Financial statements provide an EKG of the heart of your business.
Finances are at the heart of your business. Given the importance of your financial statements, careful consideration of the level of assurance provided by your CPA is warranted. The type of scorecard used by your CPA is based on the level of service provided.
Financial statements come with a variety of choices including the types, framework (i.e. basis or standards), and level of assurance. These choices are aimed at providing the users (management, banks, investors, etc.) with decision-relevant insight into the health and operations of the business. Financial statements can be for management’s use only or for the most sophisticated investor. Financial statements can include multiple statements (such as the balance sheet, income statement, etc.) or just one statement. They can include or omit footnotes. They can also be based on many different frameworks such as cash basis, accounting principles generally accepted in the United States of America (U.S. GAAP), and international financial reporting standards (IFRS).
Regardless of the types of financial statements, the accounting framework used, or the level of service provided, our team’s industry-specific expertise is designed to increase your efficiencies and provide excellent client service. The “hands-on” involvement and ongoing communication from our partners are coupled with tailored solutions to meet your needs.
Once you’ve decided the types of and basis for your financial statements, the next question is, “What level of service do you and the other users of your financial statements need?”