAP); it may need material and/or significant changes to meet that standard.
- • Reviewing Statements generally begins with the process of compiling the data and proceeds to the stage of looking for any elements that are not in accordance with GAAP, then fixing them. This often involves making material and/or significant changes to the data, and each change must be carefully noted before the statement is released as “reviewed.” A review provides assurance to outside entities that the books are accurate, but is not as extensive as an audit.
Compilation Reports on Financial Statements
Possibly the most requested of Patterson & Associates’ financial statements services, a compilation report is a lower level of the attest function. Patterson & Associates offers financial compilation reports at three levels:
- • Monthly Compilation Reports give the managers and officers an up-close look at the month’s income and expenses, including accounting for income, where it was spent, and how the month differs from last month and the same month last year.
- • Quarterly Compilation Reports show a slightly broader-scope view, focusing on larger issues such as departmental budgets, and quarterly taxes.
- • Annual Compilation Reports provide a snapshot of the company’s previous year’s activity, with emphasis on changes in asset value, total liability, and equity levels. Annual compilation reports are the ideal way to see, big-picture for your business.