At The Greenbooks Consulting Inc., we are able to provide cost-effective compilations services.

Here are some common reasons why you might need a compilation engagement. 

Financial Reporting Requirements

• Regulatory Compliance: Some regulatory bodies or lenders may require businesses to provide compiled financial statements as part of their reporting obligations.

• Internal Reporting: Even if not mandated externally, businesses may choose compilation engagements for internal reporting purposes, such as management reporting or communication with stakeholders.

External Stakeholder Communication

• Investor or Shareholder Relations: Businesses may use compiled financial statements to communicate financial information to investors or shareholders, providing them with a snapshot of the company's financial position and performance.

Bank Financing

• Investor or Shareholder Relations: Businesses may use compiled financial statements to communicate financial information to investors or shareholders, providing them with a snapshot of the company's financial position and performance.

Contractual Agreements

• Contractual Obligations: Certain contracts or agreements with third parties may stipulate the need for compiled financial statements to ensure transparency and financial accountability.

Internal Management and Decision-Making

• Budgeting and Planning: Businesses may engage in compilation services to aid in budgeting and financial planning, providing a clear picture of their financial standing to make informed decisions.

Tax Planning

• Tax Reporting: Compiled financial statements can be useful for tax planning purposes, providing a basis for preparing tax returns and ensuring compliance with tax regulations.

Trust and Credibility

• Stakeholder Confidence: Having compiled financial statements prepared by a qualified accountant can enhance the credibility of financial information, instilling confidence in stakeholders, including investors, creditors, and other interested parties.

It's important to note that a compilation engagement does not provide any assurance regarding the accuracy of the financial statements. It involves organizing financial data into a presentable format without verifying the information. If assurance is required, a review or audit engagement, which involves more extensive procedures, may be more appropriate. However, always ask if a compilation is sufficient.

Contact The Greenbooks Consulting Inc. at 604-779-3064 or email us for a free, no-obligation consultation. We work for a lasting relationship with all our clients.