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A bank asks for your financials before it will talk about a loan. A church council wants to know where the offering money went. A grant form asks for last year’s numbers. For a lot of Cincinnati business owners and church treasurers, that request shows up with little warning. We take the records you have and prepare a clear income statement and balance sheet, so you can answer with real numbers instead of a guess.
When You Need Financial Statement Preparation
Most people need statements when someone outside the business asks for them. That could be a bank loan or line of credit, a new lease, a partner buying in, or selling the business. Boards and church councils want them at every meeting. Grant makers often ask for them with the application.
Statements also help you. Seeing profit by month shows you which months are slow before the cash runs short. For charities, there is one more reason. Ohio charities that ask the public for donations must register with the state on top of their federal 990, and clean yearly statements make both filings much easier to complete.
Our Financial Statement Process
We start with your books, whether we keep them or you do. First we check that every bank and card balance matches its statement. Then we fix the entries that most often throw statements off, like loan payments that were never split between interest and principal, equipment recorded as a regular expense, or owner draws posted as costs.
From there we prepare an income statement, which shows what came in and what went out, and a balance sheet, which shows what you own and what you owe on a given date. You can get them for a month, a quarter or a full year, side by side with last year if that helps. The IRS notes that good business records help you prepare financial statements, and this is that step. We walk you through each report so you can explain it to whoever asked.
Reading Your Balance Sheet
The balance sheet is the report owners skip most often, and it is the one lenders read first. It lists what the business owns, like cash and equipment, and what it owes, like loans and unpaid bills. The difference is what the business is worth on paper. The U.S. Small Business Administration calls the balance sheet the foundation of managing your finances. If yours shows more owed than owned, it is better to learn that from us than from a loan officer.
Financial Statement Cost in Cincinnati
The price depends mostly on the shape of your books. If we already keep them, statements take much less time. Books that need cleanup first take more. The number of months covered, the number of accounts, and whether you want a side-by-side with last year also move the cost. You hear the fee before we begin.
Why Choose Us for Financial Statements
We have prepared tax returns in Cincinnati since 1993, so your statements and your tax return tell the same story. We also train church and nonprofit boards to read their financial statements and plan a budget, so we know how to explain the numbers to people who are not accountants. Meet us on North Bend Road or work with us fully online.
These reports come out of the bookkeeping work that feeds your tax return.
Common Questions
What is the difference between an income statement and a balance sheet?
The income statement covers a stretch of time and shows whether you made or lost money. The balance sheet is a snapshot of one day and shows what you own and owe. Lenders usually want both.
How often should I get financial statements?
Monthly or quarterly statements help you run the business. At a minimum, get a full-year set after December so your tax return and any loan requests start from the same numbers.