Close & reporting
Management reports
Monthly profit and loss, balance sheet and cash flow for Canadian businesses, built under ASPE or IFRS with a plain-language narrative flagging the two or three things that actually moved the numbers, so an owner, a lender or a board reads the report once and understands it.
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 the report contains
A profit and loss by month with prior-period and budget comparison, a balance sheet with supporting schedules for the accounts that matter, a statement of cash flows, and a short written narrative naming whatever moved the numbers that month. Reports can be split by location or entity where the chart of accounts supports it.
ASPE or IFRS, stated plainly
Most private Canadian companies report under ASPE, and the report says so. A company reporting under IFRS because a parent, lender or investor requires it gets the same monthly package built on that basis instead, with the areas where ASPE and IFRS diverge, revenue recognition and leases in particular, flagged rather than glossed over.
Built for whoever reads it next
Usually the owner or the CFO reads the report first, then whoever they answer to: a bank, a landlord, a franchisor or a board. A Canadian bank considering a renewal often wants the same monthly numbers formatted the way its credit team expects, and we build to that format once it is agreed rather than reformatting every quarter.
Where it sits relative to a compilation engagement
A management report is not the same thing as a Notice to Reader or review engagement report that a Canadian lender sometimes asks for directly from a licensed public accountant. Where a lender specifically requires that kind of engagement, it is arranged separately with a licensed accounting firm; the monthly management reports we prepare are the clean set of numbers that engagement would be built from.
Questions
Frequently asked questions: Management reports
Can the report be built for a bank renewal?
Yes. We format the monthly package to match what a lender's credit team expects once that format is agreed, though a Notice to Reader or review engagement report, if the bank specifically asks for one, sits with a licensed accounting firm separately.
Do you report under ASPE or IFRS?
Whichever standard your company already reports under. Most private Canadian companies use ASPE; we switch to IFRS when a parent, lender or investor requires it and flag where the two standards genuinely differ.
How is the narrative written?
In plain language, naming the two or three things that moved the numbers that month rather than restating every line item on the P&L.
Can reports split by entity or location?
Yes, as long as the chart of accounts or class and location tracking in QuickBooks Online, Xero or Sage 50 supports that split.
What exactly is included in management reports?
Profit and loss by month with prior-period and budget comparison, and balance sheet with supporting schedules for key accounts. This work runs inside QuickBooks Online or Xero, 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.
Who actually reads these reports?
Usually the owner or CFO first, then whoever they answer to: a lender, an investor, a board or a franchisor.
Can reports be split by location or department?
Yes, as long as the chart of accounts or the class and location tracking in your software supports that split.
How is management reports priced?
Pricing for management reports depends on your transaction volume, the software you use, and how much cleanup is needed before ongoing work starts. Current ranges are published on the pricing page, and your exact fee is confirmed in writing before anything begins.
What software works with management reports?
Management reports runs inside QuickBooks Online or Xero, whichever you already use. If you are not yet set up in either, we can configure a file in your name so you keep ownership of it once the engagement is under way.
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 & reportingVariance 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.
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.