In Illinois, the term “business financial statement services” refers to the assistance provided by financial professionals to companies with their financial reporting needs. Accounting companies, bookkeeping services, and financial consultants with experience in financial management, accounting, and taxation typically offer these services.
The financial statements of a company give investors, lenders, and government authorities important information about the financial health of the business. The financial statements must therefore correctly depict the financial position and operating results of the company. Businesses in Illinois that offer a variety of services, such as those listed below, can assist clients in achieving this objective.
Creating financial accounts that adhere to generally accepted accounting principles is known as financial statement preparation. (GAAP). A balance sheet, an income statement, and a cash flow statement are usually included in the financial statements. The financial statements are correct, timely, and thorough thanks to the financial statement preparation services.
Review of the financial statements: A review of the financial statements is a less thorough version of an audit. In order to find any mistakes or misstatements that might affect the accuracy of the financial statements, it entails analyzing the financial statements. A certified public accountant (CPA) conducts the evaluation and offers a conclusion regarding the accuracy and completeness of the financial statements.
Financial statement audit: An audit of a company’s financial records entails a thorough examination. An impartial CPA performs the audit and assesses the financial records for completeness, accuracy, and GAAP compliance. The fairness and dependability of the financial accounts are rated by the CPA.
Maintaining accurate records of financial activities is part of bookkeeping. Services for bookkeeping can assist companies in recording financial data, keeping track of financial activities, and balancing bank statements.
Tax preparation: In Illinois, services for preparing business financial statements also include tax preparation. These services guarantee that companies follow all applicable state and federal tax rules and regulations. Services for tax preparation can assist companies in lowering their tax obligations and avoiding fines for noncompliance.
Financial planning: Companies can plan their financial aims and objectives with the aid of financial planning services. Financial planning services can help companies with budgeting, financial strategy development, and cash flow management.