What is a virtual CPA?

A virtual CPA provides the same services as a traditional CPA firm — tax preparation, bookkeeping, audits, financial planning — but delivers them remotely using secure cloud technology. You get expert-level service without visiting a physical office.

How much do virtual CPA services cost?

Pricing depends on the complexity of your financial situation and the services you need. We provide transparent fee estimates during your initial consultation. Virtual CPA firms typically have lower overhead than traditional firms, which translates to more competitive rates.

Do I need an audit for my nonprofit?

Many states require nonprofits to have an independent audit once they exceed certain revenue thresholds, often $500,000-$750,000. Grant-making organizations and government agencies frequently require audited financial statements. We can help determine your specific audit requirements.

What is the difference between an S-Corp and an LLC for tax purposes?

An LLC provides liability protection and pass-through taxation by default. An S-Corp election can provide additional tax savings by allowing owners to split income between salary (subject to payroll taxes) and distributions (not subject to payroll taxes). The right choice depends on your income level, business structure, and state tax laws.

What does a virtual CFO do?

A virtual CFO (fractional CFO) provides high-level financial strategy and oversight on a part-time basis — budgeting, forecasting, cash flow management, financial analysis, KPI reporting, and strategic financial planning. You get C-suite financial leadership without the full-time cost.

Can you help if I'm behind on bookkeeping or taxes?

Yes. We offer catch-up bookkeeping services to bring your books current and can help resolve back tax issues including IRS notices, unfiled returns, and payment plans.

What accounting software do you work with?

We work with QuickBooks Online, Xero, FreshBooks, Wave, and other major cloud accounting platforms. We can also help you select and set up the best software for your business.

How do I prepare for tax season?

Organize financial records throughout the year, keep receipts for business expenses, track mileage and home office usage, make quarterly estimated tax payments, and schedule a year-end tax planning session before December 31.

What is DCAA compliant accounting?

DCAA (Defense Contract Audit Agency) compliant accounting is a system that meets federal government requirements for contractors. It includes proper timekeeping, job cost accounting, indirect cost allocation, and specific internal controls required for government contract work.

Do I need a CPA or a bookkeeper?

Bookkeepers handle day-to-day recording of financial transactions. CPAs handle higher-level work — tax planning and preparation, audits, financial analysis, and strategic advice. Many businesses need both. Our firm provides both services so you have one team managing everything.

What's the difference between an audit, review, and compilation?

An audit provides the highest level of assurance through independent verification of financial statements. A review provides limited assurance through analytical procedures and inquiries. A compilation presents financial information in statement format without assurance. The right choice depends on your stakeholders' requirements.

Do you serve businesses outside the DMV area?

Yes. While our primary service area is Washington DC, Maryland, and Virginia, we serve clients nationwide through our 100% virtual model. Our cloud-based systems allow us to work with businesses anywhere in the United States.

What is the difference between a compilation, review, and audit?

A compilation involves presenting management's financial information in financial statement format — no verification, no assurance. A review involves analytical procedures and inquiries, resulting in limited assurance. An audit involves extensive testing of transactions and balances, resulting in reasonable assurance and a formal audit opinion. Cost and time increase with each level: compilation < review < audit.

When should I get a review instead of an audit?

A review is appropriate when: your lender accepts reviewed financials (check with them first — some require audits); your state's charitable solicitation law accepts reviews for your nonprofit's revenue level; your grantor accepts reviews; or your franchise agreement allows reviews. If you're unsure whether a review or audit is required, we can review your specific requirement documents and advise.

What does a financial statement review cost in DC, Maryland, or Virginia?

A financial statement review typically costs $2,500–$8,000 depending on your organization's size, complexity, and number of years needed. A compilation typically costs $1,500–$4,000. Both are significantly less expensive than a full audit. Contact us for a fixed-fee quote based on your revenue, entity type, and what the review is needed for.

What is included in a SSARS financial statement review?

A SSARS review includes: (1) preparing or reviewing financial statements in GAAP format; (2) performing analytical procedures comparing current vs. prior year balances and industry ratios; (3) inquiries of management about accounting policies and significant transactions; (4) reviewing for GAAP compliance; and (5) issuing a review report with our limited assurance conclusion. We do not test individual transactions or confirm account balances with third parties.

Will my bank accept reviewed financial statements?

Many community banks, credit unions, and regional lenders accept CPA-reviewed financial statements for commercial loans under $2 million to $5 million (varies by lender). Large national banks and SBA lenders often require audited statements for loans above certain thresholds. Always confirm with your lender what they require before engaging us — we can help you understand their requirements.

What does a financial statement compilation include?

A compilation engagement involves: (1) reading your financial statements for obvious errors; (2) presenting the information in proper financial statement format; and (3) issuing a compilation report. We do not verify information or provide assurance. Compilations are appropriate when the user does not need or expect assurance — such as internal reporting, HOA disclosures, or some franchise reporting requirements.

What are Virginia and Maryland HOA audit/review requirements?

Virginia: HOAs and condo associations with gross receipts over $250,000 must have an annual independent CPA examination — which can be a review rather than a full audit for associations without reserve fund shortfalls or deficit fund balances. Maryland: condominium associations with 150+ units must have audited financials; smaller associations may use a review or compilation. We can advise on your specific association's requirement under state law.

How long does a financial statement review take?

A financial statement review typically takes 2–4 weeks from receipt of complete records to delivery of the review report. A compilation typically takes 1–2 weeks. Both are significantly faster than a full audit. For lender or grant application deadlines, contact us with your deadline and we'll confirm whether it's achievable.

