Tennessee Contractor Licensing Financial Statements
CPA Financial Statement Preparation for Tennessee Contractor Licensing
A simple process to meet State of Tennessee Requirements
Obtaining or renewing a Tennessee contractor license often requires more than completing an application. For many contractors, the financial statement requirement is the most challenging part of the process.
Through New Day Advisory, a division of Venture Financial Group LLC, we help contractors prepare the CPA-reviewed financial statements required for Tennessee contractor licensing applications and renewals. Our team works with contractors throughout Tennessee, the greater Nashville area, and across the state to help organize financial information, address accounting issues, and prepare documentation needed for submission.
Who We Work With
We are a small firm with a focused practice.
At New Day Advisory, we help all kinds of construction and trade businesses navigate the often-confusing world of financial statements for contractor licensing. Whether you run a general contracting company, specialize in electrical or plumbing work, handle HVAC installations, manage roofing or masonry projects, or work as a specialty trade contractor, our experience covers your field. We also frequently assist subcontractors who fall under Tennessee’s licensing rules, as well as contractors returning to renew their licenses or upgrade their classifications.
No matter if this is your first time going through the process or you’re a seasoned pro handling a renewal, we’re here to help you make sense of the financial documentation requirements and pull together everything needed for a smooth CPA review.
CPA Financial Statement Preparation
Tennessee contractor licensing applications may require financial statements prepared in accordance with applicable Board requirements and reviewed by a licensed CPA.
Our process begins with your existing accounting records. If your bookkeeping is current and organized, preparation is typically straightforward. If records need attention, we can help identify issues, organize financial information, and prepare your books for the review process.
Financial statement packages may include:
- Balance sheets
- Income statements
- Supporting financial schedules
- CPA review documentation, when required
All CPA review services are performed under the supervision of Jack Pan, CPA.
How We Work Through the Application Process
Initial Consultation
We review your current bookkeeping records, business structure, licensing goals, and available financial information.
Financial Review and Preparation
We evaluate the condition of your accounting records and identify any adjustments needed before financial statements are prepared.
CPA Review Coordination
Once financial information is organized, we coordinate the review process and prepare the documentation required for submission.
Ongoing Support
Many contractors continue working with Venture Financial Group LLC for bookkeeping, payroll administration, tax preparation, financial reporting, and contractor-focused accounting support after licensing is complete.
Accounting Support for Contractors
Construction businesses face unique accounting challenges, including project-based revenue, subcontractor payments, equipment costs, payroll compliance, and fluctuating cash flow.
Our team works with contractors throughout the year to help maintain accurate records, improve financial visibility, and stay prepared for future licensing, bonding, tax, and reporting requirements.
Starting the Conversation
The books fell behind. A tax season was more complicated than expected. The business grew past what a spreadsheet could handle.
We start with a conversation, not a sales pitch. We want to understand your business before suggesting anything. We want you to feel confident about the fit before we get started.
From there, we build a scope of work around what you actually need. Then we stay in contact throughout the year.
- 931-796-8800
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New Day Advisory by Venture Financial Group
125 Webb Ave #102
Hohenwald, TN 38462
Why New Day Advisory
Streamline your workflow
We have worked with Tennessee small businesses for 35 years, including contractors in Lewis County, Maury County, Lawrence County, and across Middle Tennessee. We understand TBLC requirements, and we understand contractor financials. Those are different things from general small-business accounting, and we treat them that way.
Jack Pan, CPA is the credentialed authority on our team for financial statement preparation and CPA review letters. Sam Davis, our principal, brings 35 years of experience working with the trades and construction businesses that form the backbone of Middle Tennessee’s economy. We know what the board expects, and we know what happens when the financials are not ready.
Most of our work can be handled remotely, so your location in Tennessee is not a barrier to getting started.
Frequently Asked Questions
Do Tennessee contractors need CPA-reviewed financial statements?
Financial statement requirements vary based on license classification and other factors established by the Tennessee Board for Licensing Contractors. We recommend reviewing current Board requirements and consulting with our team regarding your specific situation.
How long does it take to get a reviewed financial statement?
Timelines vary depending on the condition of your accounting records and the complexity of the engagement. Businesses with organized and up-to-date bookkeeping are generally able to move through the process more quickly.
What if my bookkeeping records are incomplete?
Many contractors come to us with bookkeeping that needs updating before financial statements can be prepared. We can help organize records, reconcile accounts, and prepare financial information for the review process.
