With over 30 years of experience in small business accounting services , at C.E. Thorn, CPA, PLLC we provide financial statement preparation for businesses in Fuquay-Varina as part of our monthly accounting service. We can help keep your financial statements up-to-date so you can focus more on your business.
Financial Statement Preparation Services
We prepare your financial statements on a monthly basis so you can have a better picture of your business's financial health and ensure proper records for tax preparation and other purposes.
Your income statement shows your company's income and expenditures to determine how much profit or loss your business experienced during a set period.
The balance sheet, also called the statement of financial position, demonstrates the book net worth of your company by recording the company's assets, liabilities, and equity.
Why You Need Financial Statements
As a business owner, you have enough on your plate with the day to day operations of your business. If you don't have the time, knowledge, or experience in preparing your own financial statements, consider working with a small business CPA like us to assist you. Financial statements can also be used as a tool to help you make other business decisions.
We offer the following services:
- Monthly Bookkeeping
- Business Tax Preparation
- Accounting for Startups
- Accounting for Established Businesses
We Also Provide Financial Statements for Businesses in the Following Locations:
Frequently Asked Financial Statement Questions
What are the four financial statements used in small business?
Within small business accounting there are four primary financial statements used: the balance sheet, the income statement, the cash flow statement, and the statement of shareholder equity.
- The balance sheet provides a peak into a company’s assets, liabilities, and shareholder equity at a particular point in time.
- The income statement shows a company’s revenue and expenses over a period of time, typically one year.
- The cash flow statement tracks the inflows and outflows of cash within a company over a certain time period.
- The statement of shareholder equity shows the complete equity held by shareholders at a given point in time.
Do small companies have to prepare financial statements?
Yes, businesses large and small in Fuquay-Varina, NC should take the time to prepare financial statements. There is a variety of reasons for this. First, financial statements provide important information about a company’s current and past financial health which is important for potential investors, creditors, and other stakeholders. Second, financial statements are used to make sure your business is in compliance with important tax and regulatory requirements. Finally, financial statements can help owner make informed decisions about where to allocate resources.
What two financial statements are most critical to small businesses?
There are two primary financial statements that small businesses should focus on to prepare for small business accounting purposes: the balance sheet and the income statement.
Does a small business need a balance sheet?
While a balance sheet is not a specific requirement to operate a small business successfully, it is an important financial document that businesses use to provide insights into their overall financial health. The balance sheet showcases a company’s assets, liabilities and equity at a specific point in time. For small businesses, having a balance sheet can give a look into whether the business is currently operating at a profit or loss, and whether it has the financial resources to expand or pay down debt.
What are the main uses of financial statements?
The top uses of financial statements are to help a company make informed decisions about where to allocate resources. They also help to provide valuable information to potential investors so they can make informed decisions about whether or not to invest in the company. Financial statements also play a role in assessing a company’s creditworthiness.
Contact Us for Financial Statement Preparation for Small Businesses in Fuquay-Varina
At C.E. Thorn, CPA, PLLC, we strive to help small businesses succeed by offering accounting services that allow you to focus on running your business.
To learn more about our services in Fuquay-Varina, call our office today at 919-420-0092 or complete the form below.
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