Financial Statements Toronto

Accurate, Compliant & Insightful Financial Statements

Accurate financial statements provide a snapshot of your business’s financial performance. They are the formal records of all your organization’s financial activities and position at any given time. Considering that company owners, creditors, and investors use insights from these reports to make key business decisions, errors in your financial statements can lead to a series of misinformed decisions and affect your organization negatively.

Luckily, Zen Tax can help prepare, review, or audit your financial statements to ensure accuracy and compliance. We prepare different financial statements, such as the balance sheet, cash flow statement, income statement, and statement of retained earnings. Our team can provide these statements to cover your company’s previous fiscal year or interim financial statements on a monthly, quarterly, or semi-yearly basis.

At Zen Tax, our in-house team of certified financial consultants and accountants is experienced in different accounting and financial reporting regulations. For instance, we can prepare your private company’s financial statements in accordance with the Accounting Standards for Private Enterprises.

On the other hand, we may adhere to International Financial Reporting Standards when preparing financial reports for a publicly traded company. In the end, we’ll provide accurate financial statements that will guide your day-to-day operations and investing decisions.

Regardless of the size of your business or non-profit organization, we deliver accurate and insightful financial statements that serve as the foundation for informed decision-making. Here’s what you can expect from our skilled financial consultants and accountants in Toronto.

Accurate Financial Statements

Stop drowning in accounting paperwork. Our certified accountants can save your business money and time every month by reviewing, auditing your financial information, and preparing accurate financial statements. This will free up your time to focus on growing your investment.

ASPE & IFRS Compliance

In Toronto, SMEs and established corporations drive economic growth. However, most of them face financial reporting penalties due to errors in their financial statements or delayed reporting. At Zen Tax, we ensure financial statements are prepared accurately and in accordance with CRA, ASPE, and IFRS standards

Insightful Financial Statements

See a clear picture of your finances. Our accountants can help track key performance indicators and help you compare them against industry benchmarks. With the help of our experienced financial consultants, you can identify investment growth opportunities and enhance the profitability of your business.

Audit, Review, or Financial Statement Compilation?

It’s normal for companies, small businesses, and non-profits to provide a detailed account of their finances to board members, government agencies, or lenders. As a business owner or manager, you can always turn to Zen Tax for accurate financial statements that can be trusted by your board of management, potential investors, and bankers.

Zen Tax has the necessary expertise, certifications, and experience to deliver detailed, timely, and compliant financial reports your business needs. We have the resources and are passionate about helping Toronto businesses achieve their financial goals.

This process begins with clearly illustrating your nonprofit’s or company’s ability to thrive. That’s why our certified financial consultants and accountants provide financial statement preparation and analysis services. We consistently strive to offer reliable services and assurances that government agencies, investors, and bankers require. Here are the reasons you may need our financial statement services.

• Secure a loan from banks or other financial lending institutions in Ontario
• Ensure continued compliance with financial reporting regulations
• Verify your company’s or nonprofit’s financial status
• Provide accurate or audited financial statements to bid on various projects
• Review the financial activities or value of a company you plan to purchase

Regardless of your reason for preparing audited financial statements, let Zen Tax be your partner in analyzing your company’s performance in the previous years and the current fiscal year. We can prepare, review, and audit financial statements to ensure they accurately represent the actual picture of your company’s performance.

Audited Financial Statements

Audited financial statements provide reasonable assurance that your company has represented an accurate and fair picture of its financial performance and current position. In addition, auditing your financial reports enhances the confidence of intended users, such as potential creditors, banks, and shareholders (to guide their investment choices).

Note that federal and provincial legislation requires corporations to prepare their financial reports for audit by independent auditors. At Zen Tax, we aim to provide audited financial statements that clearly show your company’s operations and procedures.

Remember, audited financial statements carry the greatest weight of accuracy assurance. Let our accountants help you achieve that level.

Financial Review Services

During a review, our experienced accountants in Toronto will assess if your company meets the standard financial reporting requirements. We carefully assess your company’s financial records, books, accounts, and the financial department to verify that the correct procedures are followed. Note that this process offers a general understanding of your venture’s finances.

Financial Statement Compilation or Preparation

When you choose Zen Tax to compile your company’s or nonprofit’s financial statements, you choose professionals whose mission is to deliver unbiased financial reports. We’ll gather and analyze your business’s financial information and compile reports that meet the general accounting requirements. Also, we’ll ensure these reports are easy to understand.

Whether you’re in the construction business, head of the finance department in a university, or founder of an environmental non-profit organization, you can rely on Zen Tax for professionally prepared financial statements and supportWe provide professional financial reporting support to individual business owners, public companies, and other organizations that require accurate financial reports.

Get Clear & Credible Financial Statements

At Zen Tax, our certified accountants understand that all financial statements are connected. For instance, the net income recorded in your income statement is also reflected in your cash flow statement and the statement of retained earnings. After subtracting dividends, you get the retained earnings recorded on your balance sheet.

Considering the critical role of financial statements in business decision-making and tax filings, you should avoid errors completely. Our skilled and experienced accountants are ready to help prepare the following financial statements.

Balance Sheet

This financial statement clearly shows all your company’s liabilities, assets, and other shareholders’ equity for a certain period. It allows you to see what or how much your business owns and owes. Therefore, a balance sheet forms the foundation of how you’re using your assets and the financial health of your company at a given point in time.

Income Statement

Also known as a profit and loss report, your company’s income statement summarizes all costs, expenses, and revenues for a specific period. This financial report is crucial for assessing your company’s financial performance, assessing trends, and identifying areas for potential growth.

If your company uses IFRS, our team is committed to helping prepare a statement of comprehensive income, which must be submitted in addition to the profit and loss report in Canada.

Cash Flow Statement

Your organization’s cash flow statement shows how money and cash equivalents flow into and out of your business during a certain period. Note that a cash equivalent could be a short-term investment that’s easily convertible to cash (liquid).

Cash flow statements are also known as statements of changes in financial position and are only held for a short period, approximately three months.

Statement of Retained Earnings

This financial report shows the cumulative earnings of your company after dividends or distributions to your shareholders. It also shows any changes in retained earnings between the opening and closing periods of every balance sheet. It can also show adjustments from related transactions.

If you adhere to IFRS accounting rules, our accountants can help prepare a statement of changes in shareholder equity. Here’s an example of a profit and loss report.

Notes to Financial Statements

These notes disclose the specific rules followed and assumptions made in preparing the financial reports. They help interpret the information provided. For instance, our accountants provide supplemental information related to the accounts receivable and payable, revenue breakdown (by segment), and the specific amortization period of certain assets (long-term).

Ready for Accurate & Compliant Financial Reports?

At Zen Tax, we take the time to gather and analyze each line of the item or transaction. In the end, we provide clear, credible, and compliant financial statements that are acceptable to your board of management, shareholders, potential investors, banks, and provincial legislation.

Schedule a free consultation today if you need help preparing financial reports for your business or nonprofit organization.