As a business owner, you know the importance of meeting your customer’s requirements, and you do so willingly within the scope of your expertise. We have the same priority at Grey CPAs; each client’s needs are different, and we do our best to meet them with expert accounting and tax services. As part of the complete package, our certified public accountants are skilled at providing financial compilations for your business.
It is a common misnomer that financial compilations are the same as financial statement preparation. It can be difficult to know which type of financial statement service your business requires. That is why if you are seeking to gain a line of credit or a substantial business loan, contact our office. We will assist you to determine if a financial compilation is necessary or if a more involved review of your financial statements are appropriate.
At Grey CPAs in Windsor, CO, we like to educate our clients as much as help them. We believe a knowledgeable business owner is the successful business owner. For that reason, we have included some definitions and descriptions below of what is a financial compilation. However, if you would rather not get into the details on this site, simply give us a call with any questions. We would be happy to meet with you anywhere in Northern Colorado, including Fort Collins, Loveland, Windsor, Berthoud, Greeley, or beyond.
Compilation engagements are less tedious than financial reviews but may address the requirements of some lenders or investors seeking a low-risk financial involvement. The confidence level is higher than merely preparing financial statements and typically, although not required, performed by an independent CPA. However, because no actual reviews or audits are performed the accountant must disclose that the compilation comes with no CPA assurance. In other words, the CPA cannot vouch for the company’s financial integrity other than that the financial statements meet compilation standards.
At one glance, a compilation report may be close to reading something in a foreign language. Very few people have the patience to read through the whole page of legalese wording. So, let us break it down for you, a compilation report proves your financial statements were compiled using accounting standards by a certified public accountant knowledgeable in your industry. Nothing more and nothing less and yes we know that seems like a lot verbiage for such a simple statement. However, it is what it is and meets the requirements of a financial compilation report. Unless there are obvious misstatements discovered in the compilation process, our Windsor and Fort Collins CPA’s can generate a compilation report for our clients as needed. In turn, you can submit the report to a lender as a prerequisite to borrowing money.
Grey CPAs are a team of dedicated accountants that truly enjoy helping business owners with their financials, and any and all of their tax and accounting requirements. Breaking down the complexities and confusion that surrounds things like financial compilations is what our Windsor CPA’s do best. So, bring on your tax questions and concerns, we are here for you!