Accounting
The reader's notice, now called a compilation engagement, is the simplest service an accountant can provide with your figures: they format your financial statements (the numerical portrait of the company) based on the information you give them, without verifying it or guaranteeing its accuracy. It's the cheapest option.
Think of it as a clean-up: the accountant takes your figures and presents them in a standard format, but they're not playing detective. This is often sufficient for preparing a small business's tax return or for internal use. However, if your bank or an investor wants assurance about the accuracy of your figures, you'll need to step up to a review or audit conducted by a CPA (Chartered Professional Accountant). Choosing the right level of expertise prevents you from paying for more than necessary. Bankeo connects you with a verified accountant/CPA free of charge to advise you, and we'll be there to support you every step of the way.
This is when the accountant takes the figures you provide and organizes them correctly into financial statements, without checking them. They clearly state that they haven't verified anything: the responsibility for the figures lies with you. Simple, quick, and economical.
The Notice to Reader (compilation) presents figures without any guarantee. The review engagement offers a moderate guarantee. The audit offers the highest guarantee. The higher the level of guarantee, the greater the work and cost.
It depends on the bank and the loan amount. For a large loan, many require at least a due diligence engagement. Check the requirement before hiring your accountant. Bankeo will introduce you to a verified accountant/CPA free of charge to help you choose the right level of qualification, and we'll be there to support you every step of the way.
Get paired with the right accountant for free to explain and manage it for you. No commitment required, and we'll be there to support you every step of the way.
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