Compilation Services Northern Virginia
With compilations (or compiled financial statements), we work to convert the client’s data into financial statements without providing any assurances or auditing services and are prepared based on information provided by you, the client.
The compilation involves getting a general understanding of your business and it’s accounting principles and financial reporting systems used, as well as presenting financial information in the proper financial statement format. Typically, a compilation is needed when initial or lower amounts of financing are needed or there is significant collateral at hand.
A compilation differs from an audit in many different ways. For example, a compilation is known as an unaudited report because the information is not confirmed by an outside source. Generally, you do not use compilations to report company data to external parties unless the process is informal. Your CPA does a cursory check on basic features of your financial statements to write a compilation letter, so there is no need of special preparation for the business owner.
Do you need help with your compilation report in Northern Virginia? At Gilliland and Associates, you can trust our professionals with your financial statements.
Call (703) 448 – 9121 to discuss your business and individual accounting requirements.