Books closed, numbers you can read
Month-end close and reporting
Finbryn runs a monthly close for Canadian businesses that ties every account to source records under ASPE or IFRS, then turns the result into a profit and loss, balance sheet, KPI dashboard or board pack you can act on, inside QuickBooks Online, Xero or Sage 50.
Management report
Illustrative client · August 2026
CAD
| Line | Aug | Jul | |
|---|---|---|---|
| Revenue | 142,380 | 131,904 | +10,476 |
| Cost of sales | (51,260) | (48,115) | (3,145) |
| Gross profit | 91,120 | 83,789 | +7,331 |
| Payroll | (46,300) | (45,900) | (400) |
| SoftwareNoted | (6,480) | (5,490) | (990) |
| Rent | (8,000) | (8,000) | 0 |
| Other operating | (9,215) | (9,870) | +655 |
| Net income | 21,125 | 14,529 | +6,596 |
Reviewer's note
Software is up on last month after two seats were added mid-month. Revenue includes one milestone invoice that will not repeat next month.
Illustrative. An example of the document, not a client's figures.
What month-end close and reporting covers
A close is the monthly discipline that makes every other Canadian filing trustworthy: the T2 return, a bank renewal, a number you tell an investor. We reconcile every bank, card and loan account to its statement, book the accruals and prepaid entries that belong to the period, update fixed asset schedules, and review the trial balance line by line before the month is marked final.
From that closed set of books we build whatever a Canadian business actually needs: a management report with a plain-language narrative, a KPI dashboard tracking the handful of numbers that run the business, a board pack timed to a meeting schedule, or a budget-versus-actual comparison that explains the gap instead of just showing it.
Built for ASPE or IFRS, on a CRA calendar
Most private Canadian corporations report under ASPE. Some report under IFRS because a parent company, a lender or an investor requires it, and a few areas, revenue recognition and leases among them, are handled differently under the two standards. We close to whichever standard applies to your entity and flag where a choice was made.
The close calendar is set against Canada Revenue Agency deadlines. A T2 corporation income tax return is due six months after the corporation's tax year end, and GST/HST filing frequency runs annual for revenue of C$1,500,000 or less, quarterly up to C$6,000,000, and monthly above that. A predictable close date each month is what keeps those filings from turning into a scramble in month six.
Reviewed before it reaches you
Every month's close is reviewed by a senior principal before it reaches you, and your file stays in your own QuickBooks Online, Xero or Sage 50 account. Terms are set out in your engagement letter.
All services
Month-end close and reporting: every service
- Month-end closeA repeatable monthly close that ties every account back to source records and hands you a finished set of financials on a predictable date each month.
- Management reportsMonthly profit and loss, balance sheet and cash flow packaged with a plain-English narrative so the numbers explain themselves before anyone has to ask a question.
- KPI dashboardsA small set of metrics that actually run the business, tracked month over month in one place instead of scattered across spreadsheets.
- Board packsA board-ready package built from the same numbers as your monthly close, delivered on a schedule that leaves you time to read it before the meeting.
- Budget vs. actualActual results lined up against the budget every month, with the gap explained in plain language rather than left for you to work out on your own.
- Variance analysisA closer look at why a number moved: price, volume, timing or a one-off, so a variance on a report turns into an answer instead of a question.
- ConsolidationsMultiple entities, locations or subsidiaries combined into one consolidated set of financials, with intercompany balances eliminated while each entity still reports on its own.
- US GAAP conversionBooks moved from cash basis or another framework onto US GAAP accrual accounting, with every adjustment documented so a lender, investor or auditor can follow the trail.
- IFRS conversionBooks converted between US GAAP and IFRS, or built directly on IFRS, for businesses reporting to an overseas parent, investor or standard-setter outside the United States.
- Revenue recognition (ASC 606 / IFRS 15)Revenue recorded when it is actually earned rather than when cash lands, following the five-step model shared by ASC 606 and IFRS 15, so recurring and multi-part contracts are accounted for correctly.
- Lease accounting (ASC 842 / IFRS 16)Operating and finance leases brought onto the balance sheet as a right-of-use asset and a lease liability, in line with ASC 842 and IFRS 16, with monthly amortization tracked going forward.
- Deferred revenueCash collected before it is earned tracked separately from revenue and released to the profit and loss on the schedule that matches when the work is actually delivered.
- Prepaid schedulesInsurance, software subscriptions and other costs paid up front spread across the months they actually cover, instead of hitting one month's profit and loss all at once.
- AccrualsExpenses and revenue recorded in the period they actually happen, even when the invoice or cash has not moved yet, so the month's numbers reflect that month's activity.
- Cash flow statementsA statement of cash flows built from your actual accrual books, showing where cash came from and went across operating, investing and financing activity.
Questions
Frequently asked questions: Month-end close and reporting
Do you close to ASPE or IFRS?
Whichever standard your entity already reports under. Most private Canadian corporations use ASPE; we move to IFRS when a parent company, lender or investor requires it, and document any area where the two standards diverge.
How does the close line up with CRA deadlines?
The close calendar is set so the trial balance is final well before your T2 filing deadline, which falls six months after your corporation's tax year end, and before whatever GST/HST filing frequency applies to your revenue level.
Which accounting software do you work in?
QuickBooks Online, Xero or Sage 50, whichever you already run. We do not ask a Canadian business to migrate software to get a monthly close.
Who actually does the work each month?
A named pod handles the close and reporting. Every file passes a senior principal review before it reaches you, and you keep ownership of the QuickBooks Online, Xero or Sage 50 file at all times.
What exactly is delivered at each month-end close?
Every bank, card and loan account is reconciled to its statement, accrual and prepaid entries are recorded, and fixed asset schedules are updated. A trial balance is reviewed line by line before the close is marked final, and a checklist shows what ran and when for that month.
What is not part of the month-end close package?
We do not file your GST/HST or T2 return, and we do not sign the formal report a review or audit engagement needs. Filing sits with you or your registered preparer, and any assurance report stays with a provincially licensed public accountant.
How is pricing structured for month-end close work?
Close and reporting work is scoped against the complexity of your entity structure and reporting cadence, monthly, quarterly or ad hoc, and agreed before work starts. Terms, including how the scope changes if entities or reporting frequency change, are set out in your engagement letter.
What access do you need to close the books each month?
Read-only bank and card feeds, admin access to your accounting platform, and visibility into any subledger the close depends on, such as a payroll or billing tool. We never need the ability to move money, only to see and reconcile what has already happened.
Next step
Talk to the team that would run your books
A short call covers your setup, your software and what a first month would look like. You get a written scope and price after it.