Business Owners Need Compiled Financial Statements

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Presentation Transcript

Slide1: Business Owners Need Compiled Financial Statements


Timely and accurate financial statements are key to business success. Credible financial statements are also necessary to attract investors and capital for use in fueling company growth. Financial statements provide business owners with a snapshot of their companies’ financial health and are useful when preparing tax returns and analyzing fiscal results. Without accurate compilations, managers’ plans become “best guesses” instead of well-informed decisions.


Most companies compile financial statements internally but often outsource the task to an outside accounting firm when expertise and experience matter and when verification by qualified third parties is necessary. Companies may rely on outside accounting firms to compile historical financial statements when records are lost or destroyed or when mistakes in past reporting must be corrected.


Tax preparers may need historical financial statements for use in preparation of over-due tax returns. Business owners may find it more cost-effective to outsource the compilations than to hire internal accountants.


Most outside accounting firms employ best practices and follow GAAP (Generally Accepted Accounting Principles) in compiling financial statements. Due to the importance of and need for accurate compilations, many businesses find that using a qualified and experienced accounting firm is the best solution.


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