Our Financial Statement Preparation service helps make your numbers easy to trust and understand.

It depends on your needs. Many businesses prepare them monthly for internal management and quarterly or annually for external use. If seeking financing, lenders often require monthly or quarterly statements to assess ongoing performance. We can deliver statements on whatever schedule aligns with your business goals.
Virtual CFO Services

We use your general ledger, trial balance, bank statements, and source documents (like invoices and receipts). If books are incomplete, we may reconcile accounts or make adjusting entries (for accruals, depreciation, etc.) to ensure the trial balance is accurate before building statements.

Under the cash basis, revenue is recorded when cash is received, and expenses when cash is paid. Accrual basis records revenue when earned and expenses when incurred, regardless of cash flow. The accrual method is generally required for larger businesses and provides a more complete picture. We help you choose the right basis for your needs, and apply consistent rules for whichever you select.

The core set includes: (1) Income Statement (Profit & Loss), showing revenue and expenses over a period; (2) Balance Sheet, showing assets, liabilities, and equity at a point in time; (3) Cash Flow Statement, detailing cash from operating, investing, and financing activities; and (4) Statement of Equity, showing changes in owner or shareholder equity. These give a full view of the business finances.

Consistent financial statements ensure that income and expenses are well-documented for tax returns. For example, depreciation schedules and expense classifications are already prepared, which streamlines tax filings. Clean statements reduce surprises at tax time and may reveal additional deductible expenses.

Yes. We build statements directly from your bookkeeping records. If books need cleanup (e.g. missing entries or incorrect categorization), we address those first. Many clients pair this service with bookkeeping cleanup to ensure the foundation is solid before statements are prepared.

Supporting schedules (like A/R aging, A/P aging, fixed asset schedules, loan amortizations) provide detail behind the numbers on the main statements. Lenders and auditors often expect these schedules for verification. We include them to give context and make your statements more useful for decision-making.

Lenders review financial statements to evaluate your ability to repay a loan. They look at trends in revenue, profitability, and cash flow. Providing clear, well-prepared statements with notes builds credibility. We often prepare “lender-ready” packs that address common lender concerns, such as showing consistent cash flows and clear debt schedules.
Virtual CFO Services

Generally, it involves: (1) Verifying data quality (reconciled accounts, categorized expenses), (2) Generating the trial balance, (3) Making adjustments (accruals, deferrals, depreciation), (4) Building the statements (P&L, balance sheet, cash flow, etc.), and (5) Reviewing with you for insights. We follow a structured review workflow to ensure accuracy at each step.

In the Cash Flow Statement (per ASC 230), cash flows are grouped as Operating, Investing, or Financing activities. For example, cash received from customers is operating, buying equipment is investing, and taking a loan is financing. Correct classification is important; we meticulously assign each item to the right category so your cash flow statement meets accounting standards and supports decision-making.

Yes. While we prepare the standard formats, we can also tailor reports to your needs. For instance, restaurant clients might want separate food and beverage lines, or a service firm might want segmented revenue streams. We work with you to include additional schedules or metrics (like EBITDA, key ratios) that align with your business model.

With up-to-date statements, you can spot trends and anomalies early. For example, if expenses spiked unexpectedly, you’ll see it in the next month’s P&L. The balance sheet helps manage cash and debt levels. By having current and accurate statements, you make strategic choices based on real data instead of guesswork.
Virtual CFO Services

Legally, businesses must maintain accurate records, but not all small firms regularly prepare formal statements. However, if you seek loans, investors, or just want better financial control, having professional statements is highly recommended. They provide transparency to stakeholders and ensure compliance with accounting regulations.

First, gather your bookkeeping records and decide on reporting frequency. Then schedule a consultation to define goals (management reporting, lender packet, etc.). We’ll review your data, advise on any needed clean-up, and set up a schedule for statement delivery. Once underway, you’ll receive reports and actionable insights on time.
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