Financial statements, reporting and advice all year
Small Business Accountant in London, Ontario
A&P Accounting & Tax Experts works as the year-round accountant for owner-managed businesses in London: trades and contractors, independent retailers, health and wellness clinics, restaurants and online stores. One team handles the books review, the financial statements, the tax filings and the questions in between.
Most small business owners do not want three providers who never talk to each other. They want one accountant who knows the numbers well enough to say whether a new hire is affordable or why cash is tight when the income statement shows a profit.
We work in QuickBooks Online and Xero, prepare compiled financial statements that banks and landlords accept, and meet with you through the year rather than only at tax time.
- 5.0 stars on Google
- Downtown London office
- In person or fully online
- Open Saturdays
What we do
Our Small Business Accounting Services
A year-round accountant does far more than file a return. The value is in the statements your lender reads, the monthly numbers you run the business on and the advice that comes from someone watching both.
Here is what small business accounting with our London team includes.
Year-End Financial Statements
A full set of statements includes a balance sheet showing what the business owns and owes, an income statement showing the year’s profit, and notes explaining the accounting basis and key balances.
Banks ask for them to renew credit, commercial landlords ask before signing a lease, and the CRA receives them in GIFI format with your T2.
Compilation Engagements (Formerly Notice to Reader)
Canadian Standard on Related Services 4200 replaced Notice to Reader statements in December 2021. In a compilation engagement, we assemble the statements from your records and issue a Compilation Engagement Report, which tells readers the statements are unaudited and that no assurance is given.
Ontario prescribes the wording of that report under O. Reg. 324/21.
Monthly or Quarterly Management Reports
Management reports show profit and loss by month against last year and your budget, accounts receivable aging and gross margin by product or service. For contractors we add job costing, so you can see which jobs actually made money.
We choose a handful of KPIs that matter to your business and track them every period.
Cash Flow, Budgeting and Virtual CFO Support
Profitable businesses still run out of cash, usually because of slow-paying customers, inventory build-ups or a large HST or tax payment that nobody planned for. A cash flow forecast shows those pinch points weeks before they arrive.
Our virtual CFO support covers a rolling 13-week cash forecast, an annual budget, line-of-credit planning and reserves for HST, payroll remittances and corporate instalments. You get the financial oversight of a part-time CFO without a full-time salary.
- Cash forecasts updated monthly from your actual results
- Budgets built around seasonal swings in sales
- Preparation for bank meetings and credit renewals
Need statements your bank will accept?
Call to talk through your year-end and get a fixed quote for compiled financial statements.
Assurance levels explained
Compilation, Review or Audit: Which Do You Need?
Most owner-managed businesses need only a compilation engagement. Review and audit engagements give outside readers assurance that the numbers are reliable, and they are usually required only by larger lenders, investors, franchisors or funding agreements.
In Ontario, review and audit engagements can only be performed by firms holding a Public Accounting Licence. A&P prepares compilation engagements; if your lender requires a review or audit, we can get your books and schedules ready for the licensed firm that performs it.
| Engagement | Assurance level | Who usually asks for it | Relative cost | Licence required in Ontario |
|---|---|---|---|---|
| Compilation (CSRS 4200) | None; statements compiled from your records | CRA with the T2, smaller bank loans, landlords | Lowest | No, when the prescribed report wording is used. Offered by A&P. |
| Review engagement | Limited (moderate) assurance from inquiry and analysis | Larger lines of credit, some franchisors and investors | Moderate, often several times a compilation | Yes, Public Accounting Licence. Not offered by A&P. |
| Audit | Reasonable (high) assurance from testing and verification | Major lenders, investors, some grants and not-for-profits | Highest | Yes, Public Accounting Licence. Not offered by A&P. |
Anyone can confirm whether a firm holds a licence through the CPA Ontario public directories.
Know the difference
Bookkeeping vs Accounting vs Tax: What Your Business Needs
Bookkeeping records what happened, accounting explains what it means, and tax work files what the government requires. Every business needs all three, though a very small business may only need the bookkeeping done monthly and the rest once a year.
| Bookkeeping | Accounting | Tax | |
|---|---|---|---|
| Main job | Record and categorize every transaction | Adjust, summarize and interpret the records | Calculate and file what is owed |
| Typical tasks | Bank reconciliations, invoices, bills, receipts | Year-end adjustments, financial statements, management reports, cash forecasts | T2 or T2125, GST/HST returns, slips, instalments, planning |
| How often | Weekly or monthly | Monthly, quarterly and at year-end | Filing deadlines through the year |
| What you get | A clean, reconciled ledger | Statements and insight for decisions | Filed returns and a lower, predictable tax bill |
If the ledger itself needs attention, our monthly bookkeeping services in London keep it reconciled so the accounting and tax work can build on it.
