Reviews - Compilations
Compilations and Reviews in North Canton & Cuyahoga Falls
Potential investors, stockholders, and partners want to verify that a company is financially sound before supporting a business. Compilations and reviews allow you to present your company's financial standing in a concise, easy-to-follow format.
At Sherritt & Associates, Inc., CPAs, our hardworking team is expertly equipped to produce compilations and reviews for you. Our firm has been serving North Canton and Cuyahoga Falls since 1982, and we are fully prepared to support you with your accounting needs. We can provide our services in person at one of our two office locations or remotely. Contact us today so we can provide the effective services you need!
What's the Difference Between Compilations and Reviews?
A compilation provides a detailed look into your company's finances from a management perspective. We will take your financial data and use our accounting skills and understanding of your industry to create a neatly organized financial statement. This process streamlines your data and makes it more accessible to management, potential shareholders, and banks. Since we are simply organizing a financial statement, we cannot offer assurance that the data is free of errors.
A review provides a more extensive check into your company's standing than a compilation but is not as exhaustive or expensive as an audit. When we perform a review, we will utilize standard accounting principles to determine whether the financial data you provide makes sense. Upon completing our review, we can offer limited assurance that we are not aware of any modifications that are necessary to conform to Generally Accepted Accounting Principles (GAAP).
When Would I Want a Compilation?
Compilations present an affordable and effective option to gather and present your financial data. When you apply for a line of credit, try to get a loan from a bank, or attempt to attract a new investor, they will likely require a compilation. Doing so allows the bank or potential investor to quickly and easily get insight into your company's financial status.
Compilations aren't just useful for outside investors and banks. They also give your management a good idea of how your company is gaining and spending money and can provide you with insights on how to streamline your business procedures.
When Would I Want a Review?
The process of obtaining a review is more extensive than that of a compilation, and banks may require a review to access a loan. Reviews can provide a higher level of confidence that your company's financial status is accurate and in compliance with GAAP.
If your company issues bonds or is involved in more complex forms of banking, you will almost certainly be required to provide a completed review. Doing so provides your future investors with confidence that their money will not be mismanaged and that they are entering a trustworthy agreement. Having your review done by an independent CPA can increase their trust, particularly if they have encountered fraud before and are wary of making investments.
Reviews can be used as effective measurements of how your company is performing financially. They are an excellent way to get a critical look at your situation without spending the money and time to conduct an audit.
How Our Services Can Help
We provide financial statements for small businesses that are trying to get a handle on their current status. Many clients require financial statements to acquire the specialized machinery and tools they need to perform their roles daily. We've prepared statements for clients in industries such as:
Manufacturing - A compilation can help you track correlations between productivity and profitability. Reviews allow you to track down discrepancies between different accounts, discover mistakes in equipment repair costs, and other problems to protect your business.
Healthcare - Compilations can show how your practice is doing financially. Reviews can help you track down errors in billing, failed payments, and other issues to ensure your practice isn't losing out on vital revenue.
Education - A compilation reveals your overall financial standing and can provide insight into ways to reduce expenses without lowering your impact on students. A review can uncover internal clerical errors between departments that could cause you to lose valuable funding over time.
We enjoy working with businesses across a broad spectrum of industries. Regardless of your company's line of work, we tailor our services to fit your needs while always maintaining best accounting practices.
Why Should I Outsource Financial Statements to a CPA?
Our substantial accounting experience and dedication to precision allow us to give you an honest, big picture visualization of where you stand financially. As an independent CPA, we provide an unbiased view of your situation. We are happy to discuss our finished financial statements with you to point out areas of possible future growth, increased savings, or potentially risky investments to avoid.
Our goal is to provide you with more than a simple statement. We want to improve your company's profitability and offer a well-rounded accounting experience that truly benefits you. We help you gain an intimate understanding of your company's finances and present the information in a client-friendly fashion to be most useful to you and your investors.
Compliation and Review Services You Can Trust
Sherritt & Associates, Inc., CPAs is here to provide you with the efficient, thorough, and practical services you need to run a profit. We are dedicated to your success and are ready to assist you with reliable compilations and reviews! Contact us in North Canton or Cuyahoga Falls today so we can help you reach for future financial success.