Financial Statements – Yearend

Financial statements – Yearend

Most of the small businesses are pretty disorganized and do lose some records. Producing accurate financial statements from incomplete records is very difficult.Special skills are required to reliably estimate information on the lost records (EILR). Also difficult is separating out the personal portion (SPP) of usage when some resources are used for both business and personal purposes—e.g. homes, vehicles. This is an issue in most CRA audits. After dealing with them for decades, we have developed special SPP skills. SPP and EILT skills are implemented through year end adjustments. Comprehensive bookkeeping (CB) is also essential for accuracy. Thus our combined SPP, EILR and CB skills tend to produce pretty accurate statements.