Reporting Financial Statements In Canada

What is the purpose of the financial statements?

Financial statements are like road maps that help you make the best decisions about your business and stop from making expensive mistakes. Financial statements have a much more important role than just being used for tax returns and loans alike. 

Financial statements provide the information necessary for a variety of stakeholders to make informed decisions. You can’t afford to get these numbers wrong. These are the building blocks for your business, and if they’re not on point then you might as well give up now because there is no way that anyone will want what we have in stock!

When must financial statements be prepared?

Financial statements are important for any company to keep track of their financial condition. They’re prepared monthly, but they can also be done at other times if needed.Other companies have accounting cycles that are longer than the traditional period.

Do all companies need to prepare financial statements?

A corporation must prepare financial statements each year to ensure it has enough money, assets and equity for the future. Financial statements must be prepared following Canadian generally accepted accounting principles as set out in the CPA Canada Handbook – Accounting.

If you are incorporated, Canada Revenue Agency requires financial statement information to be filed using the GIFI or General Index of Financial Information. Filing your taxes with the year’s audit attached gives you peace of mind that all relevant information will be reviewed.

What reports are included in financial statements?

Legal forms and company size dictate the type of information included in an annual financial statement. A financial statement is a snapshot of an organization’s current state. It includes all relevant information, presented in a structured manner and easy to understand for any reader that might be looking at it! 

Financial statements are a snapshot of an organization’s finances at one point in time. They show how much money has come into the company, what was done with it and where all that revenue or expenditure went to waste? You’ll find these key points described on every financial report: statement of comprehensive income , changes-in equity And cash flows. 

The financial statements of a large corporation can be quite complex and may include an extensive set or notes, along with explanations about policies and management discussions. 

These documents should be filled out and filed with the local authorities to show that you’re in good standing. You can also distribute them externally, which will help other parties evaluate your company’s performance as well!

Can I compile my own financial statements?

The DIY approach can be appealing, especially if it will save you money. However when choosing an accountant or even just preparing your own financial statements there are some things to watch out for that could easily hurt the final results – amateur mistakes! Accounting professionals have a wealth of experience and expertise to offer. They know how best to manage your finances, so it’s important you take them up on their offers! 

As a business owner, you are used to wearing many hats and doing things yourself. Some tasks can be time-consuming or stressful -especially if you’re not an expert in that field! Therefore, You need a professional accountant to prepare accurate financial statements in order for you not take the stress from your shoulders. A time-saver, they will save hours of work!

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

Financial statements are prepared monthly to make swift decisions. It takes time and effort, but with today’s cutthroat business environment it has become a necessity in order for businesses of all sizes to succeed! We’re in the business of helping businesses thrive. Whether you need accounting and bookkeeping services, or advice on how to make your company more financially competitive – we have a solution for every type of organization!

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?

We have been providing accounting and finance services for over a decade. With our diverse experience, we are able to provide comprehensive financial statement preparation that covers all your needs 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 meet regulatory requirements. Curious to learn more about our financial statement preparation services for your business?

Book A Consultation Meeting Today!