Year-End Financial Statements
Seen by many as a necessary evil, to keep the taxman off your back, we take a much different view.
Yes, the year-end financial statements do have to be prepared. Yes, there are filing deadlines to meet, and yes, in many cases the Bank is eagerly awaiting the results to discuss renewing your line of credit, but 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.
For example, these figures are historical, how can we use them to help you build a better business?
Well, we take the approach that we can use these - if you so choose - as a planning tool for the following financial period and prepare a budget based on last year's results and any significant changes in circumstances that have taken place post year-end.
We realize that your business runs not just by numbers, but from the heart of the owner and their staff. And we are committed to the entrepreneurial spirit as you are. Our comprehensive review of your past and current years financial statements not only assesses where you have been but also 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 and enhancing your wealth.
In preparing and reviewing your financial statements, we can use these reports to help you to better manage your business and increase your profitability.
By going the extra mile on your behalf, we aim to give you some meaningful, useful and practical pointers on how to achieve even better results in the future.
Assurance
Today, more than ever, readers and other users demand relevant, reliable, and independently reviewed financial information that reflects your organization's activities. Our team knows your organization faces unique challenges and opportunities. That's why we ensure you receive efficient, effective customized service.
We go beyond general purpose financial statements to provide you with meaningful, reliable financial information - we also analyze and interpret that information, making it easier for you to make sound business decisions.
Our team can help you meet all your assurance needs, including the following:
Audits
Our audit team follows generally accepted Canadian auditing standards as well as rigorous quality control policies and procedures to provide you with an audit opinion. In addition to helping you meet statutory and other 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 for helping you operate your business 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. In addition to a review engagement report, we can provide you with 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 detailed information you need, you may require assistance putting together a set of financial statements summarizing your operations. Our team can meet your compilation needs and 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. We can provide future-oriented financial information in the form of projections or forecasts, which can be important tools when you are looking beyond your current operations.
Internal Control Assessments
We provide assistance establishing systems of internal control and guidance regarding the operating effectiveness of your internal control systems. We identify areas of risk by documenting and analyzing your internal controls. We also provide you with recommendations on how you can reduce these risks and create efficiencies in your organization.
Performance Measurement
We can help you establish performance goals and develop step-by-step plans for achieving those goals. 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.
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.
Over the years, Joe Truscott has written many individual income tax and business articles which have been posted here for you to review. You can also review many additional articles that have appeared in his quarterly client bulletin called Business Matters.
