Accounting & Tax Preparation Services - Fraser Valley

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Leskun & Son Accounting Serving These Communities Langley Office 604-532-0061 Mission Office 604-826-1215 Chilliwack Office 1-877-826-1219
Tax Services

We offer a range of tax services to both business owners and individuals living throughout Langley, Abbotsford, Mission, and Chilliwack. All of our tax services are tailored to suit the needs of each client in order to provide them with the best advice and services possible.

Bookkeeping

Our cost-effective bookkeeping services will allow you to spend more time focusing on your business and less time stressing out over your business' books. Our team can ensure that you have well-kept financial records for helping you reach true business success.

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Business Consulting

All of our business consulting services for small businesses in Langley, Mission, Chilliwack, and Abbotsford are designed to help you achieve both personal and business-related success. We will always go the extra mile to ensure that you are receiving the best advice and services for your unique business.

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COVID-19 Update: Personal Tax filing deadline has been extended to June 1. We will continue to serve all new and current clients to meet their tax and accounting needs. Email admin@leskunaccounting.com for instruction on how to digitally interact with us during this time and visit www.facebook.com/leskunaccounting for updates. Thank you.

How to Prepare Financial Statements

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As a business owner, it is important to prepare financial statements to help make budget decisions and plan for your business’ future. At Leskun & Son Accounting, we provide bookkeeping services to businesses throughout Abbotsford, Langley, and Mission that help to ensure that our clients are able to comprehensively prepare financial statements.

What is Included in Financial Statements?

Financial statements are comprised of the following four elements:

  • An income statement
  • A statement of changes in shareholder equity
  • A balance sheet
  • A cash flow statement

These separate statements can be prepared most easily by using spreadsheets or accounting software and each one offers a look into how a business has spent money to predict future cash flows and financial necessities.

How to Prepare Financial Statements

By following the proper steps and tips, preparing financial statements can be simplified greatly. The steps to compile financial statements are as follows:

1.     Get Your Records Organized

Before beginning any actual paperwork, get all of your financial records organized by month and type of document. These records will include expense receipts, bank statements, and credit card statements.

2.     Prepare Your Income Statement

An income statement will report your company’s revenues and expenses. To prepare this financial statement, you will need to tally up the expenses of the business and subtract them from the total income of your operation. Expenses can include the costs of goods, administrative costs, and expenses related to customer outreach.

3.     Prepare a Statement of Changes in Shareholder Equity

The statement of changes in shareholder equity shows changes in a company’s ownership. If one owner or shareholder buys out another for a larger stake in a company, this report will reflect that action. This financial statement not only shows who finances a company but also whether the company is financed by capital, earnings, or debt.

4.     Prepare a Balance Sheet

Balance sheets state what a company’s assets are and who owns those assets. In order to prepare this financial statement, it is necessary to know which assets are financed through debt and which assets are owned. The balance sheet will state the dollar amount of assets owned by the company and specify how much of that amount is owned through liability and how much is the owner’s equity. This financial statement will change based on the payment of debts and acquisition of assets, meaning that it is only accurate to the date that it was created.

5.     Prepare a Cash Flow Statement

Cash flow statements report any money that goes in or out of a company. They differentiate between cash inflow from sales or revenue and money that came from a loan. This type of financial statement also offers insight into the types and timing of expenditures, which is useful for predicting future business expenditure.

If you would like to learn more about how to prepare financial statements or if you are interested in one of our services, please contact Leskun & Son Accounting at 1-877-826-1219 or fill out a contact form on our website.


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