Financial Statements
Need help preparing financial statements? That’s what we do! We provide complete financial statements for scores of companies, government agencies and nonprofit agencies every year.
First, we take the information you have in your accounting journal and general ledger to prepare the income statement. The bottom line is net income or profit, which can either be retained or paid to the owners as dividends.
Next, we prepare the retained earnings statement to show how the profit was distributed or retained by the firm.
The balance sheet is then prepared to show your company’s financial position at a point in time – typically, the last day of the accounting cycle.
Finally, the statement of cash flows shows your position on a cash basis rather than on an accrual basis. Cash flows from operations, investing, and financing all contribute to the net cash flows for the company.
Even small firms will find that they need financial statements to secure credit from lenders. Financial statements are an invaluable tool in the running of your business. If you need financial statements or are not sure how to read the ones you have, give us a call.
We’ll turn the light on for you!
Call us for a tax consultation, at 216-521-2100.
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We can help you with all your accounting needs. We serve small businesses, nonprofit organizations, government offices, churches and individuals.