Starting your financial statement can be complicated if you have many expenses and investments. Preparing your financial statements is one of the most essential steps in the accounting process. With the help of Diamond Income Tax & Accounting Services, we can assist you with the order of preparation. We have several years of experience in financial statement preparation and analysis, meaning that you can be confident that we will do the job right.
Contact us now at 323-721-3333 to get started.
Comprehensive Financial Statement Preparation
Your statements provide a comprehensive collection of your current financial performance. With our consultation and preparation services, we will put all your necessary statements together. You will experience peace of mind knowing that your statements have been prepared by a company that not only conforms to all policies but one that has several years of practice.
Clear Financial Statements Prepared by Diamond Income Tax & Accounting Services
Financial statement preparation is the heart of accounting. It is the process of taking all sources of your cash flow and organizing them in a way that will make sense. A clear and precise statement will make it easier to do the following:
- Identify areas of overspending
- Identify areas of underspending
- Budget
- Related tax preparation services
- Prove financial responsibility
- Financial Statement Analysis
After your financial statement has been produced, our specialists will be able to analyze it and identify potential problem areas as well as areas needing improvement. If you already have a financial statement, we gladly offer an analysis that will help you with your transactions.
Personal Financial Statement
A personal financial statement is quite different from one that a company would have, which is why we make custom templates for each client. Essentially, both a company and an individual’s financial statement follow the same concept: break down assets and liabilities. There are also some complex rules regarding what should go on your personal statement and what should not. For example, rent or a lease should not be on your personal financial statement because you do not own it. But you can put jewelry under your personal property. On a personal statement you’ll see categories such as the following:
Under assets, you’ll see balances such as:
- Checking accounts
- Savings accounts
- Retirement accounts
- Trading accounts
Under liabilities, you’ll see balances such as:
- Personal loans
- Unpaid taxes
- Mortgages
- Credit card balances
- Car loans
