At some point, nearly every business is asked to show its numbers. A bank considering an operating line. A lender financing equipment or a building. A partner buyout. An owner who simply wants to know whether last year was actually as good as it felt. That's when a formal financial statement stops being paperwork and starts being a working tool.
Klabo, Brown & Co., LLC prepares compiled financial statements for businesses, farms and organizations in Aberdeen and northeastern South Dakota — clear, consistent reports in a format lenders recognize and owners can use.
A compilation engagement takes the information from your books and presents it as proper financial statements — a balance sheet and income statement in conventional format. Compilations are the level of assurance most local lenders ask for from small businesses and farms. (Reviews and audits are different, higher-assurance engagements; if your lender requires one, we'll tell you honestly and help you understand what's involved.)
A compilation is only as reliable as the records behind it. If your bookkeeping isn't current, we can help there too — our bookkeeping service brings records up to date and keeps them that way, which makes every future statement faster and less expensive to produce.
We've worked with lenders across Brown County for two decades. If your bank has a preferred format or a specific request, tell us — we know what they're looking for and can usually speak their language directly.
Year-end compilations follow the tax season calendar, so it pays to get your records to us early. Interim statements for a loan application can usually be turned around sooner, provided the underlying books are current. Fees depend on the condition of your records and the reporting required, and are confirmed in your engagement letter before work begins.
Most local lenders want a compiled balance sheet and income statement, sometimes with prior-year comparatives. Bring us the bank's request letter and we'll tell you exactly what's needed and what it will take.
Annually at minimum — monthly or quarterly is better if you're managing growth, debt or thin margins. Many clients start annual and add interim reporting once they see how useful it is.
Yes. Farm operations often need statements for operating loans. We're familiar with livestock and grain inventories and what agricultural lenders expect to see. See our farm accounting page.