• 231 King Street, Midland, Ontario L4R 3M1, Canada

Financial Statements & Financial Reporting

Financial Statements and Financial Reporting

As your business gets to a certain size, or if you have a Board of Directors to report to, you’ll need to be able to produce financial statements and financial reports. Financial statements are typically done once a year at your company’s financial year-end, while financial reports are often generated monthly and quarterly and are more detailed than a financial statement. At Infinite Solutions, we have decades of experience doing both financial statements and financial reporting and can work with you to make the process as easy as possible.

1.

Financial Statements

Financial statements are another useful tool in a business’ decision-making toolkit. They give a financial snapshot of how a business is doing financially at a given moment in time. There are four main types of financial statements: balance sheets, income statements, cash flow statements, and statements of retained earnings. Typically, financial statements are done annually at the end of the company’s fiscal year. They give information on the latest period, and the period immediately prior to it, to allow for year over year comparisons – which help businesses see what they’re doing right, and where adjustments need to be made.

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Financial Reports

Financial reports use the information from financial statements but go beyond the numbers. These reports are typically generated for internal purposes – such as for meetings of the Board of Directors. They can be done monthly or quarterly, or even biannually or annually – the frequency and level of detail vary between each business. There’s no one-size fits all approach, and at Infinite Solutions, we listen to you and create custom reports tailored to your needs. Financial reports can also be required by investors, financing partners, regulatory agencies, bonding and insurance companies, rating agencies, and even suppliers for large jobs. Each of these reports uses the same basic financial information but is presented in a different format depending on the audience. We can tailor your financial reports to your needs and help you understand everything in them.

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