Financial Statements Preparation!
Fast, Secure and Affordable!
Preparation of your financial statements is one of the last steps in the accounting cycle, using information from the previous statements to develop the current financial statement. Additionally, based on your needs, we can provide a financial statement analysis and file quarterly and year-end statements.
Financial Reports.
Understand the cash flows!
Financial reports help you understand the cash flows, and how much you have to work with. They are great for making intelligent business movements. It is 100% mandatory if you want to avail loan or bring on investors. Banking, shareholders , creditors and private investors must also be assured that your financial statements accurately reflect your current financial status. It’s just a great business. The audited financial statements reflect the most significant guarantee. You will submit annual reports which need to be audited by the Securities and Exchange Commission if your business is publicly held.
THE PURPOSE OF FINANCIAL STATEMENT AUDITS!
Irrespective of the size of your company or the business sector you are in, you can trust the recognized professional services of Orlando‘s top Accounting company, Intelesoft Financials, Known and accomplished in all company’s business financial reporting and in the complexity of tax regulations (and how to implement them to your benefit), we can handle anything from financial management to accounting to corporate accounting. Two main accounting frameworks have made audited financial statements more common:
- Generally Accepted Accounting Principles (GAAP)
- International Financial Reporting Standards (IFRS)
Risk Assessment Audit (3 Stages)
In all financial audits, Intelesoft Financials implements three primary phases.
Risk Assessment & Planning.
Your auditor spends time learning about the company and business environment at this early point. This preparatory work allows the auditor to understand how the business works. The information allows the auditor to quantify possible risks that can adversely affect your audited financial statements.
Testing Internal Controls!
This process reviews the control suite of your business. Your auditor typically uses questionnaires on risk assessment to evaluate the internal controls in areas such as:
- How well you protect your business.
- If proper approvals have been incorporated.
- If the workplace roles are specifically divided.
Your internal transactions determine the productivity and control of your business. Positive results mean the audit can go faster. When errors or mistakes are found, the auditor may have to search deeper in order to find the problem areas. Note, this process just enhances your business.
FORM 1065, U.S. RETURN OF PARTNERSHIP INCOME!
Each partner reports their share of the partnership’s income or loss on their personal tax return. Partners are not employees and shouldn’t be issued a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner.
- Form 1065 Income tax returns
- All K-1’s for partners
- Shareholder Basis
- Tax Planning
- Retirement Planning
- Florida form DR601C Intangible tax returns when required.
Insight into the operation of the company.
Benefits Of Financial Statement Audits!
In general, shareholders appoint auditors for publicly owned companies. The audited statements of public companies become part of their public record, even some private corporations choose to release the audit of their financial statements.
Audits can provide several advantages to owners, lenders, and creditors. However, One advantage of a thorough audit is to provide insight into the operation of the company and to identify areas that can enhance the company’s processes or controls. Your top accountant in Orlando(FL), Intelesoft Financials must communicate any negative aspects of their audit, like control deficiencies, to you. Such reports strengthen business processes, increase your business reputation and help your strategic planning processes
Audited Financial Statements For Other Entities.
Nonprofit or tax-exempt organizations must file Form 990 with the IRS. Private foundations file Form 990-PF (Private Foundation). While financial statement audits are required for all publicly held companies, other businesses and entities can benefit from a financial statement audit. Nonprofits, in particular, receive the following nonprofit audited financial statements:
- A balance sheet — or statement of financial position — is a summary of the liabilities, assets, and net assets of your institution at a specific date.
- The cash flow statement summarizes the resources available during its reporting period. The report tracks income and expenses. Projected cash flow statements show shortfalls during the budget and strategic planning process.
- Income expense statement — or statement of activity — documents your organization’s financial activity over the course of a year or longer, reporting income minus expenses to show profit or loss.
- Functional expenses statement reports expenses related to support and program services. Program service expenses are divided by your institution’s programs — such as management expenses.
Accounting, bookkeeping, and tax tips to help you understand your small business finances.
“Intelesoft Financials” offers several newsletters containing timely information and expert analysis to help your organization maintain its competitive edge. With subject matter addressing a wide range of industries and topics, we are sure to have information from which you can benefit. In addition, our firm’s general e-newsletter, Keeping Posted, offers information ranging from tax laws and incentives to how you can more effectively run your business.
