Year End Accounting

Year-end business financial statements, such as income statements and balance sheets, are pertinent for most corporations. The balance sheet is a snap shot of what the company owns versus what the company owes at its year-end date. The income statement is a time-based report showing the profit or loss for a particular period in time.

Often a requirement for financial statements is driven by the need to file tax returns (personal, corporate and trust), determine tax liabilities, and support business decisions. The detailed information contained in your financial statements are also an important tool for management, lenders, and potential purchasers of the business.

Professional Financial Statement Package

Whether you are a recently formed business with no accounting systems in place or you already have a bookkeeper, we can put a professional financial statement package together for you and take the stress out of meeting your reporting requirements.

We will determine the appropriate level of reporting by gathering extensive information about your company, its operating environment, and its strengths and weaknesses. In addition to identifying the needs of your business, we will also identify the needs of other users of the financial statements. Generally, banks and other creditors want audited or reviewed financial statements as part of their lending requirements.

Notice to Readers

Are financial statements prepared without an audit or review. As chartered accountants, we compile business financial statements for clients and present information that is a “representation of management” and expresses no opinion or assurance on the statements.

Review Engagement Report

Provides a moderate level of assurance (and provides no opinion) on financial statements. We gather sufficient evidence and perform sufficient procedures upon which to determine whether the information being assured is fairly presented.

Audit Engagement Report

Provides highest level of assurance on the financial statements of a business. It is a methodical review and objective examination of its financial statements. The work performed during an audit involves reviewing internal controls, testing selected transactions, and communicating with third parties. Based on these findings, we will issue a report on whether the business financial statements are fairly stated and free of material misstatements.

Prepare For Your Year-end Accounting Needs

We will send you a checklist as your year-end approaches. The checklist identifies all of the documents that are required for us to prepare your financial statements and file your taxes as efficiently and quickly as possible. We find this reduces the risk of missing important documents and information.

Review Of Your Year-end Financial Information

When we review your year-end financial information, we also try to identify tax savings for the current year, as well as the upcoming year. For example, we might identify that by changing your business’s tax plan or by changing the structure of your business, you’ll realize tax savings.