Financial Statement Preparation

Financial statement preparation can seem especially daunting for our individual tax clients, which is exactly why our team of financial professionals at Godbold & Romanov CPAs is here to help. It’s just a matter of putting the trial balance amounts onto properly formatted statements.

Financial statements are comprised of a balance sheet and an income statement, which we’re well-versed on preparing:

• Balance sheet. Also called a statement of financial position, a balance sheet lists your assets, your liabilities, and the difference between the two.
• Income statement. Also called a profit and loss (P&L) statement, this lists your income, expenses, and net income.

The purpose of preparing a financial statement for individuals should essentially be to formally organize and plan their financial affairs in general or for specific goals or needs, such as:

• Obtaining credit
• Income tax planning
• Retirement planning
• Gift and estate planning
• Public disclosure (for public officials or candidates for public office)

If you would like to sit down with us to discuss how we can help you with your tax and accounting needs, contact us for a free consultation.