Your organization’s financial statements are a foundation of your accounting and provide a more accurate look at your financial health and stability over a set period of time. Our CPA firm provides comprehensive financial statement preparation for a wide range of businesses as well as nonprofits.
Running a successful business requires up-to-date and accurate financial information, which shows an in-depth look at the financial health of your company. Financial statements give you the data you need to plan for the future and make informed decisions for your business.
While most people think financial statements are only necessary to for-profit businesses, nonprofits also need to provide information to their board members, donors, and potential grantors. However, nonprofit financial statements are somewhat different from those used by for-profit organizations.
Our CPA firm has the knowledge and experience necessary to provide you with the data you need as well as provide analysis that gives you clarity and understanding into the financial health of your nonprofit organization.
Financial Statement Audit Services in Raleigh
An audit is the highest level of financial statement service, and will be the most expensive for the client. In most cases, a third party will request that the client have an audit of their financial statements.
As part of the audit, we look at internal controls, communicate with third parties, and test selected transactions. The purpose of an audit is to provide an opinion about whether the financial statements are presented fairly in all material respects 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 less in scope than an audit, but more involved than a compilation. It consists of applying analytical procedures to the financial statements and making inquiries of management regarding a client’s financial statements.
Financial review services are important to make sure 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. There is no assurance provided in a compilation. The financial statements are compiled based on 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
Our CPA firm is dedicated to providing accurate financial statements to our clients using Generally Accepted Accounting Principles (GAAP). Not only will our team generate your financial statements, we can also sit down with you to analyze the data so you can understand 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.
Financial Statements: Frequently Asked Questions
Financial statements are written records of financial performance. They include balance sheets, income statements, cash flow statements, and statements of shareholders’ equity.
The financial statements of a business are used by investors, shareholders, market analysts, and creditors to evaluate a company’s financial health.
The IRS offers a number of different guidelines for how long you should keep your financial records.
A general rule of thumb for business owners and entrepreneurs is to keep financial records for at least 3 years. If you claim a credit or refund after you file a tax return, keep those records for 3 years after the date you filed the return. If you file a claim for securities or bad debt deduction, keep documentation for 7 years. If you have not yet paid taxes on income that you intend to report, keep those documents for 6 years. Keep all employment records for 4 years from the date that the tax is paid.