Financial Statement
Preparation

Preparing thorough financial statements as an accurate snapshot of your business’s performance

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Professional, Experienced Financial Statement Preparation

Financial statements are a valuable and necessary tool of financial reporting that can serve both external and internal reporting needs. A thorough financial statement that has been accurately prepared by an experienced financial professional will give a complete picture of the financial condition and performance of a company or organization. Financial statements can be used when applying for a loan or in the process of selling or buying a business. Financial statements are also crucial elements of internal reporting, giving management a clear picture with which to formulate & implement financial goals & strategies.

Rather than go it alone with financial statements, many businesses and organizations rely on the experts at Smith & West for professional, experienced financial statement preparation that yields accurate and thorough results.

Why Your Business Needs a Tax Accountant in Ottawa

Accounting is a crucial business function when beginning a small firm. It gives business owners the clearest insight into the performance of their operations. Additionally, for tax and regulatory reasons, entrepreneurs must maintain a wealth of records of their businesses.

  • Forecast Business Outlook

Entrepreneurs typically draft a business strategy that contains financial reports, an economic outlook, and projected expenditures. Lenders and investors rely largely on this accounting information to make sure that the business owner has a clear understanding of the expected financial results.

  • Plan Budget

Making a budget is a crucial accounting task when beginning a business. Budgets lay out the costs associated with various business activities. Businesses may set aside money for recruiting staff, marketing plans, stock purchases, and other forms of business expenses. Entrepreneurs can save money by adhering to a budget and avoiding spending it on non-essential business expenditures.

  • Determine Revenue and Profits

Most often, a business will gauge its profitability through accounting. Businesses must determine how effectively they are employing their resources to produce services as well as how the cost of their inventory compares to their profit margin.

  • Gain Insight

Businesses may seek guidance from a certified public accountant. They offer a wealth of education, expertise, or skill when assisting entrepreneurs in arranging their business accounting processes. Business owners may also want expert advice when submitting tax returns and making sure all business-related expenses are covered at year’s end.

Our Business Advisory Services in Ottawa, Canada

Thanks to a wealth of extensive experience working with companies of all sizes and stages of growth, our business advisory & consulting experts can advise you on issues such as:

  • Management

Our business advisory and consulting experts can offer invaluable insights into effective management strategies. We will provide an in-depth analysis to guide decision-making and realize your business’ fullest potential.

  • Corporate Finance

We aim to create value for your business every chance we get. We can provide you with tailored advice on your financial planning, budget decision, and acquisitions and investment strategies to ensure your financial health and growth.

  • Benefit Plans

Crafting competitive and attractive benefit plans is important for attracting and retaining top talent. Our advisory team can help you design and implement benefit plans that meet the needs of your employees while still aligning with your company’s goals and values.

  • Outsourcing

Outsourcing can be a strategic move to improve efficiency and reduce costs. Our business advisors can guide you through the process, helping you identify the right outsourcing opportunities and manage vendor relationships effectively.

  • Pricing

The right pricing strategy determines profitability. Our consultants study your market and competitors to create a pricing plan that maximizes your revenue while simultaneously delivering exceptional value to your customer base.

  • Grants, Bursaries & Fundraising

Accessing grants and fundraising opportunities can provide vital financial support for your business or projects. We have a proven track record of assisting clients in securing grants, bursaries, and raising funds to fuel growth and innovation.

Contact us today to find out how engaging the business consulting and advisory services of Smith & West could be one of the best business decisions you’ve ever made.

An Accurate Financial Picture, Internal or External

When financial service professionals (such as the Smith & West team) are preparing financial statements, we take a number of factors into consideration. Chiefly amongst those, we ask, “Will these financial statements be used for purposes of external reporting or internal reporting?” While data is data, understanding and interpreting financial & economic data for specific purposes is a key element in financial statement preparation. That’s the difference that a true financial expert makes.

At Smith & West in Ottawa, the financial experts on our staff have a strong base of experience in preparing & presenting financial statements for a variety of purposes, from applying for loans or pitching a business sale to managerial reporting and business strategy. Find out how Smith & West can help with your financial statement preparation needs.

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Dedicated Chartered Professional Accountants & Business Advisors