Compiled Financial Statements

We take your internal financial data and transform it into formal financial statements. No audit or review procedures are performed, but your numbers are presented professionally and in accordance with the basis of accounting that best suits your needs.

Best for: internal use, low-risk lenders, or boards requiring basic visibility.

Reviewed Financial Statements

A review goes a step further. We conduct inquiries and analytical procedures to provide limited assurance that the statements are free from material misstatement.

Best for: third parties requesting assurance, such as banks or bonding companies, without the need for an audit.

Basis of Accounting: Cash, Tax, or GAAP

Financial statements can be prepared using:

Cash basis: Reflects activity when cash is received/spent; straightforward but limited.

Tax basis: Aligns with your tax filings; useful for owner-managed businesses.

GAAP basis: Includes accruals, depreciation, and standardized presentation; most commonly accepted by third parties.

Most banks, bonding companies, and investors prefer or require GAAP-based financials for consistency and comparability. We’ll help you choose the best basis for your specific situation and audience.

When Might a Business Need These Services?

Applying for a bank loan or line of credit

Pursuing bonding for construction or government contracts

Reporting to franchisors or investors

Building credibility during a merger or succession plan

Wanting formal insight into your own performance-without the cost of an audit