Each business or exempt organization has different needs with respect to financial statements. Your particular situation will determine the level of assurance needed, the accounting basis and frequency of financial statement best suited for you. Common reasons to have a formal financial statement prepared include reporting to financial institutions to fulfill current loan covenants or obtain new financing, reporting to shareholder or other stakeholders or to provide assurance for responsible parties that they have exercised due diligence in maintaining adequate financial records and reporting accurate financial information to interested parties.

Financial statements also provide a valuable business tool to decision makers as they often are a roadmap to what is going well and what areas could use improvement. If you are considering selling your business, formal financial statements help provide an accurate picture of historical operations for potential buyers. It also is a significant indicator of the level of sophistication and proactivity of a business which can add value to your business and expedite the sales process.

Please contact us - if you would like to discuss the benefits of annual or more frequent financial statements for your business.