What's the difference between cash-basis and accrual-basis financial statements?

Cash-basis statements record revenue and expenses only when cash actually moves, while accrual-basis statements record them when they are earned or incurred, regardless of when payment happens. Lenders and investors typically require accrual-basis statements because they more accurately reflect financial performance for a given period.

How often should I get financial statements prepared?

Monthly is standard for businesses that want to actively manage cash flow and profitability, while quarterly can work for simpler operations with lower transaction volume. We recommend a cadence based on your business's complexity and how often you need to make financial decisions.

Can you prepare financial statements for a loan application?

Yes, we prepare financial statement packages formatted to what banks and bonding companies typically request during underwriting, including accrual conversion when needed. We can also work directly with your lender's underwriting team if questions come up.

Do you provide compiled or reviewed financial statements?

We prepare financial statements based on your bookkeeping records; if you need a formal compilation, review, or audit with a CPA's attestation, we will scope that separately based on what your lender or investor specifically requires. Most operating businesses only need prepared statements, not a formal attestation engagement.

Accounting Services

Financial Statement Preparation Services

Balance sheets and profit and loss statements that account for service agreements, warranty work, and truck loans correctly, ready for the bank when you need a new truck or a line of credit.

Built for HVAC, plumbing, electrical, and mechanical contractors running trucks, techs, and service agreements out of QuickBooks Online, ServiceTitan, and Housecall Pro.

Schedule Your Free Strategy Call (559) 203-3450

What sends contractors looking for this

Our financial statements don't tie out or match what we know about the business

When job costs are miscoded and supply house charges sit uncategorized for months, the statements pulled from QuickBooks often don't balance, or they show a profit margin that doesn't match what the owner knows about how the season actually went. A balance sheet that won't balance is usually a sign that truck loans, prepaid insurance, or membership deposits were recorded wrong somewhere upstream.

Owners in this spot end up going by bank balance alone to judge how the business is doing, because the formal statements can't be trusted.

Unreliable financials become a real problem the moment a bank asks for them to finance a new truck or a line of credit, since numbers that don't add up can stall the loan or get it declined outright, and a lender who catches an error will usually ask for corrected statements before moving forward.

We need financials for a truck loan or equipment financing but ours aren't ready

Equipment lenders and banks financing a new service van typically want statements that count revenue and job costs in the period the work was actually done, including service agreement revenue that gets billed upfront but earned month by month over the contract. Many shops just record everything the day cash moves, which doesn't match what a lender is asking for.

Fixing this means properly spreading out membership revenue over the contract term and recording money owed to and from the business, something a cash-only file simply doesn't track.

Handing a lender statements that count a year of prepaid membership revenue as income the day it was collected is a common reason financing gets delayed or declined during underwriting, sometimes right before the busy season when the truck was needed most.

We can't tell which months actually made money once seasonality hits

Without monthly statements, owners often only find out how a season went after the tax return is filed, long after decisions about staffing up for summer or cutting back in the slow shoulder months were already made. By then it's too late to adjust.

A profit and loss statement produced once a year buries the summer AC crunch and the slow spring and fall months into one flat number, so there's no way to see which months are actually carrying the business.

Shops without monthly numbers tend to discover a cash crunch only when payroll is due during a slow month, at which point options like a line of credit or adjusting the crew size are far more limited than if the warning had come three months earlier.

How we fix each of those

01
Monthly or quarterly statements that tie out to your reconciled books
We prepare your balance sheet and profit and loss statement directly from books that have already been reconciled against ServiceTitan or Housecall Pro job data, and we check every statement for consistency before it goes to you, so nothing you receive raises a question you can't answer.
02
Membership and service agreement revenue spread correctly for lenders
We record service agreement and membership payments as revenue over the months they're actually earned instead of the month they're collected, and we adjust for money owed to and from the business, producing statements that match what a bank or equipment lender expects to see during underwriting.
03
Monthly delivery so you can see the slow months coming
We deliver your statements every month or quarter on a set schedule with a short plain-English note on anything unusual, so you can see a slow shoulder season approaching in time to adjust staffing or spending, instead of finding out after the fact.

Everything included

Monthly or quarterly balance sheet preparation
Monthly or quarterly profit and loss statement preparation
Cash flow statement preparation
Service agreement and membership revenue spread over the contract term
Variance review comparing current and prior periods
Statement packages formatted for banks and equipment lenders
Supporting schedules for money owed to and from the business
Year-over-year and season-to-season comparisons

Work that pairs with this

Bookkeeping

Every job cost, supply house charge, and membership payment categorized correctly and every account reconciled, every month, so your job profitability numbers are actually right.

View Bookkeeping

Account Reconciliation

Every ServiceTitan or Housecall Pro payout, supply house card, and van loan checked against the bank every month, so a bad deposit or a missing receipt gets caught while it's still small.

View Account Reconciliation

Catch-Up Bookkeeping

Months of books left untouched since the last AC rush rebuilt job by job, reconciled against the bank, and made tax-ready, without judgment about how they got that way.

View Catch-Up Bookkeeping

Contractors who have already done this

Real Google reviews from owners we work with, next to the engagements behind the numbers.

Google review
As a home services company, I feel that High Velocity Accounting has elevated our business to the next level. We are able to dig deeper into our numbers, report accurately and make adjustments where needed. They are very responsive, detail oriented and an extension of our team.
Cathleen Helin
Owner, Home Services
Clovis, CA
Case study
How a Construction Company Cleaned Up Two Years of Books and Financed New Equipment
Construction · $2.8M - $4.1M annual revenue
Books brought current
22 months
Equipment loan approved
$680,000
Read the full breakdown
Google review
I have been so genuinely pleased with High Velocity Accounting's services. I feel I have an extension of our team in Brett and his team. They always make time for my questions and look for strategic ways to build our businesses mutually. I rest easy knowing our books are kept in good order and our taxes are prepared professionally. I never hesitate to recommend this firm to any service business owners looking for professional book keeping and tax services.
Texas Medley
Owner, Service Contracting
Clovis, CA
Google review
We have been using High Velocity Accounting for a couple years now and are so thankful for their service! They are meticulous, thorough, dependable and always ready to deal with a curveball. Kind, patient, gracious. Thank you for your service and the relationship we've developed together.
Grant Schoenberger
Client, Trades
Clovis, CA
Google review
Brett Neal has been our family's accountant for over six years now, because he is the most dependable professional in this business. We started with Brett as two separate single-filers with simple W-2's and quickly graduated to a married couple having multiple types of complicated business/tax filings. Brett took every shift in stride; every transition has been carried out smoothly and without any hiccups. Trust that this is the guy for all your filing, bookkeeping, and financial consulting needs.
Alyssa Cotrina
Business Owner, Trades
Clovis, CA

Where we do this work

Our office is in Clovis and we work with home services contractors across the Central Valley and nationwide. Pick your city to see how financial statement preparation works for shops in that market.

Not on the list? We run every engagement over QuickBooks Online, ServiceTitan, and Housecall Pro, so distance does not change the work. Call (559) 203-3450.

Talk to a CPA who will actually pick up the phone

Start with a 30-minute consultation at no cost. You will leave it knowing what the work involves, what it costs, and what happens next.