Financial Statement Preparation Services
Financial statements are a good gauge of the overall health of a business and a necessary input when you’re preparing taxes, planning to sell your business, applying for loans, trying to raise capital, or just want to rest assured your business is being managed properly and there are no hidden surprises.
Financial statements include:
- A balance sheet or snapshot in time of your business financials. It includes assets, liabilities and net worth. Analyzing how a balance sheet changes over time reveals important financial information about a business like your ability to collect revenue, manage your inventory, and satisfy creditors and stockholders.
- Assets represent the use of funds. Assets include things of value that are owned or due to a business. Your assets can include cash, accounts receivable (A/R), inventory, notes receivable (N/R), prepaid expenses, deposits, long-term notes receivable by third parties, and other miscellaneous items.
- Fixed assets represent your investments, things you’ve purchased that have a lifespan that exceeds more than a year.
- Intangible assets have an undetermined life that may never mature into cash. For most purposes, intangibles are ignored as assets and are deducted from net worth because their value is difficult to determine. Intangibles consist of things like research and development, patents, market research, and organizational expenses.
Our accountants have extensive experience preparing, reading and evaluating business financial statements for small businesses in Philadelphia and South Jersey. Let us work with you to prepare a clear and accurate financial representation of your business.
Want or need help? Contact us using the form on the top right or call 215-342-4200.