Our process
How We Work With Small Businesses Through the Year
Good accounting follows the business calendar, not just the tax calendar. This is how a typical year looks once you are set up with us.
Onboarding and Software Setup
We set up or tidy your QuickBooks Online or Xero file, connect bank feeds, build a chart of accounts that fits your business and add receipt capture so paper stops piling up.
Monthly or Quarterly Check-Ins
We review the period’s reports with you, confirm HST is ready to file and payroll remittances are current, and flag anything unusual while it is still easy to fix.
Year-End Close and Financial Statements
We post adjusting entries, compile the year-end financial statements and then prepare the T2 from the same numbers.
Annual Planning Meeting
We sit down to decide owner pay, timing of big purchases, borrowing needs and goals for the year ahead.
Ready for an accountant who knows your numbers all year?
Call our downtown London office to talk about onboarding and a fixed fee.
Pricing
Small Business Accounting Fees
Small business accounting is priced either as a monthly retainer or as an annual year-end fee. The right choice depends on how much help you want between year-ends.
Monthly Retainer
One predictable monthly fee covering bookkeeping review or full bookkeeping, management reports, HST returns and check-ins, with the year-end package included or quoted alongside. In the London market, bookkeeping alone typically runs about $150 to over $500 a month depending on transaction volume.
Annual Year-End Fee
A single fee for the year-end close, compiled financial statements and the T2, suited to owners who keep their own books well. Around London, a T2 with year-end statements generally starts at about $1,500.
Either way, we quote a fixed fee after reviewing your records. Our accounting fees for London businesses show what drives the price of each service.
Why us
Why London Small Businesses Choose A&P
Small business owners tell us they want an accountant who answers the phone, explains the numbers without jargon and notices problems early. That is the role we take on.
One Firm for Books, Statements and Tax
The same team sees your monthly reports, your year-end and your T2, so advice is based on the full picture.
Clear About What We Offer
We prepare compilation engagements and tell you plainly when a lender needs something more.
Downtown Meetings or Online
Meet at our Wellington Street office or work entirely through our secure portal and video calls.
Consistently Five Stars
All 11 Google reviews are five stars, with responsiveness and clear explanations mentioned most.
Small Business Accounting FAQs
What replaced Notice to Reader financial statements?
Compilation engagements under CSRS 4200 replaced Notice to Reader for fiscal periods ending on or after December 14, 2021. The old Notice to Reader page became the Compilation Engagement Report, and the statements now include a note describing the basis of accounting used.
The level of assurance did not change: a compilation still offers none. What changed is that the accountant must understand the business and its accounting basis, and the reader can see exactly how the numbers were put together.
Does my bank need financial statements every year?
If you have a business loan or line of credit, almost certainly yes. Most commercial credit agreements include a covenant requiring annual financial statements within a set period after year-end, commonly 90 to 120 days.
For smaller facilities, compiled statements are usually enough. Larger loans may require a review engagement, which must come from a licensed public accounting firm, so check your loan agreement for the exact wording.
How often should I meet with my accountant?
At least twice a year: once before your fiscal year-end to plan, and once after the statements are done to review results and set next year’s direction. Growing businesses, or anyone with payroll and quarterly HST, usually benefit from a short monthly or quarterly check-in.
The point of meeting more often is timing. Owner pay, equipment purchases and instalments are all cheaper to decide before year-end than to fix after it.
What can an accountant do that a bookkeeper can't?
A bookkeeper records transactions and keeps the ledger reconciled; an accountant turns those records into year-end adjustments, financial statements, tax returns and advice. Accountants also handle tax planning, CRA representation and decisions like salary versus dividends.
In Ontario, only firms holding a Public Accounting Licence can issue review or audit reports, which is a separate step beyond either role.
Keep exploring
Related Services and Areas We Serve
Small business accounting works best alongside the services that feed it. These are the ones our business clients use most, along with the towns around London where many of them operate.
Bookkeeping Services
Reconciled monthly books in QuickBooks Online or Xero.
Corporate Tax Returns
T2 returns built on the same year-end statements we compile.
Payroll Services
Pay runs, remittances, T4 slips and ROEs for your team.
Business Tax Planning
Owner pay, year-end timing and growth decisions.
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Talk to a London Small Business Accountant
Tell us what your business does, what software you use and what your lender or landlord is asking for. We will tell you how we would set up your year and what it will cost.