Financial reporting services from Piehl, Hanson, Beckman, P.A. are used by many businesses that complete their own bookkeeping, but don’t have an in-house accountant or the time to complete specialized reporting. Timeliness in reporting is important to making accurate and efficient management decisions.
Businesses often look for financial reporting in three situations:
- Lending purposes.
Banks want to know the financial status of a business before providing a loan and they may want updates to ensure expectations of a loan are being met.
- Contract required reporting.
Non-profits and some businesses may have contract stipulations that require regular financial reporting.
- Business status updates.
Owners, management and boards of directors get a glimpse of how an entity is performing by reviewing regular reports that include comparison data to guide business decisions.
Piehl, Hanson, Beckman, P.A.’s financial statement service includes three levels of assurance depending on your company’s needs. These services can be done at any point during the year, but are very common at year-end.
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to correct reporting, ascertaining the validity and reliability of your information. We offer specialized employee benefit audits and general audits for clients.
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
Compilations are based upon information provided by a company’s management. They do not offer assurance, but may involve some adjustment to accounting records. New businesses look for a specialized compilation that includes projections and forecasts of sales, expenses and financial borrowing needs.
Piehl, Hanson, Beckman P.A. is available to assist with your financial reporting needs all year long. Being proactive in your reporting will make your year-end processing go smoothly.