Financial Statement Preparation

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Call 204-505-3113 to schedule a meeting with a financial accountant in winnipeg

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MMCGAPC commits time, energy and professional expertise to help our clients with preparing business financial statements in Winnipeg.

Professionally compiled business financial statements make it easier for all users of the financial statements to understand exactly what the numbers really mean. Reliable and accurate business financial statements are integral to any business and are generally considered an important tool to make sound business decisions.

Often the need for business financial statements is driven by the need to file tax returns (personal, corporate and trust), minimize, plan and determine tax liabilities and support business decisions. Small business financial statements in Winnipeg prepared for owner-managed enterprises are prepared for one or more of three groups of users: managers, owners and banks or other creditors.

Our professionals determine the appropriate level of reporting by gathering extensive information about your company, its operating environment, and strengths and weaknesses. In addition to identifying the client’s needs, it is also necessary to identify the needs of other users of the financial statements.

Audit Engagement Report – provides highest level of assurance on financial statements of a business. It is a methodical review and objective examination of the business financial statements in Winnipeg. The work that is required during an audit is reviewing internal controls, testing selected transactions and communicating with third parties. Based on findings, the Certified General Accountant firm issues a report on whether the business financial statements are fairly stated and free of material misstatements.

Review Engagement Report – provides moderate level of assurance (and provides no opinion) on business financial statements in Winnipeg. Our Certified General Accountant’s at the firm gather sufficient evidence and perform sufficient procedures upon which to form a negative form of communication regarding whether the information being assured is fairly presented.

Notice to Readers – business financial statements prepared without audit or review. As Certified General Accountants in Winnipeg we compile business financial statements for clients and present information that is a “representation of management” and expresses no opinion or assurance on the statements.

Email mike@mclenehan.com to book an appointment with a corporate tax accountant in winnipeg

Income Statement

The company’s income statement is also known as the “profit and loss statement” or “statement of revenue and expense.” Income statements measures a company’s financial performance over a specific accounting period. Typically income statements are prepared over a fiscal quarter or year. It summarizes the company’s revenues and expenses from both operating and non-operating activities, and provides a statement of net profit or loss. It also can provide additional information such as gross profit, fixed versus variable expenses and what revenue streams may be most profitable. Income Statement is an essential component to small business financial statements.

Balance Sheet Statement

A financial statement that summarizes a company’s assets, liabilities and shareholder’s equity at a specific point in time. Assets such as cash, inventory or property on the company’s balance sheet tells investors and other stakeholders of the company what the company owns, whereas the liabilities such as account payable or long-term debts on the company’s balance sheet shows what the company owes. The shareholder’s equity section of the balance sheet shows how much money shareholders have invested in to the company. The balance sheet must follow the follow the following formula:

Asset = Liabilities + Shareholder’s Equity

Preparing these financial statements can be daunting. Accountants at MMCGAPC have the technical competency and expertise combined with years of experience in helping clients put together financial statements. The company’s financial statement can then be used to attract more new investors, obtain a loan, and find other innovative ways to grow your small business.

Cash flow Statement

The cash flow statement provides aggregate data regarding all cash inflows a company receives from both its ongoing operations and external investment sources, as well as cash outflows that pay for business activities and investments during a given accounting period. It is very important to note that the cash flow statement differs from the income statement because it only tracks the company’s cash inflows and outflows, whereas the income statement might track non-cash items like amortization and impairments, which are important when evaluating a small business financial statements.

Cash can enter a business in many ways, which is why it is important to look at the cash flow statement in the context of the company’s other two financial statements. MMCGAPC can work with you to make better sense of your cash flow so you can keep your finger on the pulse of your company’s operations.

If you like to find out if your organization requires financial statements please email us at mike@mclenehan.com or call the office at 204-505-3113 to speak with one of our experienced accountants. MMCGAPC will take care of your financial statements so you can focus on what’s important – the success of your business!