Financial Reporting Review Services involve looking over the financials for variances in accounting. This is especially helpful in reviewing the trailing 12 months to spot any holes in the day-to-day bookkeeping that has taken place.
This can be especially helpful when looking at trends in income and expenses. It can also spot possible fraud issues or areas where processes are broken.
For example, if you have increased sales, but your bank account isn’t growing, this may indicate theft. Or, in the case of construction, you might have a job that is losing money and wiping out your gains from other jobs.
Pricing for this service depends on the scope of your financials and how often you would like to meet and review them.
Common Reports Reviewed
The most common reports reviewed include the Balance Sheet and Income Statement. Other reports may consist of Accounts Receivable and Payable, Job Cost Reports depending on your industry, ROI on your marketing and advertising efforts, and sales conversion figures.
The key reason to use Financial Reporting and Review Services is to have a second set of eyes ensuring the accuracy of your accounting processes.