Compilations
Year-End compilations involve the meticulous and detailed process of gathering and consolidating financial data from various sources. This includes reconciling accounts, verifying transactions, and meticulously preparing accurate financial statements for businesses or organizations. These compilations are essential as they help provide a comprehensive overview of the entity's financial health at the end of the fiscal year.
While compilations do not offer any assurance, they play a crucial role in tax reporting, decision-making, and ensuring compliance with accounting standards. These financial statements serve as a snapshot of the business's financial performance and position, allowing stakeholders and management to gain insights into its overall financial health.
Being aware of what level of assurance your entity may require is of utmost importance. To ensure you receive the appropriate level of professional services, it is advisable to reach out and consult with our team. We are here to assist and guide you in understanding your entity's specific needs and tailoring our services accordingly.
At Craig Kerswell Professional Corporation, we understand the significance of compilations for businesses and organizations. Our experienced professionals are adept at performing accurate and comprehensive year-end compilations, providing you with the financial information you need to support your decision-making processes, meet regulatory requirements, and ensure your business's continued growth and success.
Contact us today to learn more about how we can assist you.
What’s Included in the Compilation Package
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Financial Statements
You’ll receive a full set of financial statements that meet the standards for a Compilation engagement. This will include an Income Statement, Balance Sheet and Statement of Retained Earnings.
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T2 Tax Return and CRA Filings
You’ll receive the preparation and filing of your T2 corporate tax return which ensures your compliance with mandatory tax filing requirements. Additionally we will file any GST returns that are required at that time. Additional CRA filings beyond Corporate Tax and GST will be quoted separately.
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Notes and Feedback
We provide comprehensive notes and feedback to you as the business owner. These will include issues we flagged, trends and analysis to help you improve your operations going forward and drive growth for your business.
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Planning Documents
The next step after completing your year-end is ensuring you plan ahead for the next one. Nobody operates at their best when they are constantly playing catch-up. Our planning documents allow us to work with you to ensure your business is ahead of the curve.
✺ Frequently asked questions ✺
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Not every business needs a compilation, as you grow you may find you even need more than a compilation. For new start-ups often all you will need is tax filing services and bookkeeping. Typically once you start working with outside stakeholders such as banks or investors you will be required to provide at the minimum a compilation engagement report. It’s best to reach out to our team if you are unsure of your requirements so that we can direct you to the appropriate service providers.
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We utilize modern software and practices to reduce the workload for yourself and improve the efficiency with which we can complete your work. If you prefer paper we can work that way but for clients who are willing we offer an expansive digital environment that allows you to interact with our firm and provide any required documents or answers in a simple quick manner. The key thing on your end is maintaining historical documents and working with us to help meet your regulatory and internal needs.
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We do not include bookkeeping in our compilation packages. We can provide a quote for bookkeeping at year-end or we also offer recurring packages to help stay on top of it throughout the year and provide you with actionable data facilitate your planning.