Financial Statement Preparation
Preparing your financial statements is one of the most essential steps in the accounting process. Lenders generally require professionally prepared financial statements and often they are prepared in conjunction with corporate tax returns. I offer compilation engagements to complete financial information along with corporate tax returns.
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Located in Cranbrook serving Cranbrook
Professional Financial Statement Preparation
Compilation engagements follow standards in preparation. I strive to complete these engagements to the required standards and ensure the financial information will meet my clients overall needs. You will experience peace of mind knowing that your financial information has been prepared by a professional that not only conforms to all policies but one that has several years of public practice experience.
Clear Financial Information Prepared by Leanne M. Goddard, Chartered Professional Accountant
Financial information preparation is the heart of accounting. Formal financial information summarizes your annual data in a clear and complete set of statements that can be used to evaluate your business operations, used for tax return preparation, as well as for government and bank lending requirements. The financial information will generally consist of a:
- balance sheet
- income statement
- statement of retained earnings, and
- financial information notes
Financial Statement Analysis
After financial information statements have been produced, we will be able to analyze them and identify potential problem areas as well as areas needing improvement. If you already have financial reports or previously prepared financial information, I will gladly offer a review with you.
Personal Financial Statement
A personal financial statement is quite different from one that a company would have, which is why I make custom templates for each client. Essentially, both a company and an individual’s financial statement follow the same concept: break down assets and liabilities. There are also some complex rules regarding what should go on your personal statement and what should not. For example, rent or a lease should not be on your personal financial statement because you do not own it. But you can put jewelry under your personal property. On a personal statement you’ll see categories such as the following:
Under assets, you’ll see balances such as:
- Checking accounts
- Savings accounts
- Retirement accounts
- Trading accounts
Under liabilities, you’ll see balances such as:
- Personal loans
- Unpaid taxes
- Credit card balances
- Car loans
Statement of Financial Position
After creating a financial statement, I will be able to perform a financial statement analysis. This is done by adding all your assets and subtracting all your debts. This will show your financial position.
If your debts are more than your assets, then you will have a negative net worth. If this is the case, I can help guide you in the right direction to financial recovery. I’m here to help you through every step of the process, from financial reporting to tax preparation services and beyond.
Get Started with a Financial Consultation
Contact Leanne M. Goddard, Chartered Professional Accountant now to set up a consultation. I look forward to hearing from you.
Get Started with a Financial Statement Preparation Consultation
Contact Leanne M. Goddard, Chartered Professional Accountant now to set up a consultation. I look forward to hearing from you.Get in Touch