Financial Statements

Welgaard provides several different types of financial statements for our clients. Working closely with you, our team can help determine what type of financial statement service best fits your business needs.

The level of assurance required by lenders is typically based on the size of the loan, the collateral, and their determination of overall risk. If your requirements are unclear, in many cases, we can speak with your lender about the level of service that will satisfy their requirements.

Financial Statement Preparation is intended for a business owner’s own use, to have current information in order to know the financial standing of the business, and to make business decisions accordingly. This service would be like what a CFO would provide for a larger company. Our team can prepare these in a frequency that is most useful for your business.

Financial Statement Compilation is the service of applying accounting and financial reporting knowledge to assist management in the presentation of financial statements; without providing any assurance on the financial statements. Compilations can be prepared for small, medium, and large businesses that do not need any assurance.

Financial Statement Review is a review that provides limited assurance that there are no material modifications needed to be made to the financial statements. Reviews are typically prepared for entities that have loans or investors that do not require audited financial statements.

A Financial Forecast is created to anticipate a company’s projected financial position. It estimates future revenue and expenses based on assumptions that are expected to happen. Forecasts are used to help our clients measure their progress and establish their business goals. Our team can provide preparation assistance and compilation services for prospective information.

Financial Projections represent a “what if” analysis and are based on three types of assumptions:

  • Things that are expected to happen
  • Hypothetical situations and events
  • Things that would be expected to occur if the hypothetical situation happened.

Projections provide valuable information to a company in order to make important financial decisions for the future.

A Personal Financial Statement shows your net worth by presenting your assets, minus your liabilities at a certain point in time. This statement can be used to show an individual’s financial stability when applying for a loan or other credit.

No matter the level of financial statement your business requires, our team has the experienced staff here to assist you!


*Investment advisory services are offered through Avantax Planning PartnersSM. Commission-based securities products are offered through Avantax Investment ServicesSM, Member FINRASIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Welgaard CPAs & Advisors Although Avantax does not provide or supervise tax or accounting services, our Financial Professionals may offer these services through their independent outside business. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses. Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.