Financial Statement Preparation
Expert Financial Statement Preparation – US GAAP & IRS-Compliant Reports You Can Trust
Financial Statement Preparation Services in the USA
Accurate financial statements are essential for making informed decisions, securing funding, and maintaining compliance with regulatory requirements. Our expert team provides professional financial statement preparation services tailored to meet the needs of businesses across the United States. Whether you’re a startup, a small business, or an established corporation, we ensure your financial reports are accurate, timely, and aligned with U.S. accounting standards.
We take a structured, data-driven approach to financial planning,
ensuring accuracy, adaptability, and alignment with your business goals.
What We Offer
Compliance with U.S. Financial Reporting Standards
Financial reporting in the United States is governed by strict standards to ensure transparency and accuracy. Here’s how we ensure compliance:
Generally Accepted Accounting Principles (GAAP):
We adhere to GAAP standards, ensuring your financial statements meet the requirements of U.S. accounting principles for consistency and reliability.
Industry-Specific Standards:
For businesses in regulated industries, we tailor financial statements to meet any additional compliance requirements.
Tax Compliance:
We align your financial statements with IRS requirements to facilitate accurate tax reporting and filing.
Audit-Ready Statements:
Our preparation process ensures your financial statements are audit-ready, saving time and reducing stress during audits or reviews.
Generally Accepted Accounting Principles (GAAP):
We adhere to GAAP standards, ensuring your financial statements meet the requirements of U.S. accounting principles for consistency and reliability.
Tax Compliance:
We align your financial statements with IRS requirements to facilitate accurate tax reporting and filing.
Industry-Specific Standards:
For businesses in regulated industries, we tailor financial statements to meet any additional compliance requirements.
Audit-Ready Statements:
Our preparation process ensures your financial statements are audit-ready, saving time and reducing stress during audits or reviews.
Types of Financial Statement Assurance Under US GAAP
Different levels of assurance provide varying degrees of confidence in financial statements:
Audit (Highest Assurance)
- Comprehensive CPA examination with verification of financial data and internal controls.
- Required for public companies and certain regulatory filings.
Review (Moderate Assurance)
- CPA conducts analytical procedures and inquiries without full verification.
- Commonly requested by lenders and investors.
Compilation (Basic Assurance)
- CPA assists in preparing statements using client-provided data with no verification.
- Used for internal reporting or small business needs.
Preparation (No Assurance)
- Financial statements prepared following GAAP but without CPA review.
- Suitable for internal use or tax reporting.
Need help determining the right level of assurance?
We can guide you based on your business needs.
Why Us
Educating Clients
We focus on empowering our clients with the financial knowledge and resources needed to make informed decisions and achieve long-term success.
Seasoned Experts
Our team of experienced professionals brings extensive expertise in accounting and tax regulations, delivering reliable and thorough solutions tailored to your needs.
Personalized Solutions
We customize our services to fit the unique financial circumstances and goals of each client, offering targeted solutions that effectively address their challenges.
Modern Approach
Leveraging the latest technologies and innovative strategies, we deliver efficient, forward-thinking accounting and tax services designed to meet the evolving demands of businesses and individuals.
Frequently Asked Questions (FAQs)
Find answers to common questions about Democracy
We prepare balance sheets, income statements, cash flow statements, and statements of changes in equity, as well as customized financial reports tailored to your needs.
Financial statements provide insights into your company’s financial health, helping you make informed decisions, secure funding, and maintain compliance with tax and regulatory requirements.
Yes, we align your financial statements with IRS requirements to facilitate accurate and efficient tax filing.
Certified financial statements are those that have been audited or reviewed by a Certified Public Accountant (CPA). Only licensed CPAs are authorized to perform audits and reviews, thereby certifying the accuracy and fairness of financial statements
This certification provides assurance to external stakeholders, such as investors and lenders, regarding the reliability of the financial information.
Yes, non-CPAs, including bookkeepers and internal accountants, can prepare financial statements. However, they cannot perform audits or reviews to certify these statements. While non-CPAs can prepare compiled financial statements, which involve assembling financial data into statement format without providing assurance, only CPAs can conduct audits and reviews that offer varying levels of assurance on the accuracy of the financial statements
The primary financial statements include:
- Balance Sheet: Shows the company’s assets, liabilities, and shareholders’ equity at a specific point in time.
- Income Statement: Also known as the profit and loss statement, it reports revenues and expenses over a period, reflecting profitability.
- Statement of Cash Flows: Details the cash inflows and outflows from operating, investing, and financing activities during a period.
- Statement of Retained Earnings: Explains changes in retained earnings between two balance sheet dates.
These statements provide a comprehensive overview of a company’s financial health.
- Compiled Statements: Prepared by an accountant based on information provided by management, with no assurance provided.
- Reviewed Statements: Involve analytical procedures and inquiries by a CPA, providing limited assurance that no material modifications are needed.
- Audited Statements: Undergo a thorough examination by a CPA, offering the highest level of assurance that the financial statements are free from material misstatement.
The level of assurance increases from compilation to audit, with corresponding increases in the scope of work and cost.
Yes, all financial statements we prepare adhere to U.S. Generally Accepted Accounting Principles (GAAP) for accuracy and consistency.
Most businesses prepare financial statements monthly, quarterly, or annually, depending on reporting needs. We can customize a schedule to meet your requirements.
Yes, we tailor financial statements to meet any specific compliance requirements for regulated industries.
Absolutely. Our preparation process ensures your financial statements are audit-ready, saving you time and effort during audits or reviews.
Yes, preparing financial statements is mandatory for businesses in the U.S. The specific requirements depend on the type of business entity, regulatory obligations, and stakeholder needs. For instance, publicly traded companies are required by the Securities and Exchange Commission (SEC) to prepare and file financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP)
Privately held companies may also need to prepare financial statements for tax purposes, securing financing, or internal management.
The frequency of financial statement preparation depends on business needs and regulatory requirements:
- Public Companies: Must prepare and file financial statements quarterly and annually.
- Private Companies: Often prepare financial statements annually for tax purposes, though more frequent preparation (e.g., quarterly or monthly) can aid in internal decision-making and financial management.
While publicly traded companies are required to prepare financial statements in accordance with U.S. GAAP
Privately held companies may have more flexibility. However, using GAAP can enhance the credibility and comparability of financial statements, which is beneficial when seeking financing or attracting investors.
We typically require bank statements, income and expense records, payroll reports, invoices, receipts, loan statements, and tax documents. Additional details, such as asset and liability records, may be needed depending on your business structure and reporting requirements. Providing accurate and complete data ensures precise financial statements.
How much will it cost for TMP to prepare our financial statements?
Basic
Internal-use financial statements
Posting of up to 10 adjusting entries
Basic bookkeeping review
Income Statement & Balance Sheet preparation
IRS Corporate tax filing ready
Expert
Compilation Report prepared by a CPA
Posting of up to 20 adjusting & closing entries
Review of past-year financials to identify discrepancies
Comparative financial analysis (year-over-year insights)
Notes to Financials for a complete financial picture
Premium
Compilation Report prepared by a CPA
Posting of up to 35 adjusting & closing entries
Review of past-year financials to identify discrepancies
Comparative financial analysis (year-over-year insights)
Cash Flow Statement & Notes to Financials
Audit ready and support
Next Steps
Step 1
Please fill in this questionnaire
Step 2
Schedule a consultation with
one of our CPAs to receive
a final quote and a checklist of
the required data.
Step 3
Upload requested data
onto cloud folder shared
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