Year End Financial Statements

Man_handsFaceMany see year-end financial statements as a necessary evil to keep the taxman off your back.  We take a much different view.

Yes, year-end financial statements do have to be prepared with filing deadlines to meet.  And in many cases the Bank is eagerly awaiting the results to discuss renewing your line of credit.  However, the preparation of your financial statements, whether it’s a compilation assignment or a review engagement, offers a wonderful opportunity to review and analyze your business from a different angle.

As accurate historical data, we can use the valuable information in your statements for the following financial period and prepare a budget based on last year’s known results in combination with any significant changes in circumstances that have taken place post year-end.

We realize that your business runs not just by numbers, but also from the heart of the owners and their staff.  We are as committed to the entrepreneurial spirit as our clients.  Our comprehensive review of your past and current year’s financial statements not only assesses where you have been, but also provides success strategies for the future.

Our in-depth partner involvement enables us to get to know your business.  We apply this knowledge to provide insight and constructive suggestions for improving your business strategies, all with the goal of providing objective views of your financial and operating information to enhance your wealth.

In preparing and reviewing your financial statements we can use these reports to help you better manage your business and increase your profitability.  By going the extra mile on your behalf, we give our clients proven pointers on how to achieve even better results in the future.

Assurance

Today, more than ever, business owners require relevant, reliable and independently reviewed financial information that accurately reflects their organization’s performance.  Our team realizes each of our clients face unique challenges and opportunities.  That’s why we ensure you receive efficient and effective customized service.

We go beyond general-purpose financial statements to provide you with meaningful and reliable financial information.  We’ll also help you make sense of that information by analyzing and interpreting it in a language you’ll understand so you can make sound business decisions.

Our team can provide for all your assurance needs including:

Audits
Our audit team follows accepted Canadian auditing standards as well as rigorous quality control policies and procedures to provide you with a qualified audit opinion.  In addition to helping you meet statutory requirements by reporting on your financial statements, we ensure you receive valuable advice on how you can improve your internal controls. This advice, in turn, can be the catalyst to allowing your business to run more efficiently.

Reviews
A review engagement provides limited assurance that the financial statements are presented fairly in accordance with applicable standards.  The financial statements are assessed through enquiry, analysis and discussion with the client.  In addition to a review engagement report, we can provide you with a comparative benchmark analysis and other financial indicators that will help you interpret your financial results and improve your business decision-making.

Compilations
Although your financial information systems will often provide you with the details you need, you may require assistance putting together a set of financial statements summarizing your operations.  Our team can assemble your information into  professionally prepared financial statements.

Financial Projections and Forecasts
Securing new or alternative financing or developing strategic business plans can be critical to your business.  Future-oriented financial information in the form of projections or forecasts can be important tools when you’re looking beyond your current operations.  Our skilled team understands how to identify the information that is critical.

Internal Control Assessments
We provide assistance establishing systems of internal control and guidance regarding the operating effectiveness of your internal control systems.  By documenting and analyzing your internal controls, we are able to identify areas of risk for your business and provide you with recommendations on how you can reduce or eliminate these risks to create efficiencies.

Performance Measurement
Performance measurement can give you the benchmarks and feedback you need to identify areas of improvement and guide you on your way to realizing your goals.  Our team will help you establish performance goals and develop step-by-step plans to achieve them.

Now if that sounds like the type of relationship you want with your Chartered Accountant, give Joseph Truscott a call today at 905-528-0234.

For further information regarding our services, we recommend you review the Income Tax and Business Articles written by Joe in the Resource Library.