Financial statements are essential to any business, regardless of size or industry. When your company develops quickly, it’s vital to maintain accurate financial reports to guide your budgeting, investments and more. If you don’t have the resources to establish an in-house financial department, keeping up with your chart of accounts, balance sheets and profits and losses (P&L) can feel challenging.
Outsourcing your financial statement preparation helps ensure accuracy without overextending your business. At Compass East, our team of knowledgeable advisors can review your financial statements for accuracy and budget variance to keep your business on track.
What Is a Financial Statement?
A financial statement is a written record of your business activities. When you undergo an audit, these records receive a review for tax, investment or financing purposes. The three components of this financial document include:
- A balance sheet
- An income statement or P&L
- A statement of cash flows
The Importance of an Accurate Financial Statement
An accurate financial statement is valuable to your company and your investors. It gives you a clear view of company performance, and it shows investors that your business is worth putting money into. Building this trust with your partners helps maintain valuable investment income and encourages more beneficial businesses relationships in the future.
Your financial statements are also helpful tools for decision-making. You can use your financial statements to identify trends, growth areas and potential problems. A chart of accounts and their activity may show you where to invest more money, limit funding or sell assets.
With an understanding of your financials through P&L, cash flow and balances, you can optimize your business for revenue growth.
Our Month-End Close Financial Statement Prep Services
At Compass East, we offer our financial statement prep services for the month-end close process. We introduce Senior Accountant and Controller review functions to supervise and examine your statements for completeness, accuracy and relevance.
We review the following financial statements:
- Balance sheet
- Income statement
- Statement of cash flows
- Budget variance
Our assessment and analysis process starts with the discovery phase. This introductory procedure is our way of learning about your company and its financial reporting. Our team will look at aspects like departmental budgets, client-specific reporting and other application dimensional reporting.
Once we understand your company’s financials, we can implement processes and formats to help you maintain reliable and accurate reporting. Our month-end close procedures and Controller review services supplement this process to provide accurate, timely and actionable financials.
The Benefits of Our Controller Review Services
Compass East financial statement preparation and Controller review offer many advantages for fast-growing businesses. With our services, you can:
- Improve accuracy: When financial reporting becomes an afterthought, your statements may include errors that affect your decision-making. Our financial professionals will improve tracking processes to ensure you have an accurate view of your company’s financials. Greater accuracy means more informed decisions for business growth.
- Minimize risk: Financial reporting comes with a range of compliance requirements that may be challenging for some organizations to meet. Statement prep can help you prepare for audits and avoid penalties associated with inaccurate reporting.
- Enhance budgeting: With an accurate view of your company’s financials, you can allocate your income based on spending patterns. A more precise budget can support revenue growth over time.
- Boost efficiency: While balance sheets, income statements and cash flows are valuable, there are many other growth projects your company can dedicate time to. Our services help you achieve accuracy without overextending company resources, so you can boost efficiency and allocate company time to other projects.
- Manage debts and liabilities: Debts and liabilities like credit cards and vendor accounts can lead to losses if not carefully monitored. With accurate financial statements, you have access to all essential information for effectively managing debts and liabilities.
With the many benefits of our financial statement prep services, it’s easy to take the next step and partner with Compass East. Outsourcing to us eliminates the need to build out your in-house team.
Financial statement preparation is only one of our three financial reporting areas. You can also come to us for key performance indicator (KPI) development and financial liaison services. Additionally, we can support your compliance reporting needs with 1099 management, audit preparation and sales tax management solutions. Regardless of your financial requirements, we can design a suite of services to serve your business.
Compass East Is Your Financial Expert for Statement Prep Services
When you need a scalable financial operation, turn to Compass East. We specialize in supporting high-growth companies through a range of services. We employ a complete financial and accounting team to implement technology ecosystems, create dynamic reporting processes and develop growth strategies for our clients.
Every business is different, so we take a custom approach for every client, regardless of industry. Using a bottom-up process, we modify your strategy and improve your understanding of your financials. We start by cleaning up your existing procedures to improve accuracy, and then we fill in the gaps with technology solutions and professional guidance. Our services make it possible to optimize your company for more significant growth over time.
The Compass East team includes professionals with a range of financial backgrounds. We have deep knowledge of auditing, forecasting, reporting and more, allowing us to provide forward-looking services that promote your success.
Instead of hiring an in-house Controller to handle your financial statements, choose Compass East. We eliminate the expenses of an in-house professional and help prepare you for your high-growth future.