Client Accounting & Advisory Services (CAAS)
What do the numbers mean?
A business is like a person – no two are alike. Yet, most financial service companies try to pigeonhole your business into using “boilerplate” statements. To us, you are not just some number we need to plug into our computer. You are a client with unique and challenging needs. From simple bookkeeping to advisory services, our team will have your financial transactions and corresponding paperwork in order and it will be accessible on real-time. Imagine the time you'll save.
Financial Statements
There are different levels of financial statement services a CPA firm can offer. At Rozovics Group, LLP, we provide Review and Compilation services. To determine the right level of service, our firm will work closely with you to assess your needs in regards to your financial situation. Your company will benefit when you discover and use the right tools for the job without wasting resources.
Review Vs. Compilation
A Review is conducted when a lower degree of assurance than an audit is acceptable, yet the user wants to know that a professional has performed some analysis of the financial statements. During a Review, the CPA will inquire about your business, accounting policies and procedures, industry, operations and personnel.
Ratio analysis, comparison of your operating statistics to prior periods as well as other financial analysis will be conducted so the CPA understands the key relationships among certain numbers. In the end, a Review gives more assurance about your financial condition as presented on the financial statements.
A Compilation is the lowest level of service a CPA can use to work with financial statements. This involves gaining a general understanding of your business and bookkeeping system.
The CPA will present your financial information in the accepted format of proper financial statements and express no assurance about the accuracy of the numbers presented. The report attached to the financial statement emphasizes that the service is a Compilation.