Financial Statements for Garner Businesses

financial statements garner

At C.E. Thorn, CPA, PLLC., we understand how important it is for you to focus on the success of your business. In order to do that, you need all your attention directed towards your day to day operations, not your finances. That is where are small business accountants can lend a guiding hand.

By turning your financial statement preparation over to our accounting team, you can focus on your business while still receiving accurate records that allow you to make better decisions and plan for the future.

Here are a few reasons proper record keeping is essential:

  • Making sound operating decisions
  • Tax returns must have proper documentation
  • Small business loans will require reports of past performance

Preparation of Monthly Financial Reports

Monthly financial reports help determine the health of your business by showing you trends and giving you a clear look at where your income is coming from, your expenses, and how successful you are.  You can compare previous months, and years to see if your business is reaching its full potential, find errors or detect problems.

The financial reports you should be monitoring on a monthly and yearly basis are listed below

  • Current ratio – determines the ability of a business to pay its debt. This ratio is used by investors to determine if money lending or investment will yield a return
  • Debt to equity ratio – how much a business relies on financing from investors and creditors
  • Receivables outstanding – any product sold or business transaction based on credit to the purchaser. The receivable is outstanding until the debt is paid in full
  • Profit margin – calculates the total remaining revenue, after all business costs have been paid

Contact Our Accountants for Monthly Statement Preparation

Making sound business decisions requires accurate reporting and experienced financial management. Our certified public accounting firm has served Garner and the Triangle for over 26 years, with more than 200 businesses trusting our guidance with their financial success.

To learn how we can help you with your financial statement preparation as well as analyze them with you, contact our team by completing our online contact form or by calling 919-420-0092.