GAAP Financial Reporting & Financial Statement Services

GAAP financial statement services cover preparing and explaining accrual-basis reports that follow generally accepted accounting principles: the balance sheet, income statement, cash flow statement, and supporting notes. Porter Accounting LLC combines a controller-reviewed close, accrual adjustments, revenue recognition under ASC 606 where it applies, and reporting review so lenders, investors, and other stakeholders receive statements they can evaluate with confidence.

Pricing depends on transaction volume, the number of accounts, payroll complexity, cleanup needs, and the reporting scope. Monthly plans start at $850 per month, and the Advanced plan, starting at $2,100 per month, adds month-end close oversight, accrual adjustments, detailed reporting, and audit preparation. Controller work starts at $100 per hour. ASC 606 projects and one-time audit preparation are quoted after a review of your records.

The five commonly discussed financial statements are the income statement, balance sheet, cash flow statement, statement of changes in equity, and notes to the financial statements. An income statement summarizes revenue and expenses; a balance sheet presents assets, liabilities, and equity; and a cash flow statement explains cash movement. Equity changes and notes provide additional ownership and reporting context.

Businesses usually need GAAP statements when someone outside the company relies on the numbers: a lender with loan covenants, investors or a board, a potential acquirer running due diligence, or an external auditor. Growing companies also move to GAAP when cash-basis books no longer show true margins or obligations. Porter Accounting LLC helps determine the reporting level your stakeholders expect and builds the close process to support it.

Depending on scope, preparation includes reconciling balance sheet accounts, recording accruals, prepaids, and deferred revenue, applying consistent accounting policies, reviewing revenue recognition, and assembling the balance sheet, income statement, and cash flow statement with notes support. Porter Accounting LLC also prepares the schedules behind each balance so the statements can be traced back to the ledger by lenders, investors, or auditors.

Yes. Many growing businesses keep cash-basis books until a lender, investor, or auditor asks for accrual-basis reporting. Porter Accounting LLC can clean up and catch up the records, record the accruals, deferred revenue, and prepaid balances GAAP requires, and set up a close process that keeps future statements on an accrual basis. Catch-up and clean-up work is typically priced at about 1.5 times the monthly rate.

Yes. ASC 606 uses a five-step model: identify the contract, identify performance obligations, determine the transaction price, allocate it, and recognize revenue as obligations are satisfied. Porter Accounting LLC reviews contracts, builds deferred revenue schedules, and reflects the results in your GAAP statements. This matters most for SaaS, subscription, manufacturing, construction, and multi-element contracts. ASC 606 work is quoted based on complexity.

Yes. Porter Accounting LLC provides virtual services across the United States. In-person support is available by appointment around Santa Rosa, San Francisco, and San Jose, California, as stated for applicable services. The firm can discuss your records, accounting systems, reporting needs, and preferred working arrangement before recommending an appropriate service scope.

Audit readiness is built into how Porter Accounting LLC closes and reports. That means reconciled accounts, documented accruals, revenue schedules, and organized support for your PBC list. Porter is not an audit firm and does not issue audit opinions; the team works alongside your external auditor or CPA, responds to requests, and helps keep fieldwork moving. One-time audit preparation projects are quoted separately.

Bookkeeping records and reconciles transactions. GAAP reporting takes that ledger and applies accrual accounting, revenue recognition, consistent policies, and controller review to produce statements outside parties can rely on. Porter Accounting LLC offers both, so bookkeeping becomes the foundation for controller-level close, GAAP statements, and fractional CFO analysis as your reporting needs grow.

Yes. Controller services include month-end and year-end close oversight, financial data review, accrual adjustments, financial analysis, and budget tracking, starting at $100 per hour. Controller review is often the step that turns monthly bookkeeping output into GAAP-quality statements that management, lenders, and investors can use for decisions.

Yes. Once the statements are accurate and consistent, fractional CFO support, starting at $150 per hour, can build cash-flow forecasts, budgets, KPI tracking, and financial strategy on top of them. Reliable GAAP reporting is what makes forecasts and investor reporting credible.