Accounting Firm proudly serving New Jersey and New York clients since 2007
If an individual is heavily involved in their business, they don’t need the accountant’s assurance on the accuracy of financial statements. Because of their active nature, Jersey City business owners generally know if the figures stated on financials seem accurate. Rather, their concerns are the format of accounting statements, if disclosures are accurate, and tax savings. A compilation report has enough information to meet these objectives. Gary Mehta CPA, EA, can help prepare a compilation report on your balance sheet, profit, and loss statements, and cash flow statements.
Presenting financial statements for Jersey City company. Call (201)252-6703 to setup an appointment.
A compilation report provides no guarantee on the accuracy of financial or it’s content. It focuses more on how the statements are categorially structured.
When reviewing the format, we make sure that all-important line items are present. Our review includes the following.
· Assure that all income accounts are accurately listed, categorized by importance, and presented as a chart. Reviewing chart of accounts means we verify that different sources of income types their journal accounts and listed in financial statements in order of certain characteristics.
· Verify that proper expenses are properly labeled and categorized as ordinary or extraordinary items.
· Confirm that assets presented in the balance sheet presented from most liquid to illiquid assets.
· Confirm liabilities are listed from short to long term and categorized properly
· Ensure Equity accounts, Retained Earnings and shareholders distributions are properly balanced
· Prepare Bank reconciliations and merchant account reconciliations if necessary
· Confirm if year-end journal entries seem appropriate
· See if financials at large confirm with US GAAP and proper disclosures stated.
If compilation on budget, forecast or projection, verify assumptions made are in line with management’s assumptions. Our engagement is only limited to the format of the financials, and no assurances made on the actual content.
In addition to preparing the basic financials such as income statement and statement of financial position, we can also prepare and compile comparative financial statements. These reports are more analytical, portray changes in financial statements, and how they positively or adversely affect your business.
If you don’t need a financial audit or review, some yourself some money and have us compile your financial statements. Call us now to speak with a New Jersey Certified Public Accountant and have a tax professional meet you in Paramus to discuss scope compilation engagements. We can also meet at any of our other meeting places, including Hackensack, to discuss your startup needs.
140 E Ridgewood Ave, Paramus, NJ 07652
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