Independent Financial Review: Your Company’s Financial Health Through a Buyer’s and a Lender’s Eyes
A financial review is an independent diagnostic of a company’s liquidity, profitability, cash flow, debt structure and working capital management that identifies weaknesses, risks and improvement opportunities. At Anatrica Partners we carry out the review from where a buyer, an investor or a bank would look, and turn the findings into a prioritised roadmap.
At a Glance: Our Financial Review Service
Financial problems that go unnoticed in day-to-day operations build up quietly and can push a company past a critical threshold. A financial review makes them visible before they surface in a crisis or at the negotiating table.
- Scope: Liquidity, activity ratios, debt management, profitability, cash flow, scenario analysis
- Benchmarks: Prior periods and sector averages
- Perspective: Independent review through the eyes of buyers, investors and banks
- Output: Findings report, ratio analysis and prioritised roadmap
- Who it is for: Companies ahead of growth, a sale, a loan, an investment or a restructuring
- Next step: A foundation for valuation, investment readiness or sale readiness work
Does Your Company Show Any of These Signs?
One or more of the signs below suggests it is time for an independent look at the company’s finances. Next to each, we note what the review does about it:
What Does a Financial Review Cover?
We tailor the analysis to each company’s sector and scale and run it across six core areas:
Liquidity analysis
We measure short-term debt-paying ability with the current ratio, quick (acid-test) ratio and cash ratio, and assess banking relationships.
Activity ratio analysis
We review receivable, payable and inventory turnover, determine working capital needs and measure operational efficiency.
Debt management analysis
We calculate the debt-to-equity balance and interest coverage, and interpret the level of debt relative to the size of the business.
Profitability analysis
We compare return on equity (ROE), return on assets (ROA), operating margin and EBITDA margin against prior periods and sector averages.
Cash flow management
We compare cash flows between periods, review collection efficiency and payment-term alignment, and build a cash projection model.
Forecasting and scenario analysis
We test whether the current financial structure can support strategic goals under upside, base and downside scenarios.
Which Financial Ratios Do We Look At?
We read ratios together and against sector averages, never in isolation. Whether a ratio is good or bad depends on the company’s business model and sector.
| Area | Key indicators | What it tells you |
|---|---|---|
| Liquidity | Current ratio, quick ratio, cash ratio | Whether the company can meet short-term obligations without external financing |
| Activity | Receivable, payable and inventory turnover; cash conversion cycle | How much cash is tied up in working capital and how efficiently operations run |
| Debt structure | Debt-to-equity, net debt/EBITDA, interest coverage | How sustainable the debt load is and how much more the company can borrow |
| Profitability | ROE, ROA, gross and operating margin, EBITDA margin | How well sales and capital convert into profit, and where the company sits versus its sector |
| Cash flow | Operating cash flow, free cash flow, profit-to-cash gap | How much of reported profit actually reaches the bank account |
| Scenarios | Sensitivity to sales, margin and currency assumptions | Where cash and debt-paying ability land in a downside case |
How Is a Financial Review Carried Out?
We run the engagement in six steps. Scope and timing are agreed at the initial meeting, based on the size of the company and how ready its data is.
Initial Meeting and Scope
We listen to your objectives and why the review is needed (growth, a loan, a sale, an investment, a restructuring) and agree the scope and priority areas.
Data Collection
Under confidentiality we request three years of financial statements, trial balances, management reports, loan agreements and receivable and payable ageing reports.
Analysis and Normalisation
We review the statements line by line, separate one-off income and expenses, calculate ratios and compare them with prior periods.
Sector Benchmarking
We compare the company’s indicators with sector averages and interpret strengths and weaknesses from a buyer’s and a lender’s perspective.
Scenario Analysis
We run the cash projection model under upside, base and downside scenarios to test the resilience of the financial structure.
Report and Roadmap
We report the findings together with a prioritised action plan and present them to you in person.
What Does the Financial Review Report Include?
We build the report not as a list of observations but as a decision tool that shows which step to take first:
- Executive summaryKey findings on the company’s financial health and the priority risks.
- Ratio analysisLiquidity, activity, debt and profitability ratios, compared over time and against the sector.
- Cash flow and profit-to-cash bridgeThe path from reported profit to cash, and where the gap comes from.
