Book Consultation

Accounting, bookkeeping and tax professionals serving individuals and owner-managed businesses across Langley and the Fraser Valley.

Get In Touch

Email contact@pactservices.ca
Phone 250-819-5344
Office 8661 201 Street, 2nd Floor, Langley, BC V2Y 0G9
Financial Statements

Financial Statements & Reporting

Financial statements are what your business looks like to everyone outside it — the bank considering a loan, the leasing company, the buyer, the shareholder who is not involved day to day. They are also, prepared properly, the clearest picture you will get of your own operation.

We prepare notice to reader (compilation) financial statements with comparative figures for the prior year, drawn from books that have been reconciled and adjusted rather than from a raw trial balance. For most owner-managed companies this is the level of assurance lenders expect and the level the company actually needs.

Notice to Reader Statements

Balance sheet, income statement and notes prepared from adjusted records, with prior-year comparatives for context.

Cash-Flow Projections

Twelve-month projections built from your actual monthly patterns, including debt service, seasonality and remittance cycles.

Lender Packages

Statements, projections and a summary of assumptions assembled as one package a bank can review without follow-up questions.

Interim Reporting

Quarterly or monthly statements for owners, partners or investors who need to see the numbers before year-end.

What the Numbers Should Tell You

A statement that only comes out once a year, six months after the year ended, is a historical record. Reviewed quarterly against a projection, the same statements become an early warning system: gross margin drifting down a point at a time, receivables ageing past sixty days, or a debt payment landing in the same month as the seasonal dip in revenue.

We walk you through the statements rather than emailing a PDF and moving on. If a number looks wrong to you, it is worth understanding why — either the accounting needs correcting or the business is telling you something you had not seen yet.

Financial Statements at PACT Professional Services
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Financial Statements: your questions answered

Most small business lending is approved on notice to reader statements. Review engagements and audits cost considerably more and are usually only required for larger borrowings, regulated entities or outside shareholders.

The financial information filed with the T2 comes from your records either way. Formal statements are prepared alongside the return and are what you provide to third parties. We quote them as part of the year-end package.

If we do your bookkeeping, statements can be produced within weeks of any period end. If records arrive once a year, the statements will be as current as the records allow — which is one of the better arguments for monthly bookkeeping.

That is the point of preparing them. We go through the statements with you, explain what changed against the prior year, and flag the items worth acting on before the next year-end.

It depends on the state of the records, but a year-end from reconciled books plus a projection can usually be turned around in a week. Tell us the lender’s deadline when you call and we will tell you honestly whether it is achievable.

MORE FROM PACT

Other Services

Personal Tax Returns

T1 returns for employees, families, seniors, students, investors and the self-employed.

Corporate Tax Returns

T2 preparation and filing for incorporated businesses, with year-end adjustments and owner compensation planning.

Bookkeeping

Monthly or quarterly bookkeeping, reconciliations and statements you can actually read.

Payroll Services

Pay runs, source deductions, T4 and T5 slips, records of employment and WorkSafeBC reporting.

GST/PST Filing

Registration, input tax credit review and on-time filing of GST/HST and BC PST returns.

CRA Audit Support

Representation for reviews and audits, back-filing of late returns and payment arrangements.

Business Registration

Sole proprietorship registration, incorporation, CRA program accounts and first-year compliance set-up.

Trusted accounting & tax advisors for your business

Book a no-obligation consultation and we will review your books, your filing history
and the deadlines ahead of you.

Our Services Book Consultation