Financial Statement Preparation
- We prepare the following types of financial statements:
Compliance Engagement (Notice to Reader Report) financial statements.
A compliance engagement consists of receiving information from the client and arranging/processing it into the form of a financial statement. The objective is to ensure the information is arithmetically correct and that to the best of the accountant’s knowledge, is not false or misleading. This type of engagement is useful when the client and other users of the information:
- Do not need financial statements containing all of the disclosures that are normally required for general purpose use;
- Require routine operational reports such as monthly financial data, or special reports such as an analysis of a business division or location, budgets, cash-flows or forecasts;
- Do not require the assurance provided by an audit or a review engagement.
Review Engagements (Review Engagement Report) financial statements.
The CPA accepts financial information from the client, and reviews the statements in accordance with generally accepted standards for review engagements to determine the plausibility of the financial information. A review consists primarily of enquiry, analytical procedures, and discussion. The statements must appear plausible based on the CPA's knowledge of the client's operations and the industry, and based on the procedures performed by the CPA. A review engagement provides a moderate level of assurance on the subject matter (usually annual financial statements), prepared in accordance with appropriate criteria, usually generally accepted accounting principles (GAAP). Typically, review engagements are prepared where more assurance is required than that provided with a compilation engagement. The owner-managed entity does not need an audit engagement, but does require some limited assurance on the financial statements for presentation to the bank and other stakeholders.
- Compliance Engagement (Notice to Reader Report) financial statements.
An essential requirement for any business is to have up-to-date, accurate books and records. Having timely management information to help with the daily management and development of your business, measure progress and profitability, and to make informed business decisions and comply with tax laws.
We offer as part of our accounting services, complete computerised accounting and book keeping including:
- Recording the financial transactions undertaken by your business – Processing your source documents sales , purchases, expenses
- Accounts Receivable – Processing invoices to your customers/clients and matching payments received and providing aged reports.
- Accounts Payable – Processing invoices from suppliers, payments and providing aged reports.
- Bank & Credit Card Reconciliations – Ensuring that the bank account is balanced and all transactions are recorded such as electronic transactions and transfers between accounts – loans, credit cards etc.
- Payroll – Maintaining payroll records, processing pay cheques, record of employment and T4’s
- Government Remittances – Preparation of GST, PST, and payroll returns.
- Simply Accounting – As a Simply Accounting Certified Consultant we can help you select a solution for your own accounting solutions.
- Personal Tax Returns (T1) – Preparing personal tax returns for individuals and business owners.
- Corporation Tax Returns (T2) – Preparing corporate tax filings as required.
- Tax Planning & Advice – Consulting on tax issues including planning to minimize our client's overall personal and corporate taxes.
- Voluntary Disclosure
- Your business is continuously growing and changing. Ensuring that you receive accurate, relevant and timely information and advice on financial matters is essential for your continued success.
- Having a part-time controller can allow you to focus on building your business while at the same time having the confidence knowing that the financial headaches are under control.
- Advantages – Flexible approach, available in times when you need the help and advice.
- Business Start up
- Business Financing
- Business Plans Purchase & Sale
- Strategic Management
- Performance Management & Continuous Improvement
- Financial Statements – Preparing monthly and year end statements
- Budgeting – Preparing capital and operational budgets
- Financial Analysis – Preparing customise reports such as:
- Variance Analysis (i.e. Budget –v- Actual ) to explain the impact of the variances
- Identifying trends and opportunities for improvement
- Ensure accuracy of the underlying transactions
- Cost control
- Financial Forecasting & Cash flow Projections – Preparation of Forecasts based on trends, future plans and projected scenarios.
Estate planning is the anticipation and arranging, during a person’s lifetime, for the management and disposal of their estate. This covers a wide area and would include considering options such as: -
- Estate determination – what do you own and owe including income tax estimation
- Tax planning
- Succession planning
- Planning for future personal medical care and lifestyle
- Guardian’s designation for minors including incapacitated minors or adults
- Wills & Probate
- Gifts & Inheritances