- Borrowing capacityHow sustainable the current debt load is and how much additional financing is realistic.
- Scenario analysisCash and debt-paying ability under three scenarios.
- Prioritised roadmapThe steps to take in the short and medium term and their expected impact.
Documents We Will Request
- Balance sheets, income statements and cash flow statements for the last three years
- Year-end trial balances
- Management reports and budget-versus-actual comparisons
- Loan and finance lease agreements
- Receivable and payable ageing reports
- Inventory reports
Financial Review vs Statutory Audit vs Due Diligence
All three look at the financial statements, but they answer different questions. A financial review is a forward-looking diagnostic carried out for the company itself.
| Financial review | Statutory audit | Due diligence | |
|---|---|---|---|
| Purpose | Diagnose financial health and set out a roadmap | Give an opinion on whether financial statements comply with accounting standards | Identify a target’s risks ahead of a specific transaction |
| For whom? | Management and shareholders | Shareholders, regulators, the public | Buyer, investor or lender |
| Focus | Cash, profitability, borrowing capacity, areas to improve | Accuracy of records and reporting compliance | Findings that affect price and contract terms |
| Output | Findings report and action plan | Audit report and opinion | Due diligence report |
To see in advance what a buyer’s due diligence will find, we run a reverse due diligence before a sale; the financial review forms its financial core.
Who Is a Financial Review For?
A financial review creates the most value just before a decision point. These are the six company profiles we work with most often:
Companies that want to confirm the strength and capacity of their financial structure before a new investment or financing decision.
Owners who want to strengthen their numbers before sitting down with a buyer or investor. See sale readiness advisory.
Businesses that want to document their debt-servicing capacity and present a strong financial profile to lenders.
Companies that want to confirm financial readiness before international expansion and strengthen the financial information they share with foreign partners.
Businesses facing tight cash, margin pressure or a heavy debt load that need an independent diagnosis and a way forward.
Growth-stage companies that want to present investors with a credible financial picture. See investment readiness score.
Why Choose Anatrica Partners for a Financial Review?
- Through a buyer’s and a lender’s eyesDrawing on our M&A and financing experience, we review your company from where the other side of the table will look.
- Independent viewBecause we are not involved in your bookkeeping or audit, we can present findings objectively.
- Corporate finance depthAn experienced team that includes professionals licensed by the Capital Markets Board of Türkiye (SPK) in Capital Markets Activities and Credit Rating.
- Actionable outputWe turn findings into a prioritised roadmap that shows which step to take first.
Facing a Decision?
Seeing your finances through an independent lens before a loan, investment, sale or growth decision means you come to the table prepared.
Request an initial meeting →Financial Review FAQ
What is a financial review?
An independent diagnostic of a company’s liquidity, profitability, cash flow, debt structure and working capital management that identifies weaknesses and improvement opportunities, ending with a prioritised roadmap.
How is it different from a statutory audit?
A statutory audit gives an opinion on whether the financial statements comply with accounting standards. A financial review interprets what the statements say: where cash is tied up, how much the company can borrow and which areas need improvement.
Is it the same as due diligence?
No. Due diligence is carried out for a buyer or investor ahead of a specific transaction. A financial review is carried out for the company itself, usually before a transaction, so that issues a buyer might find are seen in advance.
Which documents are needed?
Three years of financial statements and trial balances, management reports, loan agreements, receivable and payable ageing reports and inventory reports. The full list is confirmed at the initial meeting according to scope.
How long does it take?
It depends on the size of the company, the number of business lines and how ready the data is. After the initial meeting we confirm the timeline in writing together with the scope.
Can’t our own accountant do this?
Accountants focus on bookkeeping, tax and filings. A financial review interprets the company from an investor’s, buyer’s and lender’s perspective, and because it is independent it carries more weight with third parties.
Can the report be shared with banks or investors?
Yes. The report can be used as an independent document supporting the company’s financial profile in loan discussions and investor presentations. We agree the scope of sharing at the outset.
What comes after a financial review?
Depending on the findings, the next step can be a business valuation, an investment readiness score or sale readiness work. The financial review provides a solid foundation for each.
Financial Review Request Form
Call us at +90 212 706 72 58 or fill out our form, and we will get back to you as soon as possible.