Accounting Support for Your Business
Tailored Accounting Services to Support Your Business
Bookkeeping and accounting records are essential to a business. When your accounting processes are going well, the financial information is accurate, up-to-date and helps you make informed business and tax planning decisions. If, however, bookkeeping tasks take a backseat and are updated less frequently, then the catch-up work involved can be a time-consuming and possibly costly project that can take business owners away from focusing on operations and strategy.
Business owners, especially at start-up phase, wear many hats which include doing their own bookkeeping. Accounting records can be manual books, Excel spreadsheets or accounting software such as QuickBooks. Available software options market themselves as simple, easy to use software for recording basic financial transactions, but as businesses grow, a bookkeeper or accounting team may be hired or the accounting function outsourced.
If your business is at a stage where you need additional support, the Andersen LLP Private Enterprise financial reporting team can help.
Monthly bookkeeping
We will take your source documents such as receipts, invoices, bank and credit card statements to record daily transactions in your preferred online accounting software. We can assist with software options and set-up of your chart of accounts tailored to your specific business. On a monthly basis, we reconcile your account balances to statements from your financial institutions or other 3rd party payment providers, making sure the recorded transactions are complete and recorded in the right accounts. If you are a GST/HST registrant, we assist with transaction identification and government reporting. We can analyze the accounts activity and provide you with a summary highlighting key areas.
Year-end reporting
Our team can prepare your internal balance sheet and profit and loss statements within your chosen accounting software. The balance sheet will include your reconciled bank balances and asset values as at your year-end date, commonly December 31st or a fiscal year-end date. Your profit and loss statement will be invaluable to see your overall net income and the progress your business has made for the year. When there are transactions or account balances denominated in a currency other than Canadian funds, we will assist with the conversion. If you have capital assets or other assets or liabilities that have a useful life longer than the current year, we will analyze and record appropriate adjustments, including depreciation. The year-end information will be the basis for your tax return reporting.
Compilations
Perhaps you, your bank or lender or another 3rd party require a full set of financial statements that is in accordance with current Canadian standards for Compilations, CSRS 4200, which came into effect for periods ending December 14, 2021. Andersen LLP keeps up to date with current standards and can help private businesses compile relevant and timely financial reporting.
Compilations go beyond the day-to-day transactions; however, they are not reviews or audits which have separate standards. Our Private Enterprise financial reporting team will gather information from management such as the intended users of the financial statements, the basis of accounting for the company, and detailed knowledge of the business and operations. With this, we reconcile accounting records with compiled financial information, discuss specific transactions, balances and adjusting journal entries, and as external accountants, issue a Compilation Report to accompany the compiled financial statements.
Financial information is a key aspect of any business and having timely, accurate financial reporting whether with bookkeeping, year-end accounting or Compilations are services which Andersen LLP Private Enterprise can gladly tailor to your business needs.
Contact us for:
- Financial reporting for business growth, expansion and reorganizations
- Financial reporting of new and complex transactions
- Financial reporting for cross-border and foreign exchange-related transactions
- Compilation financial statements under CSRS 4200
- Seamless year-end accounting for the preparation of Canadian and/or U.S. tax returns
Andersen Canada Contact
 | Anna Lissa Jin Senior Manager, Tax |
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