Financial statements are a key part of your accounting strategy, compiling and organizing data that allows you to quickly understand the financial health and stability of your business or nonprofit. We understand that generating and analyzing these documents can be overwhelming, confusing, or time-consuming, so our Chapel Hill CPA, provides financial statements to both businesses and nonprofit organizations.
Financial statements each show a different financial aspect of your business, from profitability to the net worth of your business. Having this information and understanding what it means for your business provides the following benefits and opportunities:
- Provide information to banks to open lines of credit
- Forecast upticks and downturns in your business
- Know where you can make cuts and where to focus your energy to maximize profitability
- Get clarity on how cash and liquid assets move into and out of your business.
Nonprofit organizations must also provide financial statements to board members and donors as well as receive grants. While these are different than for-profit statements, we can provide you with a clear look at cash flow and provide statements that allow you to create budgets, understand the financial solvency of your organization, and forecast revenue.
Financial Statement Audit Services in Chapel Hill
In the event that a third party, such as a lender or investor, requests an audit of financial statements, we can provide this service. We look at the internal controls, test transactions, and share our findings with approved third parties. The goal of this process is to determine whether the statements are presented fairly and accurately in accordance with generally accepted accounting principles.
We have experience providing audit services to businesses, nonprofits, and defined contribution retirement plans.
Financial Statement Review Services
A review provides limited assurance on the financial statements. It is more narrow in scope than an audit and consists of applying analytical procedures to the financial statements and verifying how information is compiled in the report. Financial review services are needed to ensure your business is following all the required regulations as well as working as efficiently as possible.
Financial Statement Compilation Services
A compilation is the lowest level of financial statement service and is solely based on the organization’s management’s representations in a format appropriate for the circumstances. In a compilation, the client may choose to have a complete set of footnotes or omit substantially all footnote disclosures.
Why Choose Steward Ingram & Cooper PLLC
At Steward Ingram & Cooper, PLLC our team is committed to providing accurate and comprehensive financial statements to our clients using Generally Accepted Accounting Principles (GAAP). Not only will our team generate your financial statements, but we can also sit down with you to go over the data to provide you with clarity regarding the financial health of your organization and plan for the future.
Whether you need documents to support a small business loan or need in-depth financial analysis to provide to board members and donors, we can put together the data and statements you need.