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 Small 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 small 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 small 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
Small 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.
Grow Your Business With an Ottawa Small Business
Our team of chartered professional accountants at Smith & West develops tailored strategies to meet the requirements of your company. We do this by using in-depth expertise of the most recent CRA laws. You can trust that we always have your best interest and bottom line in mind. We’ll work with you to integrate tax consulting and advising services into the bigger financial picture of your small business.
Why Choose Smith & West as Your Accounting Firm
We are your trusted team for accounting, tax, & consulting with integrity, quality, and professionalism.
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.