Compilations

Compilation services allow companies to have financial statements prepared by a trained professional without having to pay for a more costly review or audit service. Our compilation service will help you produce financials statements produced with consistent accounting procedures and present financial statements in a format that will create the right impression for external parties.

A compilation involves the preparation and presentation of financial statements.  The process of compiling financial statements begins when the bank accounts are reconciled. We will help you make determine the appropriate adjustments to make so that your financial statements conform with the accounting principles generally accepted in the United States (i.e. GAAP) or another comprehensive basis of accounting (OCBOA).  This can involve accruals and deferrals, reclassifications and the  recognition of non-cash expenses, such as depreciation and amortization.

Once the financial statements are prepared, we will present them in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.  For accrual basis statements this will include a balance sheet, income statement, a statement of cash flows and potentially supplementary schedules requested by management or external users. OCBOA statements are similar in presentation, but the report names often distinguish the fact that they are not prepared using GAAP and they often exclude a cash flows report.

Picking up where QuickBooks leaves off

QuickBooks has captured the hearts of small business owners throughout the world, but is often loathed by accountants who have had the opportunity to work with professional grade software. While it does a decent job of tracking cash, accounts receivable and accounts payable, it does not always produce reports that your banker will be able to use. The application of accounting principles begins when your checkbook is reconciled. QuickBooks is not advanced enough to develop the appropriate journal entries necessary for you to comply with GAAP or OCBOA. It is for this reason that many financial institutions will completely discount the financial reports that are generated by QuickBooks when they are making lending decisions.

We can make adjustments necessary to turn your QuickBooks reports into information your creditors will understand and present your statements in a format that demonstrates they have been prepared by a qualified professional.

Call us today to find out more about our compilation services.

We make the adjustments necessary to turn your internally generated reports into information your creditors will understand and present your statements in a format that demonstrates they have been prepared by a qualified professional.