Services Quicklinks
Compilations, Preparations & Bookkeeping Services
Good accounting records can save you frustration (and money) in an audit and can give you the information that you need to run your business more effectively and profitably. They are used by bankers, bonding agents, shareholders, and officers.
A preparation is the "putting together" of accounting data in a standard format on a monthly or quarterly basis.
A compilation is a preparation of financial statements that applies accounting and financial reporting expertise to assist management and report in accordance with this standard.
As part of the process, an audit trail is automatically prepared so that, in the event of an IRS audit, there is support. More importantly, if statements are prepared on a regular basis they can aid in tax planning and other business decisions.
What information is needed?
There are certain key sources of information such as:- Check Registers
- Bank Statements
- Payroll Summaries
Bookkeeping
Our firm also has the experience to assist your company in all aspects of bookkeeping. We understand that accounting can be a complex and tedious task for the small-business owner. We can help relieve some of the stress so you can focus on what you do best-running your business!
What are the options?
Sometimes clients prepare their own financial statements for our review. Intentions are often high and money is often spent on computers and administrative help. Often the results are frustration and poor accounting records. The most frequent errors we see are poor year-end closings, balances which don’t carry over from year to year, and items expensed which are really assets or note payments. We can inspect client prepared statements and come up with adjusting entries to make them meaningful and "up-to-code".
Often the best course of action is for us to prepare the financial statements on our computer system using our bookkeeping, preparation or compilation services. There are several advantages to this:
- We have all the records in-house to insure a good audit trail.
- It permits us to analyze the results and make comparisons with prior year and current year data.
- It allows us to make tax-planning recommendations.