Financial Records

Stage 1

The Launchpad for Lower Taxes and Higher Profits. No matter how your records come together, this is the essential groundwork that makes all other stages work to their full potential.

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Give us Bank Statements — We’ll Transform Them Into an Expertly Crafted P&L.

Our Process

The 7-Stage Tax Reduction System™ begins with Financial Records — the stage that gets your business information ready for deeper analysis. Whether you provide an existing Profit & Loss, use your own spreadsheet, or complete our Income & Deduction Worksheet, this step brings your financial data together in one clear format. Completing this stage ensures we can move forward into Stage 2.

Next Stage 2
Gather Business Records

Simply provide PDF copies of your business bank and credit card statements, and copy of previous year tax return. We’ll also ask you a few simple questions to ensure no deductions are missed.

Categorize

Next, we categorize each transaction like fuel, insurance, uniforms, maintenance, materials, supplies, utilities etc. This is the tedious task that includes going line by line through all transactions.

Reconcile

Then, we reconcile all of your accounts to confirm that the balances, credits, and debits, match your bank and credit card summaries. This process creates a professional, and verifiable record of your entire year.

Prepare

Once every transaction is accounted for, we begin the preparation process of your expertly crafted Profit & Loss Statement and Balance Sheet (if applicable) — ready for tax filing and your P&L Analysis.

What if you already have a P&L, or a DIY spreadsheet, or want to use our Income and Deduction Worksheet?

Existing P&L

If you already have a Profit & Loss Statement (P&L) and Balance Sheet prepared, simply provide those documents to us so that we can quickly move on to Stage 2.

Our Worksheet

Clients who prefer a hands-on approach, may want to complete our Business Income and Deduction Worksheet which gives us the information needed to proceed to Stage 2.

DIY Spreadsheet

If you already maintain an income deduction spreadsheet, you can submit if it clearly lists your total business income and breaks down expenses into categories.

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Frequently Asked Questions

It doesn’t get any better than this: Stage 1

What financial records must I give my Tax Accountant to reduce my taxes?

To begin your 7-Stage Tax Reduction System™, you can provide your Profit & Loss Statement and Balance Sheet if already prepared, your business bank and credit-card statements, your completed Income & Deduction Worksheets, or even your own custom spreadsheet.

As long as your information clearly shows your business income and categorized expenses, we can integrate it into our system to uncover missed deductions and tax-saving opportunities.

I don’t have a Profit & Loss Statement — can you still prepare my taxes?

Absolutely. Many business owners don’t maintain formal financial statements, and that’s perfectly fine.

Simply provide your bank and credit-card statements, and our team will prepare an accurate, tax-ready Profit & Loss Statement from that data.

This approach avoids bookkeeping software errors and ensures we’re working with clean, verifiable records for maximum clarity and tax efficiency.

Can I send you the spreadsheet I created myself instead of using your worksheet?

Yes. You may use your own spreadsheet as long as it clearly lists your total business income and breaks down your expenses by category.

We’ll convert that spreadsheet into a standardized Profit & Loss format that can be used for tax preparation and analysis within our 7-Stage Tax Reduction System™.

We rely on your submitted data as provided — we do not audit or verify client-prepared spreadsheets.

Why does CDA Accounting ask for my Profit & Loss before preparing my taxes?

Your Profit & Loss Statement gives us the essential financial information needed to prepare your return and identify potential tax-saving strategies.


If you already have one prepared, we use it as submitted — there’s no additional fee or review process.


If you don’t have one, we can build it from your bank and credit-card statements or worksheets to ensure your information is complete and organized.


Please note that while we rely on your financial data, we do not audit, verify, or evaluate client-prepared financial statements for accuracy.

What happens if my records are messy or incomplete?

No problem. If your accounting software is inaccurate or incomplete, we do not go into your books or perform back-bookkeeping corrections.

Instead, we work directly from your bank and credit-card statements, allowing us to create a clean, reliable Profit & Loss Statement without touching your internal accounting system.

This approach keeps liability low, data transparent, and results precise — giving you a solid financial foundation for accurate tax reporting and strategy.

How does CDA Accounting turn my Profit & Loss into a money-saving tool without touching my bookkeeping software?

We specialize in creating precise, tax- and lender-ready Profit & Loss Statements directly from your bank and credit-card data.


By working from raw financial information rather than inside your accounting software, we avoid inherited bookkeeping errors and keep the process simple and transparent.


Once your P&L is complete, we perform a line-by-line Profit & Loss Analysis to identify missed deductions, profit leaks, and strategic tax opportunities — turning your financial data into a powerful tool for reducing taxes and boosting profits year after year.

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We uncover hidden savings, builds smarter structures, and keeps your business optimized for lower taxes and higher profits year-round.

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