Financial Statement Preparation Services For Ottawa Businesses
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Accurate financial statements are essential for understanding the company’s performance and meeting tax obligations. At Ottawa Bookkeeping, we make financial statement preparation easy and affordable, providing you with the clarity and confidence you need to manage your business effectively.
Our services include preparing key unaudited year-end financial statements for submission with your corporate tax return and ensuring your records are accurate and ready for tax season.
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Financial Statement Preparation Services for Ottawa Businesses
Year-End Financial Statement Adjustments
Year-End Financial Statement Adjustments
Before finalizing your financial statements, we ensure all necessary year-end adjustments are made for accuracy. These may include:
- Income Accruals: Recognizing income earned but not yet invoiced, such as work in progress.
- Expense Adjustments: Accounting for employee hours, vacation accruals, and unpaid expenses.
- Depreciation and Amortization: Adjusting for the use of assets over time.
- Inventory Reconciliation: Ensuring physical inventory matches book records.
- Prepaid Expenses: Reflecting future expenses like insurance or rent paid in advance.
- Bank Account Reconciliations: Addressing outstanding reconciliation items.
These adjustments ensure your financial statements are accurate and compliant with CRA standards.
Comprehensive Financial Statement Preparation
When you choose Ottawa Bookkeeping, you’ll receive the following expertly prepared financial statements as part of your bookkeeping package:
Balance Sheet
The balance sheet provides a snapshot of the company’s financial position at a specific time, such as your fiscal year-end. It details:
- Assets: What your company owns.
- Liabilities: What your company owes.
- Shareholders’ Equity: The value left for shareholders after liabilities are deducted from assets.
With an accurate balance sheet, you can make informed decisions about your business’s financial health and meet the CRA’s requirements for corporate tax returns.
Income Statement (P&L)
The income statement summarizes your company’s operations over a specific period, showing:
- Revenues
- Cost of Sales
- Gross Profit
- Operating Expenses
- Net Profit
This statement provides insight into your business’ profitability. It helps identify areas for improvement, making it a vital tool for strategic planning.
Ensure Your Financial Statements Are Accurate!
Comprehensive Financial Statement Preparation
Statement of Retained Earnings
The statement of retained earnings shows how a company’s profits are utilized during a specific period. It reconciles the changes in retained earnings, incorporating:
- Net Income: From the income statement.
- Dividends Paid
- Shares Issued
This statement is crucial for understanding how your profits are reinvested or distributed. It’s a key document for analysts and stakeholders.
Levels of Assurance for Financial Statements
While our financial statements are ideal for tax filings and internal use, some external users, such as banks or shareholders, may require varying levels of assurance.
Compilation (Notice to Reader)
A compilation, or NTR, offers no assurance but confirms that a CPA firm prepared the financial statements. While limited in assurance, NTR statements are often sufficient for small businesses and certain external users.
Review Engagement
A review engagement provides limited assurance by confirming that the financial statements align with Generally Accepted Accounting Principles (GAAP). It includes a statement that “nothing has come to our attention” to indicate inaccuracies, making it suitable for banks and creditors.
Audit
Audited financial statements offer the highest level of assurance, typically required by large public companies or non-profits. An audit confirms that the financial statements fairly represent the company’s financial position in all material respects.
Are you unsure which level of assurance your business needs? We’ll help you determine the best option based on your requirements.
Need Help Choosing the Right Assurance Level?
Levels of Assurance for Financial Statements
Why Choose Ottawa Bookkeeping?
Best Prices Guaranteed
Affordable financial statement preparation without compromising quality.
Tailored Adjustments
We handle all year-end adjustments for a complete and accurate picture.
Certified Expertise
Our team ensures accuracy and compliance with CRA standards.
Simplified Process
With cloud-based tools and expert guidance, we make preparing financial statements stress-free.
Get Affordable Financial Statements Now!
Breathe Easy with Professional Financial Statements
At Ottawa Bookkeeping, we specialize in providing clear, accurate, and affordable financial statements that help you stay compliant and informed. With our expert preparation, you can focus on growing your business while we handle the details.
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What Our Clients Say About Us
Ottawa Bookkeeping turned my financial chaos into order. Now I can focus on growing my business instead of stressing over my books.
Ready to Simplify Your Finances?
Whether you’re a startup, an established business, or self-employed, Ottawa Bookkeeping is here to help. Let’s take the stress out of bookkeeping and empower your financial success.