BOOKKEEPING REVIEW & ASSESSMENT • ALBERTA & CANADA
Not sure if your financials are accurate?
Let's find out!
Financial reports are only valuable if they are accurate. A professional review provides an independent assessment of your accounting records, identifies reporting issues, uncovers opportunities for improvement and helps determine if your financial statements can be relied upon for business decisions, tax planning and future growth.
WHY A REVIEW MATTERS
Small bookkeeping errors can become expensive business decisions!
Bookkeeping can appear complete while still containing reporting errors, account misclassifications, unreconciled balances, payroll issues, or incorrect tax reporting. These issues often go unnoticed until tax season, financing requests, or important business decisions reveal that the financial information isn't as accurate as expected.
Financial Statements Can't Be Trusted
Financial reports may appear complete while containing errors that affect profitability, tax reporting, and business decisions.
Hidden Accounting
Errors
Misclassified transactions, incorrect balance sheet accounts, payroll allocation issues, and unreconciled accounts often go unnoticed.
Compliance
Risks
GST/HST, payroll, CRA and WSIB balances should be reviewed regularly to help identify discrepancies before they become larger problems.
Missed
Opportunities
Accurate financial information helps identify trends, improve profitability, strengthen cash flow, and support better business planning.
OUR PROCESS
A comprehensive review of your accounting file.
Every assessment follows a structured review process designed to evaluate the accuracy of your bookkeeping, identify potential concerns, and provide practical recommendations for improvement.
Financial Review
Financial statements, reconciliations, payroll records, GST accounts, CRA balances, WSIB balances, and the overall structure of the accounting file is reviewed.
Findings Report
You will receive a detailed written report outlining identified issues, financial reporting concerns, and recommendations for improvements.
Consulation
We will review the findings together, answer your questions, explain the impact of identified issues, and discuss possible next steps.
Action Plan
If corrections are required, you will receive a clear roadmap outlining priorities and recommendations for restoring accurate financial reporting.
WHAT WE REVIEW
Financial
Reporting
✓ Balance Sheet
✓ Profit & Loss
✓ Financial statement accuracy
✓ Reporting consistency
✓ Trend analysis
Accounting
Records
✓ Chart of accounts
✓ Account classifications
✓ Cost of Goods Sold
✓ Payroll allocation
✓ Capital assets
✓ Depreciation
✓ Journal entries
Compliance & Reconciliations
✓ Bank reconcilations
✓ Credit cards & line of credit
✓ Undeposited funds & clearing accounts
✓ GST/HST
✓ Payroll liabilities
✓ CRA balances
✓ WSIB balances
REAL CLIENT EXAMPLE
When something doesn't look right, trust your instincts.
When a contractor questioned the accuracy of his financial statements and projected tax liability, he reached out for a professional bookkeeping review. The review uncovered several accounting errors that had a significant impact on both financial reporting and income taxes, reinforcing the importance of having accurate books and reliable financial information.
A contractor contacted us during tax season after receiving draft financial statements and a projected tax liability from another bookkeeping firm. He believed something wasn't right and requested a professional review of his accounting file.
During the review, several issues were identified. Expenses had been incorrectly allocated to the shareholder loan account, capital assets had not been properly recorded, depreciation had not been calculated, and the financial statements did not accurately reflect the true financial position of the business. Revenue had increased by approximately 20% over the previous year, yet reported expenses had decreased by more than 40%—a significant indicator that further investigation was required.
Following a complete accounting file review, the chart of accounts was restructured, capital assets and depreciation were recorded correctly, transactions were reclassified, and the financial statements were adjusted to reflect business operations accurately. The tax return was then prepared using the corrected financial information.
Because the business owner recognized that something didn't make sense and sought a second opinion, the corrections ultimately reduced his tax liability by approximately $20,000.
IS THIS ASSESSMENT RIGHT FOR YOU?
A bookkeeping review & assessment
is a good fit if....
You are questioning your financial reports
Your financial statements don't seem accurate, account balances don't make sense, or you're finding it difficult to understand the true financial position of your business.
Your tax bill doesn't reflect your expectations
If your projected tax liability seems unusually high or low, a professional review can help identify bookkeeping issues that may be affecting your financial results.
You are making important business decisions
Before applying for financing, purchasing equipment, expanding your business, or making significant financial decisions, it's important to have confidence in the accuracy of your financial information.
You want confidence in your numbers
Even if your bookkeeping appears current, hidden accounting errors, reporting issues, or misclassified transactions can effect profitability, cash flow, and decision making. A professional review provides clarity, identifies opportunities for improvement, and helps ensure your financial information can be relied upon.
Frequently Asked Questions
How is a Bookkeeping Review & Assessment different from bookkeeping cleanup?
A Bookkeeping Review & Assessment is designed to evaluate the accuracy and reliability of your accounting records. It identifies reporting issues, accounting errors, reconciliation concerns, and opportunities for improvement. If corrections are required, a separate cleanup project may be recommended.
What does the assessment include?
The assessment includes a detailed review of your accounting file, financial statements, reconciliations, chart of accounts, GST/HST, payroll, CRA & WSIB balances, and other key financial areas. You will receive a written findings report outlining identified issues, recommendations, and suggested next steps.
Will I receive a written report?
Yes. Every assessment includes a personalized financial findings report that summarizes our observations, identifies potential concerns, explains the impact of those findings, and provides recommendations to improve the accuracy of your bookkeeping and financial reporting.
What happens if issues are identified?
If the assessment identifies reporting issues or accounting errors, you will receive the recommendations outlining what should be corrected. If you would like us to complete the work, we will provide a separate flat-fee quote for the cleanup project in our meeting to review our findings.
How much does a Bookkeeping Review & Assessment cost?
Our Bookkeeping Review & Assessment is offered for a flat fee, so you will know the investment before work begins. If additional cleanup services are recommended, you will receive a separate quote based on the scope of work during our meeting to review our findings.
Can the assessment be completed remotely?
Yes. The assessment is completed remotely using secure cloud-based accounting software and file-sharing tools, allowing us to work with businesses throughout Alberta and across Canada.
How do I know if I need a Bookkeeping Review & Assessment?
If your financial statements don't make sense, your tax bill seems unusually high, you're preparing for financing, changing accountants, growing your business or simply want confidence in your financial information, a professional review can help identify issues before they become costly.
READY FOR A SECOND OPINION?
Your books may be up to date.
That doesn't mean they're accurate.
A professional bookkeeping review provides more than peace of mind. It gives you an independent assessment of your financial information, practical recommendations for improvement, and the confidence to make informed business decisions based on accurate reporting.
Savvy Pro Bookkeepers provides bookkeeping cleanup and catch-up services remotely for contractors, service-based businesses, ecommerce companies, and small business owners throughout Alberta and Canada.