C.E. Thorn, CPA, PLLC, with almost 30 years of small business accounting can provide financial statement preparation for your small business. Our accounting firm can produce monthly financial statements, which is necessary for tax preparation.
Financial Statement Preparation
We use your financial records and information to compile several types of statements that show different aspects of the financial health of your company.
The balance sheet, also called the statement of financial position, shows the net worth of your company.
- Assets include your bank account balance, inventory, and assets you can quickly convert to cash. It can also include 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.
Your income statement, also called the Profit & Loss statement, calculates your sales revenue, income, and expenses. This determines how much profit or loss your business experienced during a set period.
Why You Need Proper Financial Statements
Having accurate financial statements can help you make informed, knowledgeable decisions about your business. Financial statements provide an in-depth look at the financial health of your company. The financial statements we prepare can be used for the following:
- End of the year tax purposes;
- Whether your business is financially prepared to expand;
- If it's time to hire additional staff;
- Over time, you can use these reports to create budgets, forecast periods of high revenue or downturns, and create a path toward growth.
In addition to using these for your personal analysis, if you plan on borrowing, or working with investors, they'll need to see these statements to help them determine the financial health of your business.
Contact Us for Financial Statement Preparation in Raleigh
For financial statement preparation and monthly business accounting services, reach out to our CPA firm today at 919-420-0092 or complete the contact form below.