When running a company, your financial statements are everything. Seeking help from outsourced financial statement preparers can be beneficial. Outsourced accounting professionals can help ensure your financial reporting is accurate and precise.
Recently, we sat down with Maria M. Sanjurjo, CPA, Partner at AD Advisors, LLC, and Partner at Outsource Dimensions, to learn why partnering with financial statement preparers is a good investment.
Why Accurate Financial Statements Matter
Your financial statements are a presentation of your company’s financial health and must be as accurate as possible. Sanjurjo said, “A messy financial statement can create major issues, whether it’s for investors, lenders, or audits.”
If your financial statements are incorrect, it can cause your company to lose out on prime opportunities or spark deficiencies in your audits, leading to fines and penalties.
Sanjurjo advocates hiring financial statement preparers to ensure the accuracy of your statements and records. She said, “We help companies avoid those headaches by providing clear, structured, and reliable financial reports.”
How Financial Statement Preparers Ensure Accuracy in Financial Statements
To better understand how financial statement preparers ensure accuracy in financial statements, we asked Sanjurjo to explain. Here is what she told us.
1. Ensuring Data Accuracy
The first step financial statement preparers take to ensure your financial records are up to par is to ensure the accuracy of your data. They review your data and internal controls with a fine-tooth comb. Your preparer might:
- Reconcile your accounts and review entries.
- Double-check your ledgers.
- Validate the sources of your documents.
“Numbers don’t lie—but they must be accurate,” Sanjuro said. “Our financial statement preparation process ensures businesses have error-free, transparent, and compliant reports.”
2. Compliance with GAAP, PCAOB, and IFRS Standards
It’s not enough to have an accurate financial statement. It also needs to comply with GAAP, PCOAB, and IFRS standards. To comply with these stringent standards, your financial statement preparer will:
- Use generally accepted accounting principles and the appropriate framework to review and prepare your statements.
- Stay current with changing regulations and standards.
- Reach out to peers for reviews and industry updates.
Adhering to strict legal and regulatory requirements helps ensure your financial statements meet auditor and investor expectations.
3. Preparing Audit-Ready Financial Statements
Sanjurjo made an excellent point about financial records. She said, “Financial statements should never be an afterthought. They are the backbone of a company’s financial integrity.”
Because financial statements are critical to successfully securing funding or completing an error-free audit, it’s vital that your preparer keeps your records in an audit-ready status.
To do this, they will:
- Organize and verify audit documents, like schedules, contracts, and reconciliations.
- Test internal controls to ensure they are performing correctly.
- Pre-audit financials to catch any glaring errors.
- Conduct regular reviews with your accounting team for quality assurance.
With an excellent financial statement preparer on your team, you can rest assured that your documents are accurate, precise, and ready for review.
Why Choose Outsource Dimensions?
Contracting with an outside financial statement preparer is an excellent way to expand your team and optimize your financial processes. Outsourced financial statement preparers are trained accounting professionals who work hard to ensure the integrity of your records. With their help, your statements can be error-free and ready for whatever you need them for, like an official audit or securing funding.
If you need outside accounting help for your financial statements, consider Outsource Dimensions. As Sanjurjo said, “We ensure every statement is precise, audit-ready, and tells the full financial story of the business.” We are committed to accuracy and are ready to be your trusted accounting partners.
Contact us today to learn more about our financial statement preparation services.
