Financial Statement Services
Clear, reliable financial statements that work for banks, investors, and your business
Your bank needs statements for a loan application. Investors are asking for quarterly reports. You need to know if your business is actually profitable.
We provide monthly financial statement preparation services and full-service accounting to keep your financial data organized, up to date, and accessible anytime. Our GAAP-compliant accounting ensures reliable, professional financial reporting that meets lender, investor, and internal management requirements.
Location doesn’t limit who we work with. Based in Chicago, Illinois, our CPA firm works with local businesses and corporations across the United States.
Why professional financial statements matter
Professional financial statements integrate with tax planning, strategic decision-making, and business growth.
When partners ask questions or investors want updates, you’ll have professional statements ready. No more pulling together incomplete numbers at the last minute.
Improve approval chances
Banks make lending decisions based on your statements. Messy or incomplete financials raise immediate red flags. Professional preparation shows you’re managing your finances responsibly.
Understand where your money goes
Professional financial statements show the complete picture: what you own, what you owe, whether you’re profitable, and why your cash position doesn’t match your profit.
Prevent errors before they cost you
Professional service firms lose up to 28% of potential revenue from billing and tracking errors. Regular statement preparation spots issues early – unbilled time, misclassified expenses, revenue leakage – while you can still fix them.
Protect yourself with GAAP compliance
Accurate bookkeeping and financial reporting protect you from regulatory problems and provide documentation you need. Whether you’re preparing for growth, seeking investment, or facing an audit, proper statements are the foundation for business health.
As an entrepreneur, I want to build the best possible foundation for success. Pasquesti Partners has been a crucial, trusted adviser as I incorporated my start-up, submitted numerous state and federal forms, and filed of our first corporate tax return. Rob Pasquesi helped to guide me through the complicated processes and ensured accurate and timely results.
– Steven K.
Financial statement review and compilation
Our financial statement review and compilation services are designed to assist you in preparing and presenting meaningful financial statements to investors, creditors or others who want to evaluate your business. These are the core statements every business needs, all following Generally Accepted Accounting Principles (GAAP).
Balance Sheet
Think of your balance sheet as a financial snapshot. It shows what your business owns, what it owes, and its net worth at a specific date. Assets (what you own) on one side, liabilities (what you owe) and equity (your ownership stake) on the other. Banks look at your balance sheet to assess financial stability.
Assets
- Represent the use of business funds
- Acquired by funds provided by the creditor/investor
Liabilities
- Represents the obligations to creditors
- Includes Current, Non-current, and Total liabilities
Net Worth
- Represents the owner’s investment within the business
- Enables a business to continue (or expand) operations
Income Statement (Profit & Loss)
Shows if your business is profitable. We list all revenue and expenses over a specific period – month, quarter, or year. The profit and loss statement takes into account all expenses, revenue, and capital gains or losses and shows the income potential the business will have after all expenses are accounted for.
Equity Statement
The statement of equity is one of the core financial statements. It outlines the detailed changes in a company’s ownership value over a specific accounting period. This includes items such as:
- Preferred stock
- Contributed capital
- Common stock
- Retained earnings
It also shows how retained profits or surpluses have been used during the period – whether reinvested in the business, distributed as dividends, or allocated to reserves.
Cash Flow Statement
You can be profitable on paper but short on cash if customers haven’t paid yet or you’ve invested in equipment. This statement tracks where cash came from (revenue, loans, investments) and where it went (expenses, equipment, loan payments). This statement is a crucial tool for both business owners and their potential investors since it involves disclosing cash flow involving operating, investing, and financing activities. Also included within the cash flow statement are factors of depreciation, gains or losses on assets, and any changes in current assets or liabilities.
Professional financial statement preparation is more than just reporting the numbers.
Find out how professional financial statements can help you make stronger business decisions and satisfy stakeholders.
What our clients say
Who we work with
We prepare professional financial statement preparation services that satisfy lenders, inform investors, and help you run your business.
When you need more than just statements, like CFO-level guidance or tax optimization, we’re already familiar with your business.
Law Firms
We understand trust accounting requirements, partner equity, and billing complexity. Your statements properly track case costs, support tax planning decisions, and meet regulatory requirements.
Professional Services
Get the metrics you need for partner compensation decisions and resource allocation. We track billable hours, measure utilization rates, and show profitability by service line or client.
Startups
As you outgrow basic bookkeeping, you need financial reporting that satisfies banks, attracts investors, and helps you make strategic decisions. We provide the professional statements that support your growth.
Our Approach
We answer your calls and explain things in plain language.
Learn more about working with us.
Founded in 2014, we’re a Chicago-based CPA firm that works with clients nationwide. Get year-round access to experienced CPAs who understand your situation and provide guidance when you need it.
- Licensed CPAs who stay current
- Industry expertise
- Consistent client focus
- Proactive communication
Have questions?
Schedule a complimentary 20-minute call.
Ask a CPA
Financial statement resources & FAQs
The difference often comes down to loan size and risk. Smaller loans may accept prepared statements, while larger loans require higher levels of assurance. Banks make lending decisions based on your financial statements. They need to see that your business is profitable, generates enough cash to make loan payments, and maintains financial stability. Professional preparation improves your approval chances because it demonstrates financial credibility. The bank sees you’re managing finances responsibly and maintaining proper records. Some lenders accept prepared statements, while others require compiled or reviewed statements from a CPA.
We recommend monthly statements for managing your business. Monthly reporting helps you make decisions with current information, catch problems while they’re small, and track whether you’re hitting goals. External stakeholders often have different needs. Investors and boards typically want quarterly updates. You’ll need annual statements for taxes and year-end reporting. Banks require statements as of specific dates for loan applications.
The right frequency depends on your business complexity and who needs the information. A small service business might be fine with quarterly internal statements, while a growing firm with partners or investors needs monthly reporting. If you’re not sure what frequency makes sense, we can recommend a schedule based on your situation – schedule a call with us.
In the United States, financial statements must follow Generally Accepted Accounting Principles (GAAP). GAAP sets the rules for how we recognize revenue, classify expenses, measure assets and liabilities, and present information.
You can use simpler methods like cash basis for internal management, but any statements going to banks, investors, or other outside parties need to be GAAP-compliant. This ensures consistency and comparability. A bank can look at your statements and understand them the same way they’d understand any other company’s statements. International businesses may also need to follow International Financial Reporting Standards (IFRS), which differ from GAAP in some ways. We prepare your statements following the right standards based on who will use them and what they need to see.
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