Financial statements are the heart and soul, and the mirror of a business’ accounting practices. Financial statements can provide a picture of the financial health of a company at a fixed point in time or over a period of time. For business owners, financial statements are an important snapshot of their financial health. Lundy, Shacter, Shulman & Kaplan, P.A. prepares financial statements for business clients large and small. Almost every organization — whether it’s a privately held business, a publicly owned corporation, or a nonprofit organization — must prepare reports on its financial performance. Such reports help owners and managers make operating decisions, enable creditors to evaluate loan applications, and provide individuals with information to make investment decisions. When requested by our clients, our financial statement services team can help make recommendations to improve internal controls and efficiency.
Basic Financial Statements
There are four main financial statements we prepare for our clients.
1) balance sheets;
2) income statements;
3) cash flow statements; and
4) statements of owners’ equity.
Balance sheets show what a company owns and what it owes at a fixed point in time. The balance sheet reflects detailed information about a client’s assets, liabilities and owners’ equity. It shows a snapshot of a company’s assets, liabilities and owners’ equity at the end of the reporting period.
Income statements show how much money a company has earned and spent over a period of time.
Cash flow statements show the inflow and outflow of cash over a specified period of time.
The statement of owners’ equity shows changes in the interests of the company’s owners over a specified period of time.
Lundy, Shacter, Shulman & Kaplan, P.A. recognizes that our clients each have their own unique needs. We offer customized financial statements that meet our clients reporting needs to creditors, owners, and external regulators.
Projected Financial Statements
Projected financials statements help forecast operating information about profitability and solvency.
Accurate Financial Statements are Crucial
Reports on the financial performance of a company are critical in providing a check up on the health of a business. A business owner may look to make decisions about growth and new development; accordingly the financial statements are a critical tool to provide him or her with an accurate picture of the company’s financial health. The team of accounting professionals at Lundy Shacter Shulman & Kaplan, P.A. your business very seriously and can provide you with the most accurate, up to date financial statements you need at every juncture of doing business.
Clear and accurate financial statements are crucial to the future of your business. If your business needs a financial check-up or you are concerned about the accuracy of your financial statements, please contact Lundy, Shacter, Shulman & Kaplan, P.A. today at 954-452-0100.