Financial Compilations & Reviews
Compilations and reviews are important for monitoring your financial situation and looking for any possible red flags that could mean something is amiss with your accounting. Adam Traywick, CPA offers both of these services. While compilations are much more common, you can easily upgrade to a review if your business situation demands it.
Compilations: Most businesses need what accountants call a “Compilation.” This simply means your accountant takes the information you provide and presents it back to you in financial statement form. Once your statements have been compiled your CPA reads them to see if there are any red flags that seem unreasonable. Aside from the initial review, compilations don’t involve any significant analysis to ensure they are correct. Typically, banks will ask for compiled financial statements as part of their lending process.
Reviews: A “Review” is more detailed than a compilation. It’s designed to provide you with a higher level of assurance that your financial statements are materially correct. Reviews are sometimes required by certain banks or insurance companies (particularly in construction) before loans or insurance policies are issued. A review isn’t as involved as an audit, but it does involve some analytical procedures.
Adam Traywick, CPA provides small business accounting and tax preparation services in the Dallas-Ft.Worth-Arlington Metroplex.
Take a moment to book a free initial consultation with Adam Traywick, CPA now! Remember: The best problem is the one you fix before it can happen.