Financial Statement Preparation and Analysis
Companies today struggle to get good information. There is great risk to a company's success when the financial reporting is not credible. We can provide your company with standard reports that will reflect accurate information regarding cash flow, debt service demands, and financial performance. In Construction, reports also vital to your financial stability are Construction Work In Process and Job Cost reports.
General Accounting Reporting
The preparation of the financial statements is the summarizing phase of accounting. A complete set of financial statements is made up of five components: an Income Statement, a Statement of Changes in Equity, a Balance Sheet, a Statement of Cash Flows, and Notes to Financial Statements.
The income statement consists of revenues and expenses along with the resulting net income or loss over a period of time due to earning activities.
The statement of changes in equity shows the change in an owner's or shareholder's equity throughout an accounting period. Also called the statement of retained earnings, or statement of owner's equity, it details the movement of reserves that make up the shareholder's equity.
The balance sheet is a financial report that lists a company's assets (what it owns), liabilities (what it owes to others), and equity.
In financial accounting, a cash flow statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities.
Notes to financial statements definition. Also referred to as footnotes. These provide additional information pertaining to a company's operations and financial position and are considered to be an integral part of the financial statements. The notes are required by the full disclosure principle.
Construction Specific Reporting
The Work In Progress (WIP) report is an accounting schedule that's a component of a company's balance sheet. It's calculated for each accounting period, and required (according to GaaP principles) on projects where the Percentage of Completion (POC) accounting method is used.
Job Cost Reporting Once a project is underway, it's easy to focus on other tasks rather than the actual numbers. But job cost reporting — the process of coding and allocating project expenses to track financial efficiency and profitability — is a mission-critical activity.