At TAO LI CPA Professional Corporation, we commit time, energy and professional expertise to help our clients with preparing financial statements.
Professionally compiled business financial statements makes it a lot easier for all users of the financial statements to understand exactly what the numbers really mean. Reliable and accurate business financial statements is integral to any business and is an important tool to make sound business decisions.
Often the need for business financial statements is driven by the need to file tax returns (corporate, partnership and trust), minimize, plan and determine tax liabilities and support business decisions. For owner-managed enterprises, financial statements are prepared for one or more of three groups of users: managers, owners and banks or other creditors.
However, in many jurisdictions business financial statements, income statement and balance sheet are required by law for most corporations. Please review the requirements of your corporation based on the jurisdiction in which your business is incorporated.
If your company is incorporated in Ontario, you can learn more about financial statements requirement by simply viewing the link below:
For federal incorporated business, please review the Canada Business Corporation Act.