Financial Statements

Preparing Financial Statements

At Syed CPA, we spend our time, expertise and resources to help our clients with preparing financial statements. Professionally compiled financial statements make it significantly easier for all stakeholders to grasp the true meaning behind the numbers. Reliable and accurate financial statements are crucial for any business and are widely regarded as essential tools for making informed business decisions.

Why Would I Need Business Financial Statements? 

The necessity often arises from requirements such as tax return filings (personal, corporate and trust). Tax liability assessment and planning and decision support. Business financial statements for owner-managed enterprises typically serve three main user groups: managers, owners and financial institutions or creditors.

In many jurisdictions, including Ontario, most companies are required to submit corporate financial statements, including profit and loss statements and balance sheets. You should be familiar with certain regulations depending on the jurisdiction where your business is established.

If your company is incorporated in Ontario, you can find more information about business financial statements by visiting the following link: Ontario Ministry of Finance – Business Financial Statements.

Our comprehensive reporting, accounting, and business financial statement services encompass:

• Preparation of business financial statements
• Due diligence reporting
• Mergers and acquisitions support
• Sales tax/HST/GST services
• External Financing (NTR)
• Bank and Lender Covenants
• Government Filings
• Adherence to GAAP
• Financial forecasting
• Specialized reporting requirements

Syed CPA provides Compilation Engagement (Note to Reader) financial statements. Here is what that means:

Note to Readers:

These are business financial statements prepared without audit or review. As chartered accountants, we prepare financial statements for our clients, presenting information in our capacity as a “representation of management” without expressing an opinion or providing assurance.

Typically, banks and other creditors prefer audited or reviewed financial statements as part of their lending requirements.