Financial Statements

We produce timely financial statements so you can make business adjustments quickly (while they can still make a difference.) We will work with you to determine which monthly/quarterly statements are most useful to you in your business.

We work to not only reduce our clients’ costs, but to also improve profitability, which isn’t always about just cutting costs. One of the ways of doing this is with monthly financial statements, which many small business owners do not understand the importance of.

Monthly Bookkeeping vs. Once a Year Accounting

This is an example of how the year-end taxes of many of our clients, who had typically been doing their own bookkeeping, were handled prior to coming to Foster Results:

0. At the end of the year, the client would bring all their information to the accountant.
    
0. Come April, the accountant files for an extension because, being their busy season, because they did not have enough time to compile all the information and file before April 15th.
    
0. It isn't until September of the next year that the taxes are actually filed and they find out if they have made or lost money the previous year, too late to make a single change to affect their business for the current year.

Financial statements we prepare for our clients' review each month include:

• Profit and Loss (Income) Statement
   
• Balance Sheet – shows what their financial position is today, who owes them money, and who they owe money to
   
• Accounts Receivable Aging – how far out clients are from having paid them
   
• Accounts Payables Aging – who they owe money to and who they are late paying

With these monthly financial statements, the client can make informed evaluations and changes quickly to positively affect profitability.

Our year-end financial statements are completed by January 31 for the prior year so that our clients can get their paperwork to their accountants in February, and not have that mad rush as April 15th approaches.

 Questions? Call us today at 877-399-8920, or submit this form for more information!