Financial Reporting
Profit and loss, balance sheet, and cash flow statements reconciled to source records by a CPA firm, and built for the people who read them.
The short version
Statements that hold up outside your office
Wasserman Accounting prepares financial reporting packages for businesses: profit and loss, balance sheet, and cash flow statements, reconciled to source records by a CPA firm.
Built for the people who read them: lenders, partners, and the owner making next quarter’s decisions.
Monthly, quarterly, or year-end cadence, with prior periods cleaned up so the statements roll forward correctly.
Tell us who needs the statements and when. We will work backward from that date.
A short call establishes the cadence, the level of service the reader requires, and what the first cycle involves.
Call 609-281-8096 or send the contact form. A partner reaches out within one business day.
Confidential, and handled by a CPA or EA, not a call center.
A software export is not a financial statement. The difference is reconciliation: every balance tied to a record outside the software, which is what a lender is checking for.
The gap shows up at tax time too. An S corporation that reaches $250,000 in receipts or assets must include balance sheets with its return, and a balance sheet reverse-engineered in March tends to disagree with the one built all year. We prepare statements that serve both audiences at once: the bank in October and the return in March.
Scope of work
What our financial reporting covers
Six services, at whatever cadence the readers of your statements require.
Statement packages
Profit and loss, balance sheet, and statement of cash flows, monthly or quarterly.
Year-end statements
Aligned with the business tax return, so book and return tell one story.
Lender-ready packages
Formatted for loan applications and renewals, built to answer underwriting questions.
Budget versus actual
Class and location reporting where the business has moving parts worth separating.
Fixed asset schedules
Depreciation maintained so equipment on the books matches Form 4562 on the return.
Prior-period cleanup
Where statements stopped rolling forward, handled with our bookkeeping team.
Every package includes a short review call, so the numbers get read rather than filed. Prior-period cleanup runs with our bookkeeping services team, and year-end statements are aligned with your business tax return preparation.
The three statements
What each statement actually answers
Three statements, three different questions. A package that answers only one of them leaves the other two open.
Profit and loss
Did we earn money?
Revenue against expenses for the period, which is the statement most owners already read.
Balance sheet
What do we own and owe?
Assets, liabilities, and equity at a point in time. This is the one lenders scrutinize and the one software gets wrong.
Cash flow
Where did the money go?
Why profit on the page and cash in the account disagree, which is the question a profitable business still cannot answer.
Reconciled, not exported. Every balance is tied to a record outside the software before the package is issued.
Engagement levels
Preparation, compilation, and review: which engagement you need
Three levels of financial statement service exist under SSARS, and the level you need is set by whoever is asking for the statements. Get it in writing from the bank, bonding agent, franchisor, or investor before the engagement starts, because moving up a level later means redoing work at a higher fee.
Preparation
SSARS AR-C 70
Assurance: None
- What we do
- Prepare statements from your records. No verification.
- What you receive
- Statements marked on each page that no assurance is provided. No accountant’s report.
- Independence
- Not required.
- Usually requested by
- Management, and your tax preparer.
Compilation
SSARS AR-C 80
Assurance: None
- What we do
- Prepare the statements, then read them for appropriate form and obvious material misstatement.
- What you receive
- Statements plus a compilation report.
- Independence
- Not required, but any lack of it is disclosed in the report.
- Usually requested by
- Smaller bank loans, franchisors, landlords.
Review
SSARS AR-C 90
Assurance: Limited
- What we do
- Inquiries of management and analytical procedures across the numbers.
- What you receive
- Statements plus a review report giving limited assurance.
- Independence
- Required.
- Usually requested by
- Larger credit facilities, surety bonding, outside investors.
The point most clients miss: a compilation gives no more assurance than a preparation. What it adds is a CPA’s report. Only a review carries assurance, and only an audit carries reasonable assurance.
How to choose between preparation, compilation, and review
A compilation carries no more assurance than a preparation. What it adds is a CPA’s report. If a lender asked for “CPA-prepared statements,” find out which of the two they meant before you pay for the wrong one.
Only a review requires us to be independent. If we also keep your books, a review is still possible, but the independence rules require specific safeguards, including your management taking responsibility for the financial statements. We confirm that before accepting a review engagement.
Disclosures can be omitted at the preparation and compilation levels, as long as the omission is disclosed. A review requires the full disclosures.
Nobody accepts a level on our say-so. The requesting party sets the requirement; we prepare to that standard and put its name on the report.
Process
How statement preparation works
The first cycle takes the longest. Later closes are faster.
Tie-out
Every balance sheet account is reconciled to something outside the software: bank and loan statements, payroll filings, merchant reports, amortization schedules. If a number cannot be tied, it gets investigated, not carried.
Adjustments
Depreciation posted, owner transactions reclassified, accruals recorded where they change the picture. This is where a software printout becomes a financial statement.
Delivery and review
You get the package plus fifteen minutes of what changed and why: margin drift, a liability creeping up, the line a lender will circle.
Track record
What clients say
The outcome we aim for is a loan officer with no follow-up questions.
Since 1993
30+ years in practice
3,054
Clients served
30,426
Returns completed
All 50
States licensed
“Extremely easy, quick turnaround, and excellent communication.”
The two lines that stall credit decisions
Negative payroll liabilities and a loan balance that never declines stall more credit decisions than any others we see. Both are reconciliation failures, and both are gone after one clean close.
Pricing
What financial reporting costs
Your fee depends on the work involved, not hours billed. Four things move it:
Reporting cadence: monthly, quarterly, or year-end.
The number of entities and accounts.
Whether we report on a cash or accrual basis.
The condition of the books when we start.
A business already on our bookkeeping adds reporting for a modest step up; a standalone package prices on its own. Either way you get a fixed figure in writing before we begin. Broader engagements run through our small business accounting and planning service.
Diagnostics
Signs you need CPA-prepared statements
A bank, landlord, or investor asked for financial statements and what you have is a software export.
The profit and loss shows income while the bank account argues otherwise, and nobody can say where the cash went.
Retained earnings changes by a mystery amount each year, which means the balance sheet is not rolling.
You are pricing a sale, a buyout, or a partner change with numbers nobody fully stands behind.
Depreciation on the books has never matched the return, and no one owns the fixed asset schedule.
If your statements generate questions rather than answer them, the fix is a defined project with an end date.
Request a reporting package
If there is a deadline attached, a loan closing or a partner meeting, say so up front. We schedule around it.
Call 609-281-8096 or send the contact form. A partner reaches out within one business day.
Confidential, and handled by a CPA or EA, not a call center.
Reviewed by
George Dimov, CPA, Hainesport, NJ. Licensed in all 50 states, 15+ years advising on financial reporting and small business accounting. Last updated July 2026. President of Wasserman Accounting, CPAs, a Hainesport firm serving New Jersey, Pennsylvania, and clients nationwide since 1993.
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