Types of Financial Statement Services We Offer
Different situations call for varying levels of financial reporting. At GTA Accounting Group, we provide flexible financial statement preparation services in New Jersey to meet your needs.
Whether you're applying for a loan, reporting to stakeholders, or simply getting your books in order.
Compilation
A compiled financial statement is created using your existing financial data. It includes a CPA cover page but no assurance of accuracy. This is ideal for internal use or when a third party, such as a lender, requests a basic set of CPA-prepared financial statements.
You’ll benefit from:
- Cleanly formatted reports for internal or external use
- Faster turnaround than reviewed or audited statements
- Lower cost when full assurance isn’t required
Review
A reviewed financial statement includes limited assurance from a CPA that the financials are free from material misstatement. Banks, investors, and some state grant programs often require this level of service.
It involves:
- Analytical procedures and inquiries by a licensed CPA
- A signed review report (not an audit)
- Compliance with AICPA standards
- Eligibility for programs that require CPA-reviewed statements
Preparation-Only Reports
This is for internal use only. We prepare your profit and loss, balance sheet, and cash flow statement from your bookkeeping records without a CPA letter or formal cover page. It's an excellent option for smaller businesses needing clarity and structure without outside verification.
Audit Support Services
While we do not perform audits, we work alongside your auditor to:
- Organise and prepare supporting schedules
- Clean up historical data.
- Ensure your records are complete and audit-ready
Custom Dashboards and Internal Reporting
We offer tailored monthly or quarterly reporting for businesses that want frequent financial insights. These internal reports help you track performance, compare periods, and prepare for tax season with fewer surprises.
Whatever your situation, we’ll help you choose the correct format to meet your business goals — and any regulatory or lender requirements.
Why Work with GTA Accounting Group
You don’t just need financial statements — you need reports you can trust, created by a team that understands your business and the rules that apply in New Jersey.
Here’s what that means for you:
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Less Stress at Tax Time
You won’t be scrambling to gather documents or fix errors at the last minute. We deliver clean, organised statements that help you or your accountant file more quickly and with fewer surprises.
Reports That Actually Make Sense
Our team prepares business financial reports NJ owners can understand. We don’t hand over confusing spreadsheets — we provide clear, well-structured reports and walk you through them if needed.
Easier Access to Loans, Grants, and Funding
Whether you're applying for a small business loan, an NJEDA grant, or an outside investment, our certified financial statements in NJ give you the documentation lenders and investors expect — and trust.
Confidence That You’re Compliant
New Jersey has specific filing and reporting requirements for businesses and nonprofits. We stay current on these rules so your reports meet state and federal standards, including New Jersey financial statement requirements for nonprofits and corporations.
A Reliable Local Team That Knows Your Industry
We work with businesses across various industries — from real estate to retail to nonprofit organisations — and understand the financial challenges and opportunities unique to each.
When you work with GTA, you get more than just a report—you get peace of mind.
Partners
For All Businesses (LLCs, Corporations, and Partnerships)
Under New Jersey law and federal tax rules, all registered businesses must maintain “adequate books and records.” These must support accurate reporting of:
- Gross receipts
- Expenses
- Payroll
- Deductions
- Net income or loss
Although there is no explicit state law requiring compiled or reviewed statements for every business, well-prepared financial statements are essential for:
- Filing your annual federal and state tax returns
- Complying with New Jersey Gross Income Tax or CBT (Corporate Business Tax) obligations
- Satisfying lenders or financial partners
For Nonprofits in New Jersey
According to the New Jersey Charitable Registration and Investigation Act, charitable organisations registered in the state must follow these reporting requirements:
- Gross revenue over $500,000 requires audited financial statements prepared by an independent CPA
- Gross revenue between $250,000 and $500,000 requires CPA-reviewed financial statements.
- Under $250,000 may submit a signed financial report or compiled statement.
These documents must be submitted annually to the Division of Consumer Affairs, Charities Registration Section.
For NJEDA Programs and Business Grants
Many New Jersey state funding programs, such as those offered by the New Jersey Economic Development Authority (NJEDA), require:
- CPA-certified compiled or reviewed financial statements
- Reports that follow GAAP standards and include full-year figures
- Statements submitted as part of grant or incentive program applications
Record Retention Requirements
Businesses in New Jersey must retain supporting financial documentation, including bank statements, ledgers, receipts, and tax returns, according to IRS and New Jersey Division of Taxation guidelines for a minimum of four years.
How GTA Helps
We stay current with changing state rules and industry-specific requirements. Our reports are fully compliant with NJ financial statement requirements, ensuring you're always prepared—whether for a tax return, audit, or funding application.
New Jersey Requirements for Financial Reporting
If you operate a business or nonprofit in New Jersey, you may be required to prepare and retain financial statements for legal and regulatory compliance. While the exact requirements vary depending on your business type and size, here are the most important rules to be aware of:
