Financial Statement Preparation

Build trust with precise Financial Statements prepared by a Chartered Professional Accountant.

Financial Statements

Financial Statements are the representation of a company’s performance in a given set of time. Relevant and reliable financial statements are essential for its user’s decision making process.
Financial Statement: Office desk

We assist clients in preparing yearly, quarterly, and monthly financial statements, which will allow them to distribute these among key users for assessing business performance. Such as:

financial-statement-mobile

We can assist with the following

We provide a wide range of payroll services by using the latest payroll software with fully updated deduction rates.

Income Statement(Profit and loss)

The income statement details a company's financial performance over a specific period, usually a month, quarter, or year. It shows revenues, expenses, and the resulting net income or loss.

Balance Sheet

The balance sheet provides a snapshot of a company's financial health at a specific point in time. It lists the company's assets, liabilities, and shareholders' equity, showing the equation: Assets = Liabilities + Equity.

Statement of Changes in Owner’s Equity

This statement outlines changes in the equity section of the balance sheet over a period. It includes items like share issuances, net income, dividends, and other transactions affecting shareholders' equity.

Cash-Flow Statements

The cash flow statement tracks the cash inflows and outflows from a company's operational, investing, and financing activities. It helps assess a company's cash liquidity and its ability to generate and manage cash.

Notes to Financial Statements

Notes to financial statements provide additional details and context for the primary financial statements, including accounting policies, contingent liabilities, related party transactions, and more. They enhance transparency and understanding for stakeholders.

Other Financial Supplements

Financial supplements from accountants offer extra financial data or reports tailored for specific needs, enhancing financial analysis and compliance.

Forms of Financial Statement Engagements:

Financial Report: Audit Documents

Compilation Report (formerly known as Notice to Reader)

Financial statements prepared based on management provided figures, organized for presentation, but it provides no assurance regarding the data's accuracy. The level of assurance is minimal, and no verification of the financial information is performed by a CPA.

Review Engagement - (Limited Assurance)

In a Review Engagement, CPAs perform limited testing, inquiry, and analytical procedures to provide moderate assurance that financial statements have no significant misstatements. The process is less extensive than an audit but offers more assurance than a compilation.

Audit engagement - (Issuing an opinion)

In an Audit Engagement, CPAs conduct thorough testing and examination to provide a high level of assurance that financial statements are accurate and compliant with accounting standards and regulations. This involves extensive testing, verification, and in-depth analysis.

Financial Report: Audit Documents

Why Us

Financial Education

We prioritize educating our clients, equipping them with the knowledge to make sound financial decisions for their future success.

Seasoned Experts

Our experienced team offers deep expertise, ensuring reliable and comprehensive solutions for all accounting and tax needs.​

Personalized Solutions

Tailoring our services to each client's unique circumstances, we deliver customized solutions that address specific goals and challenges effectively.​

Modern Approach

Embracing cutting-edge technologies and innovative methods, we provide efficient and forward-thinking accounting and tax services to meet the demands of today's business landscape.​

FAQ

In Canada, the T2 form, or “Corporate Income Tax Return,” is a crucial component of a corporation’s financial reporting requirements. It’s used by Canadian corporations to report income and calculate taxes when filed with the Canada Revenue Agency (CRA). While the T2 form covers income, expenses, and taxes, it primarily serves as a tax return document for the CRA. In contrast, a financial statement provides a more comprehensive overview of a company’s financial performance, including balance sheets, income statements, and cash flow statements.

Yes, corporations need to file corporation income tax returns. The corporate income tax (T2) return requires inclusion of financial statements that need to be presented in CRA’s prescribed format. In addition, third parties such as lenders or investors can also request financial statements from the corporation.

If you manage your bookkeeping with accounting software like QuickBooks, the software can generate financial statements. If you maintain your records using non-accounting software, such as Excel spreadsheets, and engage an accounting firm solely for year-end tax preparation, the firm can supply financial statements for tax purposes.
The corporate income tax (T2) return requires inclusion of financial statements that need to be presented in CRA’s prescribed format. The financial statements section of the tax return is called GIFI – general index of financial information.

Financial statements are reports that provide a snapshot of a corporation’s financial performance and position. They are important because they help stakeholders, including investors, creditors, and management, assess the financial health and performance of the company.

Financial statements should be prepared annually, at a minimum. However, corporations may also prepare monthly/quarterly financial statements, depending on the needs of management or lenders/investors. 

Users of the financial statements can require the financial statements to be prepared in accordance with Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS). Please ensure to communicate with the users (management, lenders, investors) on what accounting standards they require you to follow.

Publicly traded companies generally must prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). This reporting obligation is not applicable to non-public businesses. However, small businesses should communicate with the users of their financial statements for accounting standards required to be followed.   

How much will it cost for TMP to provide financial statements?

Basic

Internal use financial statements, post up to 10 adjusting entries

$750 / per month

Expert

4-10 employees Payroll set-up, Paystub creation, Source deduction Calculation, ROE creation, Year End T4 Issuance, Direct Deposit, 1 hour of HR support per month.

$1,750 / per month

Premium

Compilation Report, Post up to 35 adjusting and Closing entries, review of past year financials, comparative analysis, cash flow statement and notes to financials

$3,000 / per month

Custom

For more complex preparations, please fill in the questionnaire

$1,500 +HST

Next Steps

Step 1

Please fill in this questionnaire

Step 2

Schedule a consultation with one of our CPAs to receive a final quote and a checklist of the required data

Step 3

Upload requested data onto cloud folder shared

Let’s collaborate!

Have a question, an idea, or just want to learn more about Triple M Professional Corp.? We’re all ears. Fill out the form or Email us and we’ll connect with you soon.

Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9
Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9