Whether you are preparing for your taxes, getting audited, trying to obtain a loan or financing for your business, or facing a make a tough strategic decision, then you need solid financial statements. Prepared financial statements give you a solid understanding of your business’s financial health and can serve as a great roadmap when planning for the future.
If financial statement preparation makes your skin crawl or blood pressure rise, that’s probably normal. But not for us! At Orsini & Associates, we love preparing financial statements – it’s like our own version of show and tell. We know how daunting phrases like balance sheet reports or cash flow statements can feel. Our accountants have spent years mastering the art of the numbers and have the knowledge and experience to paint the financial picture of your company in whatever format you need.
What are Financial Statements?
Financial statements are basically records (not that type of record – thought we LOVE vinyl records, too) of what a business has done or how it has performed. Auditors, banks, and business owners use them to ensure the accuracy of a business’s health, especially when it comes to financing or investing in a business.
There are four types of financial statements we specialize in:
- Income Statements
- Cash Flow Statements
- Balance Sheets
- Profit and Loss Statements
Income Statements deducts all expenses and reveals how much revenue a business has made.
Cash Flow Statements detail how cash is being used in your business. What are the sources? Where is it going? Look no further than your cash flow statement to find out.
Balance Sheets take it one step further. It combines the assets (everything from equipment to real estate) and liabilities (debts, overdue invoices, pending litigation, etc) and any shareholder equity (if applicable) into one convenient report.
Profit and Loss Statements accounts for all your income and all your expenses. This lets you know very clearly exactly how much profit you made or how much loss.
Financial reports like these function as a dashboard – a place where you can look to figure out where your business stands in terms of its finances. They take all the budgets and figures and various accounts all over the place and breaks it down in digestible chunks that you can actually understand. It’s a record of where you’ve been, so you can look back and see what worked and what mistakes you can avoid in the future. Financial statements are a powerful tool in your business owner toolbox.
We Have Pretty High Standards
If you need financial statements prepared, it’s important to know that format matters. Just like lawyers have their own legalese, the financial industry has its own sort of language. We know that language and ensure our statements comply with the International Financial Reporting Standards (IRFS) and Companies Acts. It’s not a simple matter of knowing what information a statement needs to contain. How that information is shared can be equally important.
We want you to have the most favorable outcome possible, so when it comes to your financial statements, we hold ourselves to pretty high standards. We make sure that your reports are credible and properly formatted so that auditors, banks, and government agencies don’t have to hunt to find the information they need. We give them no reason to discredit your business because a period is in the wrong place.
Why Should You Choose Us?
The way you prepare and present your financial statements can be the difference between getting the loan you need or not. It could be the difference between a deal going through or getting passed over. It could be the reason the investor says yes or the reason the investor walks away. We know the vital importance of having the right financial statements. We have your back. And we have the experience to ensure you are putting your business’s best foot forward.
Not sure where to begin? No problem! We are here to discuss your situation and help you figure out the best course of action for your unique needs. We have years of experience and are excited to help your business grow to its fullest potential!
At Orsini & Associates, we pride ourselves on using the latest technology available in the accounting world to meet our clients where they are. We stay ahead of regulations, laws, and best practices to ensure you are getting accurate, timely, convenient, and reliable results from us. We will never drown you in accounting speak and will always have your financial back. Contact us today to see how we can help your business.