Author, Andy Roberts, Account Executive, Rancho Mesa Insurance Services, Inc.

With contract amounts increasing, our surety team continues to have more frequent conversations with our clients about the importance of preparing their year-end financials. A company’s financials, their balance sheet and an income statement, are the primary sources of information that a surety uses when establishing a contractor’s bond program. The way this information is presented is very important as it determines the amount of credit that a bond company is willing to extend. There are a few different options for presenting year-end financials, with the two most common being internal financials and CPA reviewed financials.