Basic Financial Reports
Monthly income statement, balance sheet, and cash flow statement preparation with basic budget variance.
PRICING
REGULAR PRICE
$199 / MONTH
OVERVIEW
Basic financial reports tell the story of your business through numbers. These essential documents transform daily transactions into clear insights about your company's financial health. Financial statements serve as a dashboard for your business, showing exactly where your money comes from and where it goes.
The three main types of financial statements work together to give you a complete picture:
Income Statement: Shows your revenue and expenses, telling you if you're making or losing money
Balance Sheet: Presents what you own (assets) and what you owe (liabilities)
Cash Flow Statement: Tracks how money moves in and out of your business
Consistent financial reporting helps you make smart business decisions. Think of these reports as your business's vital signs - they show if your company runs healthy or needs attention. Regular financial statements help you spot trends early and address problems before they grow bigger.
Modern financial reporting combines traditional accounting principles with digital tools. This combination ensures you get accurate, up-to-date information about your business performance.
American companies use Generally Accepted Accounting Principles (GAAP). Canadian businesses follow Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS).
ASPE serves as the primary framework for most Canadian private companies, offering guidelines tailored to the Canadian business environment. Larger public companies in Canada must use IFRS, which aligns their reporting with international standards. Both ASPE and GAAP share similar principles but differ in specific requirements and reporting details.
WHEN AND WHY DO YOU NEED IT
Every business needs reliable financial information to succeed in today's competitive market. Regular financial reports help you understand your business performance and give you a competitive edge through better decision-making.
Building Your Business Foundation
Strategic planning starts with understanding your numbers. Financial reports provide the foundation for both short-term decisions and long-term planning. Many business owners discover they need professional help when simple spreadsheets no longer meet their growing business needs.
Beyond Basic Bookkeeping
As your business grows, you need more than basic bookkeeping. Professional financial reporting includes setting up internal controls to protect your business assets and ensure accurate data collection. These controls help prevent errors and fraud while maintaining the accuracy of your financial information.
Key Situations That Demand Professional Financial Reports
Your business needs organized financial reports in several important situations:
When applying for business loans or seeking investors
During tax preparation season
While planning business expansion
When considering major equipment purchases
Before making hiring decisions
During contract negotiations with suppliers
Supporting Business Growth
Professional financial reporting becomes crucial when your business faces growth opportunities. The International Accounting Standards Board (IASB) provides guidelines that help businesses maintain high-quality financial records. Following these standards makes your business more credible to banks, investors, and potential business partners.
Making Informed Decisions
Financial reports help you answer critical business questions:
Does your business make enough profit?
Which products or services generate the most money?
Do you have the resources to hire more employees?
Do you have the liquidity to purchase new equipment?
Do you need to adjust your pricing?
Maintaining Business Health
Regular financial reporting acts like a health check for your business. Early warning signs of financial problems appear in these reports before they affect your daily operations. This early detection helps you address issues while they remain manageable.
Planning for Success
Financial reports support your strategic planning efforts. They provide the data you need to:
Set realistic business goals
Plan for future expansion
Manage cash flow effectively
Make informed investment decisions
Monitor business performance
HOW IT GENERALLY WORKS
How Financial Reporting Works: A Clear Process
Every effective financial report starts with good data. Businesses collect information from various sources like bank statements, bills, receipts, and sales records. This data forms the foundation for understanding your financial position.
The Monthly Reporting Cycle
The financial reporting process follows a clear monthly schedule. Each month begins with gathering all business transactions. These include money coming in from sales and money going out for expenses. Accountants then sort these transactions into proper categories to create meaningful reports.
Creating Standard Financial Reports
Financial reports must follow standard formats to remain useful. The three main reports show different aspects of your business:
Income Statement
Shows your revenue (money earned)
Lists all expenses
Calculates your profit or loss
Compares current performance to previous periods
Balance Sheet
Lists everything your business owns (assets)
Shows what you owe (liabilities)
Calculates business equity
Presents your overall financial position
Cash Flow Statement
Tracks money movement in your business
Shows where cash comes from
Reveals how you spend money
Helps predict future cash needs
Making Reports Useful
Raw numbers alone don't tell the whole story. Professional financial reporting includes an explanation of what the numbers mean. This helps you:
Spot trends in your business performance
Compare results to industry standards
Identify areas needing attention
Make better business decisions
Technology in Financial Reporting
Modern accounting software streamlines the reporting process. These tools:
Automatically record transactions
Create standardized reports
Maintain accurate records
Save time and reduce errors
Provide real-time financial information
Quality Control Measures
Accurate financial reports require careful checking. Professional accountants use several methods to ensure accuracy:
Regular account reconciliation
Double-checking calculations
Reviewing unusual transactions
Comparing reports to source documents
Following standard accounting practices
Understanding Report Timing
Different reports serve different purposes and follow various schedules:
Monthly Reports
Track regular business performance
Monitor cash flow
Check budget compliance
Guide management decisions
Quarterly Reports
Show longer-term trends
Support strategic planning
Help with tax preparation
Guide business adjustments
Annual Reports
Summarize yearly performance
Support tax filing
Guide long-term planning
Help with business valuation
OUR PROCESS
At Logetica, we believe financial reporting should make your life easier, not harder. We transform complex financial data into clear, actionable insights that help you run your business better.
Setting Up Your Financial Foundation
We start by understanding how your business works. Our team creates custom categories for your revenue and expenses that match your business needs. We set up a system to track your assets, liabilities, and business transactions in a way that makes sense for you.
Regular Financial Updates
You receive monthly financial statements that show both detailed transactions and overall summaries. We don't just provide numbers but explain what they mean for your operations. Our reports help you:
Understand your true profit
Track business performance
Make informed decisions
Plan for growth
Manage cash effectively
Beyond Basic Numbers
We review your financial performance every month to spot important trends. Our team highlights areas where your business excels and identifies potential concerns before they become problems. When needed, we create charts and graphs to make complex information easier to understand.
Proactive Support
Our team monitors your financial position throughout the month. We alert you to important changes or trends that need attention. This proactive approach helps you address challenges early and take advantage of opportunities quickly.
EXAMPLE CASE
A growing marketing agency struggled to understand why their profits kept shrinking despite increasing sales. The owner focused only on their bank balance and total revenue, missing important details about rising costs.
The Challenge
The agency faced several problems:
Unclear project profit
Rising overhead costs
Inefficient resource allocation
Cash flow constraints
Not consistent pricing
The Solution
A professional consultant implemented comprehensive financial reporting that revealed:
Project-by-project profit margins
Work efficiency rates
Analyzed overhead cost
Cash flow patterns
The Results
Within six months, the agency achieved significant improvements:
Increased overall profit margin by 22%
Identified and fixed not profitable service offerings
Improved project pricing accuracy
Reduced overhead costs by 15%
Established reliable cash flow forecasting
Long-Term Impact
The agency now uses monthly financial reports to:
Set accurate project prices
Monitor team productivity
Make informed hiring decisions
Plan for slow periods
Invest in growth opportunities
The reporting helped transform the agency from struggling with unclear finances to confidently making data-driven decisions. The owner now understands exactly how different aspects of the business affect their bottom line.
Have Questions?
Book a free 30-minute online consultation with us, and we will be happy to answer all your questions.