Prepare Financial Statements – Annually

As part of our Professional Accounting Services, we prepare a standard set of year-end financial statements and reconcile your bank and credit card accounts once per year.

All reports are posted in PDF format to your client portal in the Messages area and saved in the #Documents file within the YEARLY Financials folder.

Standard Contents of a Set of Financial Statements

• Balance Sheet: Shows your assets, liabilities, and equity as of the report date, providing a snapshot of your financial position at year-end.

• Profit & Loss (Income) Statement: Summarizes revenues, expenses, gains, and losses for the reporting period, showing the results of your operations.

• Statement of Cash Flows (optional): Shows changes in cash during the reporting period. This report can be omitted if not needed; you may request it anytime or book an advisory meeting for assistance.

• General Ledger: Displays all transactions for the reporting period across all accounts. For businesses with high transaction volume, this report may be provided separately in Excel to reduce page count.

Benefits

• External: Verified accuracy ensures your books and bank accounts match perfectly.

• Internal: Confidence that no errors or missing funds exist in your records.

Key Takeaway:

Annual financial statements with bank and credit card reconciliation give you peace of mind, ensuring your year-end books are accurate, complete, and fully ready for tax preparation.