Financial Reporting

If you’re a business owner, you are well aware of the importance of your financials. And the team at MB Group can help you gain greater insight into your business accounting with our financial statement services. Our role in the financial reporting process creates an opportunity to offer stakeholders, creditors, and investors a clear picture of your organization’s performance. Let’s take a closer look at the different types of financial statements and reports we offer at MB Group.

Financial Statement Compilation

Financial statement compilations are the most straightforward and simple types of reports. Compilations are essentially a cover page that accompanies your financial statements. When you have a compilation financial report, it demonstrates to creditors and stakeholders that you’ve taken the time to partner with a CPA firm.

Compilations, however, do not offer any real assurance on the accuracy of your financial statements. When we create a compilation, we’ll do a cursory check on the essential features of your statements. In most instances, the compilation statement is sufficient for small businesses looking for personal loans. Business loans will usually require a more in-depth financial statement, such as a review.

Financial Statements Review

While the compilation report offers no assurance, the review report offers limited assurance. With a review report, our CPAs will review and inquire about your financials. We’ll make inquiries concerning the accounting principles and practices used by your business. We will also conduct analytical procedures to understand your prior-year and current-year balances.

In most instances, a review will satisfy the needs of potential buyers, lenders, and investors. These reports can be helpful in obtaining smaller business loans or lines of credit. At the same time, businesses can utilize the review as a way to reduce challenges associated with the first-year audit.

Financial Statements Audit

Offering the highest level of assurance, an audit is the most thorough and requires the most effort from everyone. While the CPA must dive deeply into countless aspects of your business, you’ll need to field many more requests for information. During an audit, our accountants will obtain evidence through physical inspection, inquiry with the appropriate people, verification and substantive testing protocols. We will also examine source documents, supporting documents, as well as work with third-parties to confirm legal matters and balances. We conduct audits to ensure your financial statements are free from fraud or financial error. You’ll typically need an audit if you’re looking to:

Raise equity
Plan for significant financing
Sell your business
Get an extended credit from large suppliers
Offer an IPO
Receive funding from state or federal governments

How To Choose The Right Report?

If you are not sure of your reporting needs, the experts at MB Group can help. We’ll consult with you, investors, stakeholders, or your bank to detail levels of assurance offered with each report. We’ll work closely with you to ensure the report you select will best meet your compliance and internal needs. Some key differences between the types of financial statements include:

Level of assurance
Reliance on management
Work performed
Price
Understanding internal control

Jason K. Burress

2022-04-21

I feel very well cared for by Susan Bryant and her team since moving my business over to MB Group. I'm impressed by the amount of personnel with varying skillsets and expertise they have deployed for my account. I also feel they have my interests in mind and Susan appears very well organized.

Edwin Hernandez

2021-12-20

I first started using the MB Group at my prior company around 2008. I became used to the great professional service and most of all, the impressive competence of their team. When I started my current company, I never gave consideration to any other firm as I have 100% confidence and assurance all of my company's need would be met to my satisfaction. I value the relationship and ever so glad to have zero concerns over this important function of my business, and I owe it all to the great team at The MB Group. Edwin Hernandez Lukare Medical, LLC

M P

I cannot say enough about the firm and Janet Haston and everyone on staff. They are so attentive and responsive. They go out of their way to answer my questions and bend over backwards to make themselves available. I have complete trust their advice and they have always educated me in the process. Anytime anyone asks me for a referral, I don't hesitate to refer the MB Group. I am a client for life. I even sent my mother to them!

Cheryl Massey

2021-12-17

My over a decade relationship as a client with MB Group, LLC has always been pleasant, efficient, and highly successful. They have always understood my needs and I can't imagine working with another company.

Mike Haynes

2021-12-16

We have used The MB Group for both accounting services and corporate & individual tax services for several years now. The entire group is professional and very responsive. They are a true, valued partner. They have been critical to the success of our business.

Garrett Voegeli

Y’all are great! I really appreciate your approach on tax planning and accounting. You have been a huge asset to my business. I would highly reccomend.

Financial Reporting

Financial Statement Compilation

Financial Statements Review

Financial Statements Audit

How To Choose The Right Report?

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