Financial statements are the mouthpiece of the company that tells the financial health.

Financial statements are used for many reasons and by different stakeholders. Your bank will use them to see if you company has a capacity to pay bank the loan and the interest. Investors what to know if your company is a good investment. A vendor wants to know if they can give you credit or not.

Sometimes the financial information in the tax return is sufficient for the user of the financial statement however tax financial statements are made specifically using tax rules, which may not show complete picture to other users and that is why they require separate financial statements.

Firstly, financial statements are only as good as the knowledge of the person making them and CPAs have a strong knowledge of financial statements, secondly, financial statements are more valuable if they are not bias and the person making them has an obligation to prepare an unbiased statements.

The three most commonly used financial statements are Audited Financial Statements Reviewed Financial Statements Compiled Financial Statements.

Compiled statements is a professionally made financial statements where the accountants use their professional skills to create them. Compiled financial statements made by CPAs are vary valuable to a company as a lot of banks and other stakeholders request them and rely on them. Our firm can prepare compiled financial statements upon required from the clients.

Review financial statements are a step above compiled financial statements and only CPAs who are authorized can make them. Reviewed financial statements are more costly to prepare as compared to compiled financial statements because additional work is required. Financial statements or other stakeholders require reviewed financial statements on very selective basis. We do not provide reviewed financial statements however we can prepare good quality financial statements that can be review by CPAs offering review engagement services.

Audited financial statements are at the top of the three types of financial statement as they require lengthy procedure to be followed. In a small business setting, unless there is a regulatory requirement, owners are not generally required to submit audited financial statements as audit is an expensive exercise. We do not provide audit engagements but if you are required to have an audit preform on your financial statements, we can recommend audits in our professional network.

At Ali Syed CPA, we do not provide audit or review services however we have skillful auditors and reviewers in our professional network that we can refer you to.

One of the requirements of the audit is that auditors can not prepare your financial statements they only audit them. This is one of the requirements of the audit. Audit is an expensive exercise to begin with and if the financial statements you provide to the auditor is not a good quality statements, your auditor will charge even more and may not even sign off the audit. We understand how the audit works, how to prepare good quality statements and how to effectively communicate with the auditors so that you audit start and finish on time and it stay within your budget. If you are required to have your financial statements audited, hire us as your accountants to that your audits are handled professionally.