Financial Statement Preparation for Small Businesses in Cary

Our small business CPA provides financial statement preparation for businesses in Cary. This is important, since monthly financial statements will be used for preparing year end tax returns and accuracy can help you more effectively manage your goals.

Monthly Financial Statement Preparation

Proper record-keeping can put your business in a better position for success and help with future planning. We use your financial information to put together various types of statements that reflect the financial health of your business.

Income Statement

The income statement, also known as the Profit and Loss statement, shows a business’ income and expenses. It helps to determine whether a business was profitable or not during a set period, and helps identify how well the company performing.

Balance Sheet

The balance sheet, also known as the statement of financial position, is a summary of a business’ financials that outlines the net worth of a company. To identify your company’s net worth assets must be totaled and then liabilities are subtracted from that amount.

• Assets include your bank account balance, inventory, and assets you can quickly convert to cash, including property, raw materials, and equipment.
• Liabilities include debt and obligations to creditors.
• The net worth or equity is the amount left from the assets after the liabilities are subtracted.

Why You Need Up-to-Date Financial Statements

Financial statements are crucial when you want to evaluate the health of your business. When you are equipped with accurate financial statements, you’ll be in an optimal place to understand various factors like:

• Level of expenses;
• Status of income and revenue;
• Yearly and monthly profit and loss;
• Whether your business is financially prepared to expand;
• If it’s time to hire staff;
• How you can reduce liabilities or increase revenue;
• Areas of your business that are highly profitable as well as those that are costing more money.
• Over time, you can use these reports to create budgets, forecast periods of high revenue or downturns, and create a path toward growth.

Contact Us for Small Business Financial Statement Preparation in Cary

Feel confident making knowledgeable financial decisions with monthly financial statement preparation and bookkeeping. Reach out to us today by calling (919) 420-0092 or completing our contact form below!

*Information presented on this website should not be construed as formal accounting or tax advice or the formation of an Accountant/CPA-client relationship. Additionally, any email sent to C.E. Thorn, CPA, PLLC at the email addresses set forth in this website will not create an Accountant/CPA-client relationship.