Currently set to Index
Currently set to Follow

Reporting Financial Statements In Canada

The process of preparation and summarizing the annual financial statements may be tricky for many business corporations. Why don’t you hire a professional accounting firm to assist you in this process?

Contact Us

Fast, Secure, and Affordable Preparation of Financial Statements

Whether it is a small business or a large multinational company, the preparation of financial statements is non-negotiable for any business owner in Canada. Accurate preparation of financial statements is vital for corporations and businesses in Canada as there are users who have a vested interest in financial statements.

We’ve worked with many businesses in Canada to remove the stress of preparing their financial statements to help business owners to keep their focus on running their business. We possess the technical skills and depth of knowledge required to assist in the preparation of timely and high-quality financial statements. We will prepare your annual financial statement according to Canadian law and regulations and according to international accounting standards.

We review your needs and provide a wide array of financial statements to meet your business requirements.

What is the purpose of the financial statements?

Financial statements are road maps that help you make the best decisions regarding your business and stop you from making expensive mistakes. The purpose of financial statements is so much more than just helping you with your tax returns or in obtaining a loan.

Financial statements are used by many stakeholders to determine whether the business is in good standing or needs improvement for further establishment. These numbers are very important to determine if you are heading towards the goal of profitability for your business.

When must financial statements be prepared?

Financial statements can be prepared for a company for any length of time and at any point in time. Some companies prepare financial statements monthly to keep a tight handle on the financial position of the firm. Other companies have longer accounting cycles. Financial statements must be prepared at the end of the company's tax year.

Do all companies need to prepare financial statements?

A corporation must prepare financial statements each year. The financial statements must be prepared following the Canadian generally accepted accounting principles (GAAP) as set out in the CPA Canada Handbook – Accounting.

If your business is incorporated, Canada Revenue Agency requires financial statement information to be filed using the GIFI, or General Index of Financial Information for Corporations. If notes to the financial statements, or an auditor or accountant's report were prepared, they should also be submitted with the tax return. Audited financial statements are not required to be filed.

What reports are included in financial statements?

The prescribed scope of the annual financial statement depends on the legal form and size of the company. For business purposes, a financial statement consists of all the relevant financial information, presented in a structured manner and in a form easy to understand.

Financial Statements always include a statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows.

For large corporations, these statements are often complex and may include an extensive set of notes to the financial statements and an explanation of financial policies and management discussion and analysis.

These completed documents can be used internally to help you make decisions for the future, but they can also be distributed externally to lenders, creditors, or investors who will use them to evaluate the performance and health of your business.

Can I compile my own financial statements?

The DIY approach can be appealing, especially if it will save you money. However, when it comes to the preparation of financial statements you want to watch out for amateur mistakes. When you hire an accounting professional, you take on board a complete package of expertise, experience, and industry know-how. 

As a business owner, you’re used to wearing a million hats and doing things yourself. Some tasks, like accounting, can be time-consuming and downright stressful— especially if you’re not an expert. Therefore, you need a professional accountant in Mississauga to prepare accurate financial statements to take the stress from your already overburdened shoulders and save time.

We provide you with standard financial statements beyond the numbers!

We are committed to offering the following services with premium quality:

  • Preparation of financial statements 
  • Notice-to-Reader financial statements
  • Financial Statement Analysis and projections
  • Variance Analysis of financial performance
  • Financial audits,
  • Account keeping (monthly / quarterly / annual)
  • Accounting system setup for new businesses
  • Adjusting and closing of entries
  • End of the year, monthly and, quarterly reports
  • Bookkeeping process review
  • Bank reconciliation statements
  • The trial balance for journal and adjustment entries
  • Ledger preparation
  • Due diligence reporting
  • Control and assurance reviews
  • Mergers and acquisitions
  • Sales tax/HST/GST
  • Financial forecasts
  • Special reports

Preparing Financial Statements – Our Approach

We understand how time-consuming it is to prepare a financial statement, and given today’s cutthroat business nature, financial statements are prepared monthly to make swift decisions. Our financial statement preparation services are therefore extremely well-suited to both small and large businesses. We aim to provide you with a competitive edge in today’s demanding environment.

Some of our key differentiators include:

  • Day-to-day maintenance and upkeep of records help you draw financial statements at any point in time
  • Accurate and error-free statement preparation ensuring smooth and hassle-free corporate audits
  • Compliance with statutory regulations and relevant accounting/auditing standards
  • Generation of financial reports coupled with expert analysis of financial statements
  • Error-free preparation of statements ensured by stringent quality measures. 

To whom do we serve?

With over a decade of experience in offering finance and accounting services, we possess the capability to cater to the varied financial statement preparation requirements of:

  • State-owned entities
  • Private companies
  • Small and medium businesses
  • Listed companies
  • Closed Corporations
  • Partnerships
  • Sole traders
  • Trusts
  • Government departments 

We believe in providing top-notch accounting services to clients across Canada which are not only affordable but also suit regulatory requirements. Curious to learn more about our financial statement preparation services for your business?

Book A Consultation Meeting Today!