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Financial Reporting & Analysis

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Accounting of the Palm Beaches, LLC

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Financial Reporting & Analysis

Accounting of the Palm Beaches, LLC offers Financial Reporting and Analysis services; empowering business owners to have a better understanding of their company and identify situations or trends that may be hindering the growth of their business.   

Financial statements are the formal records or reports of the financial undertakings of a person or a business. This is the central source of an organization’s financial data. They convey an in depth picture of the organization’s financial position and profitability. 

There are three primary financial statements: 

  1. The Balance Sheet demonstrates the basic accounting equation: Assets = Liabilities + Owner's Equity. Assets include everything of value that a business owns or is owed, and liabilities are what a business owes. Owner's equity — the balance left over after you subtract liabilities from assets — is the owner's share of the business. 

  2. The Profit and Loss statement, previously known as the income statement, shows the profitability; or lack thereof, of a business over a set period. It captures revenues and expenditures within a given time frame.  The statement and can be reflected in single or multi-step format, which divides business operating results into separate categories or steps, and enhances the financial statement user’s ability to understand the intricacy of an entity’s operations

  3. The Statement of Cash Flows converts finances from accrual basis to cash basis and measures the flow of cash in and out of the business. The statement captures:  operating, investing and financing activities; as well as, capture non cash activities within a period.  It can be prepared in the Direct or Indirect Method.

There are an additional two statements:

  1. The Other Comprehensive Income Statement, which captures the changes in Accumulated Other  Comprehensive Income, such as unrealized gains and losses in hedge, derivative instruments, and post retirement benefits plans; as well as, adjustments for foreign currency translation.

  2. Statement of Equity, previously known as the retained earnings statement, captures changes in owners investment. The statement is a reconciliation of the beginning and ending balances in a company’s?equity?during a?reporting period.

Exceptional businesses understand what the numbers mean.  They utilize budgeting and forecasting tactics to guide their business in achieving a desired outcome.  Forecasting  allows business owners to see future outcomes that -- if it is not the desired outcome -- can be changed through current decision making.  On the other hand, a budget provides a feedback loop as to how the business is performing against expectations. The business owner can proactively make decisions to ensure that the business meets or exceeds it goals.  

Financial Statement Analytics, is another resourceful process.  The process looks over financial activity across multiple periods to determine fluctuations within the business financials.  Analytics allows business owners to gain a better understanding of changes in their financial activity

Our services include Financial Statement Preparation, Forecasting, Budget and Analytics.  Your Financial Statements will be prepared as GAAP accrual and/or Other Comprehensive Basis of Accounting as needed. We offer:

Financials & Analysis

Financials in different format and reporting structures:
  • Single
  • Comparative
  • Consolidate

Benefits of Comparative Financial Statements over Single Financial Statements are the complete set of financial statements that an entity issues, revealing information for more than one reporting period.  They are useful when trying to determine:

  • May be useful for predicting future performance
  • Comparison of an entity's financial performance over multiple periods, so that you can determine trends. The statements may also reveal unusual spikes in the reported information that can indicate the presence of accounting errors.
  • Provides a comparison of revenues to expenses and the segments of various items on the balance sheet over multiple periods. 

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Learn more about our Financial Statement Services to assist in generating your financial statements; as well as, handling your budgeting and forecasting needs.

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Accounting of the Palm Beaches, LLC

West Palm Beach, FL 33417
Call Us: (561) 293-3004