Which type of financial statements does my bank need?

Most lenders accept compilation statements for smaller facilities and ask for a review engagement above a certain borrowing level. Some require an audit. The threshold varies by lender and by the size of the facility, so the reliable answer is to ask your lender what they need before the work begins. We'll do that call with you.

Most private businesses don't. Audits are required by legislation for certain entities, by some regulators and funders, and by some shareholder agreements. A private corporation whose shareholders all agree can generally waive the audit requirement each year by unanimous resolution. If you're unsure whether yours requires one, it's a quick question to answer.

Can you take over for my current accountant?

Yes, and it's routine. We request your prior-year working papers and filings from your previous accountant, which they're professionally obliged to provide. You don't have to have the conversation with them yourself if you'd rather not.

Do I have to use your bookkeeping team?

No. We prepare year-ends for businesses using their own bookkeepers, internal staff, or another firm. If the underlying records need work before statements can be produced, we'll tell you what's required.

Who actually does the work, and who reviews it?

Qualified accountants prepare your file, and a senior accountant reviews it before anything is released. Where a file raises a tax question, our tax specialists review it too. You'll know who is working on your business and be able to speak to them directly.

Can I ask questions during the year, or only at year-end?

Year-round. Your accounting team is available between year-ends for the decisions that come up: equipment purchases, compensation changes, new entities, leases. Owners who call before making those decisions consistently get better outcomes than owners who report them afterwards.

ACCOUNTING SERVICES

Financial reporting that backs you up. Accountants who pick up.

Your year-end financial statements and corporate return, handled by a team that knows your business. A partner walks you through the results. And you can reach us all year.

BOOK A STRATEGY CALL →

ACCOUNTING SERVICES

FINANCIAL REPORTING THAT BACKS YOU UP. ACCOUNTANTS THAT PICK UP.

Your year-end and corporate return handled by an accounting team you can reach year round. Every file reviewed by a senior accountant and tax opportunities identified every step of the way.

BOOK A STRATEGY CALL →

WHAT YOUR NUMBERS CAN TELL YOU

YOUR YEAR-END SHOULD ANSWER MORE THAN WHAT YOU OWE.

You know how the year went. You were there. Your statements see the same year from a different angle. Put the two together and you get the conversation worth having.

Owners come to that meeting with a question. How much can I take out without slowing things down. Where did the cash actually go. Can I afford the hire, or the equipment, or the second location. Am I paying myself the right way. How much should stay in the company.

A year-end can answer all of it. That's what we build the work around.

WHAT WE BELIEVE

Compliance is the entry point. Keeping you in control of your cash is the job.

Accurate statements. Filings in ahead of deadline. That's the starting line, not the finish.

Once the numbers are right, we put them to work. Show you what the year cost you. Keep money in the business when it's better off there. Tell you what you owe in time to plan for it. Hand a lender something they'll say yes to.

Cash is the first risk in any business. Ahead of profit. Well ahead of growth. So that's what we organise around: your cash, under your control.

Every year-end finishes the same way. You and a partner, going over your companies performance.

We start with what the numbers say. Then we compare it to how the year felt from your perspective. Where the two agree, you've got the full picture. Where they don't, that's where opportunities for greater improvements worth acting on are identified.

Most firms year-end services are built around the six-month filing deadline. We work towards three months, because earlier numbers, means more time to act on them.

By the end, you can explain your own numbers to someone else. That's the bar.

✓ Your profit and loss, read in plain language

✓ Your balance sheet, and what's actually sitting on it

✓ The year reviewed as a whole, with what changed and why

✓ Tax opportunities we found, and what to do about them

✓ How you're paying yourself, and whether to change it

✓ What's building up in the business, and where it should sit

✓ What happens to the money long term

At Gauvreau Accounting Tax Law Advisory, we redefine excellence in accounting and financial reporting. As an award-winning accounting firm, we understand the importance of accuracy, transparency, and strategic financial insights. With our expertise and commitment to delivering exceptional service, we empower businesses to navigate the complexities of finance with confidence so you can focus on what matters - growing your business.

Expertise

Our skilled CPAs and accountants are experienced in the latest data management, financial analysis, financial reporting and regulatory compliance best practices.

Long-term Success

We go beyond just reporting financial information to interpret your financial data and help you make better decisions to grow your business.

