Financial Statements Preparation
Managing the accounting side of your business can be just as time-consuming as operating your business. We at Bevan and Partners Chartered Professional Accountants have been serving the South Alberta and Saskatchewan communities since 1950. We collaborate with business owners to wield their financial statements preparation as they get back to work.
Our Chartered Professional Accountants will absorb the fine details of your bookkeeping requirements. In turn, we’ll translate the data into what you truly need to know to grow your business successfully.
Financial Statement Reporting
We offer Financial statement reporting consisting of three levels:
There are several differences in these Financial Statement services we provide.
Non-GAAP Financial Statements that are mostly used for business owners and to compile income tax to Canada Revenue Agency. Generally, these financial statements will include a balance sheet and income statement. Lending institutions may accept this level of financial reporting, but usually only if the debt level is small. We do not do in depth analysis of these statements and we use your bookkeeping data to compile this type of financial statement.
GAAP Financial Statements with some review of your business operations and bookkeeping data to ensure they seem plausible. If errors or omissions are found, we will make the appropriate adjustments to correct them. Review Engagements take more time to compile and complete, and the resulting financial statements would consist of a balance sheet, income statement, cash flow statement and notes to the financial statements. Review engagements are required by banks when larger debt level is present.
GAAP Financials Statements with higher lever of review that is far more detailed than Compilation and Review financial statements. Audited Financial Statements look the same as Review Engagement Financial Statements, however an Audit report is included stating that an Audit has been performed. We would acquire an in depth understanding of your how your operation functions and do testing to ensure the financial systems and records are correct and complete. This is time consuming and very detailed work which makes this the highest level of Financial Statement assurance our Firm provides. Government entities and not for profit organizations usually require Audited Financial Statements. Banks may require Audited Financial Statements if the debt level is very high.