Financial Statements in Los Angeles
MangoBooks prepares financial statements for small businesses in Los Angeles. Owners use them to run the business, and lenders, partners and investors ask for them during the year and at year end.
The statements are prepared from reconciled books. When we also keep the books and prepare the business tax return, the statements and the return come from the same records. We do not perform audits or reviews.
What's Included
- A balance sheet and an income statement for each period, with a statement of cash flows when the reader requires one.
- Statements monthly, quarterly or at year end, with comparisons to the prior period or the prior year.
- Statements for the owner's own use, and statements for lenders, partners and investors.
- Statements prepared from the same reconciled books as the business tax return.
Who This Is For
- Small businesses applying for a loan or a line of credit, or renewing one. See Small Businesses and Their Owners.
- Owners who want a regular view of how the business is doing.
- Businesses with partners or investors who receive statements during the year.
How It Works
- Consultation. We talk by phone or video about who will read the statements, what they require and the periods to be covered.
- Engagement letter. We send a written engagement letter that sets out the statements, the periods and the fee before work begins.
- Document exchange. You send the books and supporting records electronically, and we follow up with questions.
- Delivery. We go through the draft statements with you, then deliver the final statements.
What to Bring
- The general ledger or access to your bookkeeping records.
- Bank, credit card and loan statements for the periods covered.
- The lender's or other reader's written requirements, if you have them.
- A list of fixed assets and any major purchases or sales.
- Last year's business tax return and any prior financial statements.
The full list is in our New Client Checklist.
Key Dates
Year-end statements and the business tax return come from the same closed books, so the tax due dates set the practical timeline.
- March 15. S corporation and partnership returns are due for calendar-year businesses. California Forms 100S, 565 and 568 for LLCs taxed as partnerships are due the same day.
- April 15. C corporation returns, federal Form 1120 and California Form 100, are due for calendar-year corporations.
When a due date falls on a Saturday, Sunday or legal holiday, it moves to the next business day.
Lender deadlines vary, so tell us during the consultation when the statements are needed.
Fees
Fees are quoted after a consultation.
Factors affecting fees: who will read the statements, the number of periods, whether a statement of cash flows is required, and whether we already keep the books or need to bring them current first. Fees depend on the scope of work and are set out in a written engagement letter before work begins. See the Fee Guide.
Frequently Asked Questions
Do you perform audits or reviews?
No. We do not perform audits or reviews. If a lender or another party requires audited or reviewed financial statements, the business needs a firm that provides those services.
What do the financial statements include?
A balance sheet and an income statement for each period, with comparisons to the prior period or the prior year. A statement of cash flows is added when the reader asks for one.
Do the financial statements match the tax return?
They are prepared from the same books. A business tax return that includes a balance sheet should agree with the company's books and records, and, when the return includes Schedule M-1, the differences between book income and taxable income are reconciled on it.
Can statements be prepared if the books are behind?
Yes, after the books are brought current. We do this through catch-up bookkeeping and then prepare the statements from the reconciled records.
How often can statements be prepared?
Monthly, quarterly or once a year, depending on what the owner or the outside reader needs. The engagement letter sets out the periods covered.
Schedule a Consultation
Call (213) 255-4665 or send us a short message about your situation.
Please do not include Social Security numbers, bank account numbers or tax documents in the form.