Maintaining accurate financial statements are the foundation of any successful business. It may be tedious, but that is where the CPA certified Accountants at White Raven Accounting & Bookkeeping come in. Let us take this on for you!
What are financial statements?
Financial statements are written records that convey the financial performance of a company. They generally contain a report to the users, a balance sheet, an income statement and any notes relevant to your statements. Its important to note, if statements are being created for internal purposes only there may not be a report issued. The balance sheet will show the companies assets, liabilities, and shareholder equity. The income statement will show the companies revenue, cost of sales, expenses and net profit.
why are financial statements important?
In addition to having corporate income taxes prepared most businesses also opt to have financial statements prepared; this would be referred to as a compilation engagement. We take the information used in your tax return to create compiled statements signed by a designated accountant. These statements are commonly used when dealing with banks, lawyers, or simply for management or shareholder purposes.
what can we do for you?
At White Raven Accounting we will help you determine if there is a need for compiled financial statements to be prepared as part of your engagement. This type of engagement can also be tailored or include any of our other services such as bookkeeping, GST and payroll, T4 and T5 filings and corporate taxes. All financial statement will be prepared in accordance with the new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements.