A Dedicated Financial Team
Financial Statement Services
Financial statements are formal records of your business’ financial activities. They provide a clear picture of your company’s overall financial health and performance. These statements are helpful and often required by lenders, investors, or your company’s management team. There are many different levels of financial statement services and many reasons that an organization might need these services.
No matter which level of assistance and assurance you need, Crossroads Accounting Professionals can help. Our expert team of CPAs and auditors provide the following attestation and Financial Statement Services and can guide you through the entire process.
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Audit
Is it time for your organization to hire an auditor? Audits are the highest and most comprehensive level of financial statement service. They provide an opinion of “reasonable assurance” whether the information in the financial statement is materially correct and conforms with Generally Accepted Accounting Principles (GAAP) or other reporting frameworks. While audits are often performed at the request of third parties such as lenders, investors, and funders, they are also considered a good internal management practice by many. Our experienced auditors will walk you through the audit process from start to finish to ensure a complete and thorough examination of your financial accounts. With our auditors performing this level of attest service, you can feel confident in the accuracy of your financial statements.
Review
If your organization doesn’t need a full audit, but you would like a scaled-down option, a review by our CPAs could be the right fit for you. Reviews provide “limited assurance” that your financial statements are materially correct. However, no opinion is provided. A review is substantially less in scope than an audit with fewer details and testing, but may be a more economical alternative to performing a full financial audit. As with audits, reviews are often conducted at the request of outside third parties and by management. Some companies choose to perform a review in lieu of an audit periodically to reduce costs when a thorough audit has been performed recently. Many nonprofits, in particular, find reviews a cost-effectively alternative to annual audits.
To determine if a review might be best for your business, contact us today.
Compilation
Compilations are performed when a higher level of service on the financial statements is not required. Compilations are a collection and presentation of financial information in the form of professionally prepared financial statements. They do not, however, include an expression of assurance. They state that the information in the financial statements is the representation of management rather than audited financial statements. Compilations can be for both internal and external purposes and are an excellent resource for small businesses that do not have a robust financial department or those who prefer to have their statements prepared by an outside accountant.
Preparation
Preparations are simply an engagement to prepare financial statements on your behalf based on information you provided that are typically used only internally and at management’s request. Similar to compilations, simple preparation of financial statements offers no expression of assurance. The accounting experts at Crossroads Accounting Professionals work with a wide variety of businesses to provide them with professionally prepared financial statements.
Projection and Forecast
Are you starting up a new business or seeking to expand? Do you need help projecting the anticipated results of your new or expanded operations and forecasting cash flows? Then our projection and forecast services may be right for you. This service consists of the preparation of prospective financial statements that present an expected financial position and are helpful to new startups and established businesses alike. These projections and forecasts often include hypothetical assumptions and are a helpful tool.