Abbee deConantsesznak
CPA, CFP®
Abbee, the founder of Ornate, leverages her deep expertise in public accounting, private equity, and financial consulting to help organizations thrive. As a third-generation CPA, she is passionate about helping organizations achieve financial clarity and growth through expert guidance and innovative solutions.

The Curious Case of Messy Financial Statements

Jul 15
3 min read
Financial statements are essential tools for understanding your business’ financial health, performance, and growth potential. However, many clients rely on these reports solely for tax filing, missing out on their valuable insights for informed decision-making and strategic planning. When financial statements are used primarily for tax compliance, businesses often overlook the importance of maintaining clean and accurate records throughout the year. This can impede your ability to track progress, spot issues early, and respond proactively to changing business conditions.

If you’re aiming to elevate your business—whether by opening a new location or expanding your offerings—begin with accurate, well-maintained financial statements. We recommend reviewing your financials monthly or quarterly to keep a clear pulse on your company’s financial health. Regular reviews not only help you uncover growth opportunities and manage risks but also ensure you’re prepared to make strategic decisions as your business evolves.

To clean up your financial statements and establish a disciplined monthly close and review process to maximize your organization’s value, follow these practical tips:
  1. Reconcile all bank and credit card accounts regularly to ensure balances match your records.
  2. Review and properly categorize all transactions to maintain consistency and accuracy.
  3. Address outstanding receivables and payables to reflect your true financial position.
  4. Post journal entries as part of your monthly closing process.
  5. Ensure all supporting documentation is organized and accessible for each transaction.
  6. Review financial statements for errors or unusual balances and investigate discrepancies promptly.
  7. Tie out the Balance Sheet to your account reconciliations on a monthly basis to confirm accuracy.

By implementing these best practices, you’ll maintain clean, reliable financial statements that empower better decision-making and drive your business’ continued growth. These aren't just numbers; they're your roadmap to smarter decisions, fueling your business's continued growth and success.

How We Can Help

Ornate can support you throughout this process by offering expert accounting and financial reporting services tailored to your business’ unique needs. Our team specializes in streamlining monthly-close procedures, enhancing the clarity and reliability of your financial statements, and ensuring your records are always audit-ready. We can’t wait to roll up our sleeves and dive in with you!

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