Prepare Financial Statements - Annually

For Starter Annual Program

Year-End Financials (Reconciled & Delivered by End of Second Month Following Year-End)

As part of the Starter program, ABBL prepares and delivers your year-end financial statements after completing your annual bookkeeping and reconciliation process.

Financials are typically finalized and delivered by the last day of the second month following the end of the calendar year (generally by February 28th), provided all required documentation and responses have been received on time.

What This Feature Includes

At year-end, ABBL will:

• Complete all transaction posting for the prior year

• Reconcile all included financial accounts to their corresponding statements

• Finalize your books based on available data and responses

• Prepare and deliver a full set of cash-basis financial reports

Included Financial Reports

Your year-end reporting package includes:

• Profit & Loss Statement (Income Statement)

• Balance Sheet

• General Ledger (up to 200 transactions)

• Reconciliation Summary Reports

• Reconciliation Detail Reports

• Uncategorized Transactions Report (if applicable)

These reports are delivered through the client portal for your review and approval.

Accounting Basis

All financial statements in the Starter program are prepared using:

👉 Cash Basis Accounting

This means:

• Only income received and expenses paid are reflected

• Open invoices (AR) and unpaid bills (AP) are not included

Additional reporting methods (Hybrid or Accrual) are available as add-ons.

Reconciliation Scope

• Includes reconciliation of:

  • 1 financial account (bank, credit card, or loan)

• Additional accounts require:

  • Add-on subscription ($25/month per account)

Reconciliation is performed only for accounts where statements are:

• Provided by the client, or

• Accessible by ABBL

Failure to provide statements may result in:

• Incomplete reconciliation

• Delays

• Additional fees or change orders

Client Review & Approval Process

Once financials are completed:

1. Reports are delivered to the client via the portal

2. Client reviews the reports and asks any final questions

3. Client provides approval of the financials

4. ABBL proceeds with CPA/tax preparer delivery (if requested)

Financials are not shared externally without client approval.

Timeline & Dependencies

The standard delivery timeline (by end of February) depends on:

• Timely submission of statements and documents

• Access to all required financial accounts

• Reasonable response time to #Clarify requests

Delays in any of the above may result in:

• Extended completion timelines

• Additional fees if rework is required

What Is Not Included

• Monthly or interim financial statements

• Real-time reporting during the year

• AR (Accounts Receivable) or AP (Accounts Payable) aging reports

• Forecasting, budgeting, or financial analysis

• Tax preparation or filing services

• Reopening books after final delivery (without change order)

Additional Notes

• Financials may include Uncategorized transactions if client clarification was not provided prior to finalization

• General Ledger reports may be limited based on total transaction volume

• Additional reporting or custom reports may be requested as add-ons

Why This Feature Matters

Your year-end financials are the final product of your bookkeeping process and are essential for:

• Filing accurate tax returns

• Providing documentation to your CPA

• Understanding your business performance at a high level

This feature ensures your books are:

• Reconciled

• Organized

• Professionally prepared

—so you can move forward with confidence at tax time.