Your local starting point
When a lender, investor, or other recipient asks for financial statements, start by clarifying exactly what they need. Explore audit, review, and compilation services, prepare the request for a CPA, and discuss the records, reporting period, and work involved.
Share the exact request and intended reporting period so the CPA can discuss the appropriate engagement.
Describe the current bookkeeping and ask which cleanup or supporting schedules must be completed first.
Discuss the intended recipient, deliverables, responsibilities, and fee approach before work begins.
Make a connection
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Based in: Garland, Texas
Full-service accounting firm offering a broad range of services for business owners, executives, and independent professionals.
A little preparation goes a long way
An outside request for financial statements is a useful starting point for a conversation with Vick and Grohman. Bring the wording from the lender, investor, or other recipient, including the reporting period and intended use. Ask the CPA to explain which engagement matches that request and what the resulting report will cover. Describe how your books are maintained, who can answer accounting questions, and whether another accountant is already involved in preparing the information.
Ask for a document list tailored to the proposed engagement and a clear explanation of your responsibilities. Discuss how account questions will be resolved, who approves changes, and how the team will communicate outstanding items. Agree on the scope, fee approach, and delivery expectations before authorizing the work. If the underlying books need attention, ask whether small business accounting should be arranged separately. Confirm how financial records will be transferred securely and who will receive the completed report.
Good questions. A clearer next step.
A few things to know as you explore your options.
Bring the recipient's written requirements to the CPA. Ask them to explain the available engagements and recommend a scope that addresses that particular request.
Start with the requested reporting period, current financial statements, accounting software details, and the contact information of the person maintaining the books. Ask for a tailored checklist.
Confirm this in the engagement discussion. Ask which preparation tasks are included, what your team must supply, and whether separate accounting work is needed.
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