At Fractal Accounting, we commit time, energy, and professional expertise to help our clients with preparing business financial statements. Professionally compiled business financial statements make it a lot easier for all users of the financial statements to understand exactly what the numbers really mean. Reliable and accurate business financial statements is integral to any business and is generally considered an important tool to make sound business decisions.
How do I tell if I need business financial statements?
Often the need for business financial statements is driven by the need to file tax returns (personal, corporate and trust), minimize, plan, and determine tax liabilities and support business decisions. Most sets of business financial statements of owner-managed enterprises are prepared for one or more of three groups of users: managers, owners and banks or other creditors.
In many jurisdictions business financial statements, income statement and balance sheet are required by law for most corporations. Please review the requirements of your corporation based on the jurisdiction in which your business is incorporated. If your company is incorporated in Ontario, you can learn more about business financial statements by simply viewing the link below:
http://www.fin.gov.on.ca/en/bulletins/ct/4002.html.
Our reporting, accounting and business financial statement services include:
- Preparing business financial statements
- Financial audits , Financial statement reviews and other financial accounting services
- Due diligence reporting
- Control and assurance reviews
- Mergers and acquisitions
- Sales tax/HST/GST
- Financial forecasts
- Special reports
Determining the appropriate level of reporting
Identifying the client’s needs, it is necessary to identify the needs of other users of the financial statements.
Audit Engagement Report – Provides highest level of assurance on financial statements of a business. It is a methodical review and objective examination of the business financial statements. The work that is required during an audit is reviewing internal controls, testing selected transactions, and communicating with third parties.
Review Engagement Report – Provides moderate level of assurance (and provides no opinion) on business financial statements.
Notice to Readers – Business financial statements prepared without audit or review. As a Professional expertise 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.