Financial Statements Preparation | Tampa

As a business enterprise you need to know how your business operation is performing, and where you stand financially as you sail through the running of your business.

As part of providing accounting and tax services to our business clients, our office can further assist you by preparing classified financial statements for your internal use in monitoring the financial position and results of operations of your business at any given time during the year, either through recurrent or year-end financial statements preparation.   Good financial records and financial reports are necessary for a number of reasons:

  • Making informed business decisions based on the ongoing operating performance of your business, and by analyzing your financial statements to compare current results with previous accounting periods, or comparing to other businesses in your industry.
  • To assist your business in applying for bank loans and other financial arrangements.
  • To comply with federal and state tax requirements in having proper financial statements information to reflect on your annual tax returns to be filed with the taxing authorities.


Our office can provide you with financial statements preparation as a recurrent monthly/quarterly service, or for year-end tax return compliance purposes.  Having financial statements of your business would also help you identify financial trends in need of corrective action.  

Our office can also provide you with financial ratio analysis from the financial statements prepared.  Financial ratios are mathematical comparisons of financial statement accounts or categories. These relationships between the financial statement accounts help management, investors, and creditors understand how well a business is performing and areas needing improvement. Here are some common financial performance indicators to help you monitor and plan your business:

  • Current ratio analysis.  This will help define how liquid is your business in meeting its current obligations, and is calculated by dividing total current assets by total current liabilities.  A ratio of 2:1 for instance would indicate reasonable liquidity in this area.
  • Accounts receivable turnover ratio.  This is an activity ratio that measures how many times a business can turn its average accounts receivable into cash during an accounting period, and shows how efficient a company is at collecting its credit sales from customers.  Accounts receivable turnover is calculated by dividing net credit sales by the average accounts receivable for that period.
  • Inventory turnover ratio.  This ratio is a relationship between the cost of goods sold during a particular period of time and the cost of average inventory during a particular period.  The ratio is calculated by dividing the cost of goods sold by the amount of average stock at cost.  Because every company has to maintain a certain level of inventory so as to be able to meet the requirements of the business, it is essential to maintain sufficient stock in inventory, but the level of inventory should neither be too high or too low.
  • Gross margin ratio.  Gross margin ratio is a profitability ratio that compares the gross profit margin of a business to the net sales.  It is calculated by dividing gross margin into sales.  This ratio measures how profitable a company sells its inventory or merchandise, in essence analyzing the percentage markup on merchandise from its cost.  This is the profit from the sale of inventory that can go to paying operating expenses.
  • Accounts payable turnover ratio.  This ratio measures the speed with which a company pays its suppliers.  The ratio is calculated by dividing the average amount of supplier purchases by the average accounts payable balance in a given period.  Accounts payable turnover is also known as the creditors’ turnover ratio.
  • Debt to equity ratio.  This ratio measures the relationship of how much debt exists in the business at a particular time in relation to the owners’ equity interest in the business, as those account balances appear reflected on the Balance Sheet.  It is calculated by dividing total liabilities by the business net worth.

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