Financial Statements
Balance sheets, income statements, and cash flow reporting in the format your bank, your landlord, and your shareholders expect to see.
A financial statement package is how outsiders judge your business. When you apply for a line of credit, lease commercial space, bring in a partner, or sell the company, the first thing anyone asks for is two or three years of statements. If yours are exported straight out of accounting software without professional review, they usually contain the kinds of inconsistencies that slow an application down or sink it.
We prepare statements under Accounting Standards for Private Enterprises, the framework almost every Canadian small business uses. That means a balance sheet showing what you own and owe, an income statement showing revenue and expenses for the period, a statement of cash flows where required, and notes explaining accounting policies, related party transactions, and commitments. Comparative figures for the prior year are presented alongside so a reader can see the direction of travel.
Beyond the external audience, statements are the clearest read you will get on your own business. We go through them with you and point out what the numbers are showing: whether gross margin is slipping, whether receivables are being collected more slowly than last year, whether the debt load is sustainable at current cash flow. That conversation is included, not billed separately.
What's Included
- Balance sheet, income statement, and statement of cash flows with prior year comparatives
- Notes to the financial statements covering policies, related parties, and commitments
- Preparation under Accounting Standards for Private Enterprises
- Statements formatted to meet lender and landlord requirements
- A walkthrough meeting explaining what the statements show about your business
FAQ
Does my small business need audited financial statements?
Almost certainly not. Audits are expensive and are usually required only by specific lenders, regulators, or shareholder agreements. Most Calgary small businesses need either internally prepared statements or compiled financial information, which is far less costly. A4SB can help you confirm what your lender is asking for and prepare and organize the records that a compilation engagement would be based on.
Can I just print reports out of QuickBooks for my bank?
You can, and some lenders will accept them for small amounts. For anything meaningful, a lender wants statements prepared by an accountant, because software reports reflect whatever was entered without any professional review of whether it was entered correctly.
How often should financial statements be prepared?
Annually at minimum, tied to your fiscal year end. Businesses with debt covenants, active investors, or seasonal cash flow are often better served by quarterly or monthly reporting, which we can also provide.
Need help with Financial Statements?
Tell A4SB about your accounting needs and we can discuss the support that may be relevant to your situation.