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Financial Statement Preparation for Small Businesses in Raleigh

For accurate and insightful financial statement preparation, rely on Carson Thorn, CPA, PLLC. With over 30 years of small business accounting service and guidance, our accounting firm can provide you with the monthly statements necessary for tax preparation as well as for making smart choices regarding your business.

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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 in the present so you can plan for the future.

Income Statement

Your income statement, also called the Profit & Loss statement, calculates your sales revenue and income, expenses, and general ledger records to determine how much profit or loss your business experienced during a set period. The income statement can highlight areas that are performing well as well as opportunities for improvement.

Balance Sheet

The balance sheet, also called the statement of financial position, shows the net worth of your company. By totaling your assets, then subtracting your liabilities from that amount, you’ll determine your business’s net worth.

  • 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 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 as a tool to help you make decisions with the following:

  • Whether your business is financially prepared to expand;
  • If it’s time to hire additional 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.

In addition to using these for your personal analysis, if you plan on expanding, opening a line of credit, or working with investors, they’ll need to see these statements to help determine the financial health of your business.

Contact Us for Financial Statement Preparation in Raleigh

For financial statement preparation as well as other small business monthly accounting services, reach out to our CPA firm today at (919) 420-0092 or complete the contact form below.

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*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.