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Financial Statement Preparation Poconos

Financial Statement Planning

FINANCIAL STATEMENT PREPARATION

Our Poconos CPAs offer financial statement preparation to small businesses and corporations in Northeastern Pennsylvania and beyond. Very in line with our auditing, review, and compilation services, our firm can assist you in the preparation of your financial statements in accordance with professional standards. The financial statements produced can be a useful tool for management and others making financial decisions. All of our statements are reviewed by the partner in charge of the engagement and meet the highest level of quality in the industry. When it comes to the key decisions ahead, our tax firm is here to help.

What Are The Components Of A Financial Statement?

The main components of a financial statement are the income statement, balance sheet, statement of retained earnings, and cash flow statement.

Income Statement

Also known as an “earnings statement” or “profit and loss statement”, the income statement documents the business’ profitability. The income statement contains company revenue, expenses, and net income / loss over a set period of time. Income statements can be monthly, quarterly, or yearly. Our Poconos CPAs will use data from your general ledger and accounting journals to prepare your income statements.

Balance Sheet

The balance sheet lists the company’s overall financial position for that specific point in time. Balance sheets contain the assets that you own, liabilities that you owe, and equity. The difference between the assets and liabilities is known as equity interest and belongs to the business owners. Your assets, liabilities, and equity interest should be in balance.

Statement Of Retained Earnings

The statement of retained earnings shows the net income left over after the company has paid its shareholders and investors. This statement also displays how company profits have been distributed over the selected time period. A higher amount of retained earnings is a sign of growth and profitability; this income can then be reinvested into the business for future growth.

Cash Flow Statement

A proper statement of cash flow can illustrate the different uses of cash for your company. Business operations, investments, and financing activities are organized and reported on the cash flow statement and reviewed by our certified public accountants. Cash flow statements help inform potential creditors and investors of your business’ spending, while also helping company management better understand the business’ overall financial position.

What Are The Purposes Of Financial Statements?

Financial statements accomplish three main things: they provide and summarize the business’ financial records, assist potential investors and creditors, and help inform ownership for future decisions.

Understand Your Business Operations

Each component of your financial statement can reveal important insight about your company’s financial situation. Income statements help visualize profitability, expenses, and net profits / losses. Balances sheets inform shareholders of the current state of the business – with regards to assets, liabilities, and equity. Retained earnings detail overall profit distribution, while cash flow statements illustrate the available cash on hand to pay essential and reoccurring expenses.

Guide Credit & Investment Decisions

High-quality, professional financial statements are crucial to your overall success. Credit lenders use your financial statements to assess your eligibility for additional credit. Investors use these statements to help decide whether they should invest in your company, and how much they should invest. Potential buyers will even use your financial statements to help set price offers for your company. Our Poconos CPAs have years of experience preparing financial statements for small businesses and corporations.

Adjust Your Strategy For Future Success

Financial statements help you see where your company is succeeding, as well as which areas need improvement. The team at Weseloh Carney & Company LLC can help prepare your financial statements to give shareholders, management, and employees the necessary data to make key decisions going forward.

Is Financial Statement Preparation Different From Audit Services?

Yes. Our certified public accountants in the Poconos offer financial statement preparation to help you make sound decisions, without expressing any opinion or other form of assurance. Unlike financial statements, audits are the highest level of assurance and require a much deeper investigative process. Reviews, while less in-depth than audits, provide limited assurance. Compilations offer no assurance, but are used primarily for internal operations. Learn more about our services for audits, reviews, and compilations.

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How Do I Learn More About Your Services For Financial Statement Preparation?

Our tax accountants at Weseloh Carney & Company LLC would be happy to speak with you in more detail regarding financial statement preparation. Please give us a call at 570-424-1040 or request a free consultation online.

Financial Statement Planning
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