Financial Statement Preparation in Northern Virginia & DC
Your Profit & Loss and Balance Sheet are only as trustworthy as the books they're built on. We prepare financial statements from properly reconciled, accurately categorized records—so you can actually rely on the numbers.
Whether you need monthly statements for internal decisions or polished financials for a bank or investor, we deliver clear, accurate reports you can use with confidence.
Book a Free CPA CallWhat Financial Statement Preparation Includes
We don't just generate reports from your accounting software. We verify, reconcile, and prepare statements that accurately reflect your business:
For ongoing accuracy, we recommend pairing statement preparation with monthly bookkeeping to ensure your data is always current and reconciled.
Who This Is For
What You Receive (Deliverables)
You'll receive professionally prepared financial statements ready for internal use, tax filing, or external review:
Want deeper insights from your statements? Explore our financial analysis & reporting services
Why a Clean Balance Sheet Matters
Many business owners focus on the P&L—but the Balance Sheet tells you whether your business is actually healthy.
- Assets: What you own (cash, receivables, equipment, inventory)
- Liabilities: What you owe (loans, payables, credit cards)
- Equity: What's left—your ownership stake and retained earnings
An inaccurate Balance Sheet leads to bad decisions, failed loan applications, and incorrect tax filings. We ensure every line ties back to verified transactions.
If Your Books Aren't Ready, We Start With Cleanup or Monthly Bookkeeping
Financial statements are only as reliable as the underlying books. If your accounts aren't reconciled or transactions are miscategorized, we need to fix that first.
We'll assess your situation and recommend the right starting point:
Books are behind or messy?
Start with our cleanup service to reconcile and organize your records.
Learn about cleanupNeed ongoing accuracy?
Monthly bookkeeping keeps your books current so statements are always reliable.
Explore monthly bookkeepingNeed accurate financial statements for your business?
Book a Free CPA CallHow Financial Statements Support Tax Planning and Filing
Your P&L and Balance Sheet are the foundation for tax preparation and planning. Without accurate statements, your CPA is guessing—and you're likely missing deductions or overpaying.
- Tax filing: Accurate statements mean accurate returns
- Quarterly estimates: Know your liability before it's due
- Year-end planning: Make informed decisions to minimize taxes
Our Financial Statement Preparation Process (3 Steps)
We keep it simple and transparent. Here's how we prepare your financial statements:
Review & Reconcile
We verify that all transactions are recorded, categorized, and reconciled before preparing any statements.
Prepare Statements
We generate your P&L, Balance Sheet, and any additional statements using your reconciled data.
Deliver & Explain
You receive professionally formatted statements with a summary of key insights and any recommended follow-ups.
FAQs About Financial Statement Preparation
How often should I receive financial statements?
Most small businesses benefit from monthly financial statements. This gives you timely visibility into performance and ensures your books stay tax-ready. Some businesses with simpler operations may opt for quarterly statements.
What's the difference between a P&L and a Balance Sheet?
A Profit & Loss (P&L) statement shows your income and expenses over a period—how much you made or lost. A Balance Sheet shows what you own (assets), what you owe (liabilities), and your equity at a specific point in time. Both are essential for a complete financial picture.
Why does my Balance Sheet need to be accurate?
An inaccurate Balance Sheet means your equity, retained earnings, and asset/liability positions are wrong. This affects everything from loan applications to tax planning to understanding how much your business is actually worth.
Can you prepare statements if my books are a mess?
We can, but the statements won't be reliable. That's why we recommend starting with a bookkeeping cleanup first if your books aren't reconciled and organized. Accurate statements require accurate underlying data.
Do I need monthly bookkeeping to get financial statements?
Ideally, yes. Monthly bookkeeping ensures your books are reconciled and categorized correctly before statements are prepared. If you only need statements occasionally, we can do a cleanup first and then prepare them.
Will my CPA accept your financial statements for tax filing?
Yes. We prepare statements following standard accounting practices. Your CPA (or our tax team) can use them directly for tax return preparation without additional cleanup.
What if I need statements for a bank loan or investor?
We can prepare statements formatted for lender or investor review. Banks and investors often require recent P&L, Balance Sheet, and sometimes Cash Flow statements. We ensure they're accurate and professionally presented.
Related Bookkeeping Services
Monthly Bookkeeping & Reconciliations
Keep your books current for reliable statements
Bookkeeping Cleanup & Catch-Up
Fix messy books before statement preparation
Financial Analysis & Reporting
Go deeper with KPIs and trend analysis
Budgeting, Forecasting & Cash Flow
Plan ahead using your financial data
QuickBooks Online Setup & Support
Proper setup for accurate reporting
QuickBooks Consulting & Setup
Advanced QuickBooks optimization
Payroll Setup & Processing
Payroll that integrates with your books
Get Financial Statements You Can Trust
Book a free call to discuss your needs. We'll explain how we prepare statements and what your business requires.
Book a Free CPA Call