Member of the Canadian Institute of Chartered Accountants
Preparation of Annual Financial Statements
Financial statements are the most important documents prepared by your accounting system. They inform you about the profitability of your company, are used in the calculation of income and other taxes payable, and provide both you and your bank with information necessary to make credit decisions. Alternative accounting treatments may have consequences both in the amount of tax your company has to pay, the way it is regarded by financial institutions, or the value attributed to the business in the event you want to sell it or take in a partner.
We will help you navigate this minefield by clarifying the available options and the likely results of choosing any particular course of action. Not only can we insure that your statements are accurate, but we can communicate the information in a way that is easily understandable. As some of clients have learned the hard way, choosing the wrong accountant can be a very expensive mistake.
We consider the preparation of the financial statements as a means to an end not an end in itself. Although accurate financial statements are essential, understanding them, and using them to make effective business decisions is just as important. It is our job to help you make those decisions by sharing our knowledge.
Preparation of financial statements includes compilation statements (Notice to Reader) as well as assurance services. Assurance reporting may be required where client financial statements to support business loans. Lenders, investors and owners may require assurance that the financial statements have been prepared in accordance with generally accepted standards. In those cases we provide "Review Engagement Report" on client financial statements.