Willoughby & Associates, PC

Owners, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders, partners or members as well as creditors and private investors have different levels of risk tolerance.

Review – Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of stating that there is not any material modifications required for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). It can be a good option for providing the advantages of a CPA’s technical expertise without the work and expense of an audit.

Compilation – Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the “representation of management” and express no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business. Banks often require compilations from an independent CPA as part of their lending covenants.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs. Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one. We are available to help you determined which type of report is right for you.

Bookkeeping Set-Up and Training

Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances? An expert can easily answer all of these questions and complete the initial setup and Installation in a timely manner. In addition, your accounting employees receive training to enhance their performance.

How much does it cost? We first want to find out a little more about your business and your accounting records before we quote you an exact price. Rest assured that we work with many small business owners and our rates are designed to fit the budgets of our clients.

Here’s a short list of the services we provide during your accounting setup:

Study and evaluate your software and accounting needs.

Recommend software and hardware requirements.

Train client or client staff in use of software to meet their accounting, management and tax needs.

We provide ongoing services including, quarterly or annual review of client data to assist with financial statement preparation, tax preparation, and management reports.

We come to your location and focus on the individual issues facing your business. We will be there to answer your specific questions and concerns so there is no need to spend time on features that don’t impact your business.