SSARS Review & Compilation — VA, MD & DC

Financial Statement Review & Compilation Services — Virginia, Maryland & DC

Not every business or nonprofit needs a full audit. A CPA-issued financial statement review (limited assurance under SSARS) or compilation (no assurance) may satisfy your lender, grantor, or regulatory requirement at a fraction of audit cost. Banks often accept reviewed financial statements for commercial loans under $2 million. State charitable solicitation laws for smaller nonprofits accept reviews. HOA real estate disclosures often require only compilations. Your Virtual CPA performs SSARS-compliant reviews and compilations for businesses, nonprofits, and HOAs across Virginia, Maryland, and DC — with fast turnaround and fixed pricing.

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What is the difference between a financial statement compilation and a review?

A compilation is a CPA engagement with no assurance — the CPA presents financial statements based on management information without verifying them. A review provides limited assurance through analytical procedures and management inquiries. Neither is as comprehensive as an audit, but both require an independent CPA and satisfy many lender, grantor, and regulatory requirements at significantly lower cost.

SSARS Engagement: A SSARS (Statements on Standards for Accounting and Review Services) engagement is a CPA engagement governed by AICPA standards for compilation and review services — distinct from auditing standards. Both compilations and reviews are SSARS engagements; audits are governed by GAAS or GAGAS.

Limited Assurance: Limited assurance is the conclusion provided in a CPA review engagement — the CPA states that nothing came to their attention indicating the financial statements are not fairly presented in accordance with the applicable financial reporting framework. This is weaker than audit (reasonable) assurance but stronger than a compilation (no assurance).

Review & Compilation Services

From bank loan reviews to HOA compilations and nonprofit SSARS engagements, we deliver the right level of assurance at the right price.

Financial Statement Review (SSARS)

A CPA-issued review engagement under SSARS 21 (Statements on Standards for Accounting and Review Services) provides limited assurance — we perform analytical procedures and inquiries and issue a report stating nothing came to our attention indicating the financial statements are not fairly presented. Accepted by many lenders, grantors, and regulators where an audit is not required.

Financial Statement Compilation

A compilation involves presenting financial statements based on information provided by management — without performing verification procedures or providing any assurance. We issue a compilation report under SSARS 21. Compilations are appropriate for HOA real estate disclosures, franchise FDD filings, internal reporting, and situations where the user does not require or expect assurance.

Bank Loan Review Engagements

Many community banks, credit unions, and regional lenders accept CPA-reviewed financial statements for commercial loans under $2 million–$5 million, depending on their underwriting policy. A review costs significantly less than an audit while providing credible independent verification of your financial position. We work with your lender's specific requirements.

HOA Financial Review & Compilation

Virginia HOAs are governed by the Common Interest Community Act (§55.1-1955), which requires HOAs with revenues over $250,000 to have an annual independent CPA examination. Maryland and DC have similar requirements. Many HOAs meet this requirement with a CPA review or compilation rather than a full audit — at significant cost savings for the homeowners.

Nonprofit Review Engagements

State charitable solicitation registration laws vary on their audit requirements. DC requires audited financials only for nonprofits with contributions over $500,000; Maryland requires audits for nonprofits over $750,000; Virginia's threshold is $1,000,000. Nonprofits below these thresholds may use a review — we help you determine the right engagement level and provide the required report.

SSARS Engagements for Grantors

Private foundations, community foundations, and corporate grant programs often require reviewed or compiled financial statements as part of grant applications. We provide SSARS-compliant review and compilation reports that meet standard grantor requirements and can be included in grant applications and reports to funders.

Serving Businesses, Nonprofits & HOAs Across VA, MD & DC

The DC metro area has thousands of organizations that need credible CPA-issued financial statements without the cost and time of a full audit.

Northern Virginia (Fairfax, Loudoun, Prince William)

Small businesses, HOAs, professional services firms, startups needing lender-ready financials

Washington DC

Nonprofits under $500K, small businesses, advocacy organizations, faith-based nonprofits

Montgomery County, MD

Small businesses, HOAs, nonprofits, and biotech startups needing bank-grade financial statements

Prince George's County, MD

Community organizations, small businesses, HOAs, and minority-owned enterprises

Baltimore Metro, MD

Nonprofits, professional services firms, community organizations, and small manufacturers

Richmond & Hampton Roads, VA

Small businesses, franchisees, HOAs, and nonprofits across the Commonwealth

The DC metro area has thousands of businesses and nonprofits that need credible CPA-issued financial statements but don't require a full audit. A SSARS review or compilation from Your Virtual CPA gives you the professional financial documentation you need — at a fraction of full audit cost — to satisfy your bank, grantor, or regulatory requirement.

Related Services

Small Business Audit

Full audit when your lender or investor requires it.

HOA Audit Services

Full audit engagements for HOAs.

Attestation Services

AUPs, examinations, and SSAE 18 engagements.

Church & Religious Org Audit

Audits and reviews for faith communities.

Nonprofit Audit (Single Audit)

Full audit for nonprofits with federal funding.

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Find out which engagement level you need.

Review & Compilation FAQs

Common questions from businesses, nonprofits, and HOAs about SSARS review and compilation engagements in Virginia, Maryland, and DC.

Not Sure If You Need an Audit or a Review?

Many businesses and nonprofits are paying for audits they don't need — or getting compilations when their lender requires a review. Your Virtual CPA helps you understand exactly what you need and delivers the right engagement at a competitive fixed price.

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Serving businesses, nonprofits, and HOAs in Virginia, Maryland, Washington DC, and remotely nationwide.