Business Owners Need Compiled Financial Statements

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Business Owners Need Compiled Financial
Statements
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Timely and accurate financial statements are key
to business success. Credible financial
statements are also necessary to attract
investors and capital for use in fueling company
growth. Financial statements provide business
owners with a snapshot of their companies
financial health and are useful when preparing
tax returns and analyzing fiscal results. Without
accurate compilations, managers plans become
best guesses instead of well-informed decisions.
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Most companies compile financial statements
internally but often outsource the task to an
outside accounting firm when expertise and
experience matter and when verification by
qualified third parties is necessary. Companies
may rely on outside accounting firms to compile
historical financial statements when records are
lost or destroyed or when mistakes in past
reporting must be corrected.
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Tax preparers may need historical financial
statements for use in preparation of over-due tax
returns. Business owners may find it more
cost-effective to outsource the compilations than
to hire internal accountants.
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Most outside accounting firms employ best
practices and follow GAAP (Generally Accepted
Accounting Principles) in compiling financial
statements. Due to the importance of and need for
accurate compilations, many businesses find that
using a qualified and experienced accounting firm
is the best solution.
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20169 [phone]