Accounting Services
Compiled Financial Statements:
A compilation is a formal preparation of financial statements from information provided by management.
Reviewed Financial Statements:
A "review" is also a formal preparation of financial statements but the CPA performs additional procedures for the purpose of providing assurance that they are in compliance with generally accepted accounting principles ("GAAP") or other basis of accounting. The level of assurance is limited compared to an audit.
Controllership Services:
A controller reviews the bookkeeper’s work and helps enter complex transactions, recommends adjustments, helps management understand the financial condition of the company (perhaps during monthly financial meetings), and helps prioritize efforts to improve the financial and cash flow situation. These services are provided to businesses who cannot afford a full-time controller.
Bookkeeping / Payroll Services:
Some companies also prefer not to employ a full-time bookkeeper, and the owner may have decided to allocate his or her time on generating revenue and making key decisions, not bookkeeping. This service includes reconciling bank statements, credit cards, and loan statements.
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