One of our main functions is providing annual financial statements for business corporations. All incorporated businesses must have a set of financial statements prepared.
We can provide two levels of service. The first is a simple compilation, where we take the basic bookkeeping information and make a few adjustments and produce a set of financial statements. This is normally all that is needed for smaller companies especially those without a lot of debt.
For those clients that need it we also provide Review Engagements. This level of service starts the same as a compilation but then we complete additional analysis and review of aspects of your business and financial information. We are then able to provide more assurances to those people who use a business's financial statements. Many times a bank will require this level of service and it is also very useful when trying to sell a business.
Some clients may require even further levels of assurances provided by performing an audit. We can provide those services as well, and we outsource Auditing to CA's firms.
When we are asked to produce financial statements for companies we also provide additional services:
Completion of corporate income tax returns
Examining results to look for trends and provide ideas and feedback to the company
Preliminary tax planning advice for minimizing taxes and planning for business sale and succession
Looking at areas of concern (like insurance and liabilities) and also providing feedback on ways to improve the financial processes of the company.