Compilation Engagement

This mini requires you to have an up-to-date chart of accounts for the financial year you wish to Compile (all transactions must fully identified and reconciled). This chart of accounts will need to be in a browser-based cloud accounting platform (we support Xero, Quickbooks Online, Wave, Freshbooks and Sage Online) which is able to allow our CPA team remote access. If your chart of accounts is not up-to-date, consider letting one of our bookkeeping experts do it for you.

Who is this for?
A Compilation Engagement - sometimes simply called a Compilation or Notice to Reader - is aimed at incorporated business owners who need to 'prove' the standing of their current business. Typically this is because they're looking to led money, raise capital, seek an investor or sell their business to someone - and that 'someone' wants a reliable, accurate and verified snapshot of the business. A Compilation is significantly more detailed than a Statement of Income because it goes beyond the 'income' and looks at liabilities, inventory and other aspects.

What do you need to provide?
Think of it like filing your taxes. You will need an up-to-date chart of accounts for the financial year you wish to compile. This means that all transactions must be fully identified and reconciled, and you must be satisfied that the year-end balance shown is truthful and accurate to the best of your knowledge. Your chart of accounts must be in a browser-based cloud accounting platform (we support Xero, Quickbooks Online, Wave, Freshbooks and Sage Online) which is able to provide remote access to our CPA team - typically this is done by adding an advisor in the account settings. You will also need to provide confirmation that you have all relevant receipts and invoices saved in a physical or digital format for reference, as required by law. Think of it like a tax return meets an audit, and you'll get a sense of the detail required. Please make sure you can provide all of these things prior to purchasing this mini.

What do you get?
After a private consultation with a Chartered Professional Accountant (CPA), you'll get a drafted Compilation Engagement for review based on the information you supply. You'll have the chance to check everything, ask questions and make any changes before we finalize it. You can then choose the format / file type you'd like the Compilation Engagement in.

How long will it take?
If you have all your accounts in order and respond promptly to any requests, it will typically take around 2-3 weeks to generate a Compilation Engagement from the initial booking. It will also depend on how complex your accounts are, but you will get email support throughout the process where we can update you on our progress as we proceed.

What happens after you purchase this mini?
After payment you'll need to fill in a brief form for our team so they can prepare for your booking, and then choose a time to talk with our CPA team by private video call. In this 30 minute call we'll ask you some general questions about your current business for context - then begin answering any questions you may have. We'll then mutually agree on a plan (and timeline) and get started immediately on your Compilation Engagement.