Risk Management

Experts in tax law, our team can assist with compliance advice and planning when dealing with complex financial matters.

Trusted by businesses of all sizes and industries, we offer a comprehensive range of services tailored to meet your specific accounting and financial reporting needs. Our team of seasoned professionals is dedicated to providing you with reliable solutions that drive growth, optimize profitability, and ensure compliance with industry regulations.

Financial Reporting

At Gauvreau we work with businesses and individuals to achieve financial freedom. The objective of our financial reporting services is to compile unaudited financial information into financial statements, schedules or reports based on information you supply.

Notice to Reader

A notice to reader/compilation engagement is appropriate only where the client and other users do not need financial information that conforms in all respects to generally accepted accounting principals and audit or review assurance is not required, and where the client understands that the statement may not be appropriate for general purpose use. The procedures performed are not designed to enable licensed public accountants to provide any assurance on the reliability of the compiled information.

To warn readers of this lack of assurance, accountants provide a "Notice to Reader" that states no review was performed on the information (as above) and that the information may not be appropriate for use by the reader. A compilation may be applicable where financial statements are prepared for the exclusive use of the company's management and/or for income tax purpose.
Review Engagement

The objective of a review engagement is to prepare and review financial statements to ascertain whether they are plausible, that is, worthy of belief. If, after reviewing the financial statements the accountants are satisfied that the financial statements are not misleading, the accountants’ standard report will preface the financial statements. In performing a review the accountant must be independent from the clients and have sufficient knowledge of the industry which the business operates. They would acquire sufficient knowledge of the client’s business to make intelligent enquiry and assessment of the information obtained, with the limited objective of determining the plausibility of the information reported on. The review should entail enquiries, analytical procedures and discussion with responsible client officials.
Audit Engagement

The objective on an audit engagement is to enable independent professional public accountants to render an opinion on the fairness of the client’s financial statements. Audited financial statements are the accepted means which many business corporations report to shareholders, to bankers, to creditors and to government. Federal and provincial legislation in Canada generally requires a limited company (corporations) to prepare annual financial statements for audit by qualified independent auditors. The financial statements subject to audit are the responsibility of the company’s management.

The auditors’ responsibility is to express an opinion on those financial statements. The auditors must plan the audit to obtain reasonable assurance that the financial statements are free of material misstatement. Through the study and evaluation of the company’s system of internal control, and by inspection of documents, observation of assets, making enquires within and outside the company, and by other generally accepted auditing procedures, the auditors will gather evidence necessary to determine whether the financial statements present a fair picture of the company’s financial position and its activity during the period being audited.

Accuracy You Can Trust

Attention to detail and a deep understanding of financial nuances are at the heart of our services. Our accountants are sticklers for accuracy, providing meticulous, reliable financial reporting that you can trust to make crucial business decisions.

Simplifying the Complex

We understand that accounting can be complex and intimidating. That’s why we’re committed to breaking down these complexities for you. We explain your financial information in simple, clear terms, empowering you to make informed decisions about your business.

A Partner In Your Success

At Gauvreau, your success is our success. As your partner, we are invested in helping you grow your business. We use our financial expertise to provide you with insights and strategies designed to propel your business forward.

“Bob and his team go above and beyond what you'd expect from an accounting or bookkeeping firm. They offer a solution for us that has so much value that our financials are no longer a major burden or stress to us. If you own a business I highly recommend talking with Gauvreau. It might just save your business.”

Scott Cleator
Lumos Electric Inc

“I cannot even put into words how appreciative I am of this firm. I have NO IDEA what on Earth I was doing without them before. They truly and genuinely care about helping you and your business. They have spent hours going over everything to make sure I know exactly whats is going on. They have dug deep for me to try to make sure I was taken care of.”

Jessica Yates
Realtor and Team Leader

“Gauvreau is an amazing team to work with. From the time we started working with them it has been a very professional and valued experience. Bob and his team are very experience and make sure that you are satisfied with their services throughout the entire process. Would highly recommend them to anyone.”

Dusty Rice
Rice Renovations

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FAQ

Financial reporting that backs you up. Accountants who pick up.

FINANCIAL REPORTING THAT BACKS YOU UP. ACCOUNTANTS THAT PICK UP.

YOUR YEAR-END SHOULD ANSWER MORE THAN WHAT YOU OWE.

Compliance is the entry point. Keeping you in control of your cash is the job.