Close & reporting
Board packs
A board-ready package for Canadian companies built from the same numbers as the monthly close, covering profit and loss, balance sheet, cash position and KPIs against prior quarters, delivered on a schedule that leaves time to read it before the meeting.
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 goes into the pack
A financial summary covering profit and loss, balance sheet and cash position in board format, a KPI page tracked against prior quarters and targets, a cash runway and burn-rate view for funded companies, and a one-page narrative naming the risks, wins and decisions the board actually needs to weigh in on. An appendix carries the supporting detail a board is likely to question.
Built on the same close, not a separate exercise
Because the pack comes from the same monthly close and management reports rather than a one-off scramble before each meeting, the numbers a director sees in the pack always tie back to the same trial balance an investor or lender would see if they asked.
Not a substitute for a compilation or review engagement
Some Canadian boards, particularly where a lender or an outside investor requires it, also need a Notice to Reader or review engagement report issued under a licensed public accountant's name. That engagement sits outside what we deliver and is arranged with a licensed accounting firm separately; the board pack we build is the clean monthly financial base that engagement draws from.
Timed to the meeting, not the close date
The pack is built to whatever schedule you set, typically several business days ahead of the meeting, and can match a template your board or your investors already use rather than forcing a new format on them.
Who prepares it and who reviews it
A named pod prepares the pack each cycle, and every version goes through a senior review before it reaches you, the same step every monthly close gets. If a director or investor asks a follow-up question the pack does not fully answer, that question is logged and the underlying schedule is attached to the next pack rather than left as a one-off email reply.
What changes when the pack changes
If a board asks for a new page, a different KPI set, or more detail in the appendix, the change is made and a short handover memo records what changed and why, so the next pack is not a surprise to anyone comparing it against the last one.
Reviewed before it reaches you
Every board pack is reviewed by a senior reviewer 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.
Questions
Frequently asked questions: Board packs
How far ahead of the meeting is the pack ready?
The pack is built to a schedule you set, typically several business days ahead of the meeting so directors have time to read it first.
Can more than one board member receive the pack directly?
Yes, we can send it to as many recipients as you list, formatted the same way for everyone.
Does the pack replace a review engagement report?
No. Where a lender or investor specifically requires a Notice to Reader or review engagement report, that sits with a licensed accounting firm separately. The pack is the monthly financial base that engagement would draw from.
Is this only for VC-funded companies?
No. Any Canadian company with a board, a lender covenant or outside investors that wants a consistent monthly package can use this, funded companies just tend to add the runway and burn-rate view.
What exactly is included in board packs?
Financial summary covering profit and loss, balance sheet and cash position in board format, and kPI page tracked against prior quarters and targets. This work runs inside Google Sheets or Excel, whichever your business already has in place, and it rolls into your regular monthly close rather than sitting off to the side as a separate, unreconciled process.
How far ahead of the board meeting is the pack ready?
The pack is built to a schedule you set, typically several days ahead of the meeting so there is time to review it first.
Can the pack match a template our board already uses?
Yes. We work from a template you provide or from the format your investors expect.
How do we get started with board packs?
Getting started with board packs begins with a short review of your current records and software access. Once that is done we confirm scope and timing in writing, and ongoing work begins on the schedule agreed with you.
What if our records for board packs are not up to date?
If your records are behind, we scope a catch-up first so board packs starts from a clean, reconciled base. That catch-up is priced and timed separately from the ongoing engagement, so you always know what each part costs.
Related services
- Close & reportingKPI dashboardsA small set of metrics that actually run the business, tracked month over month in one place instead of scattered across spreadsheets.
- Close & reportingBudget 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.
Industries
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.