Accounting & Reporting

Bookkeeping and Financial Reporting Solutions for Canadian Businesses

We handle your day-to-day bookkeeping and provide clear, concise financial reports, giving you the insights you need to make informed decisions. Focus on growing your business, while we ensure your accounting is accurate, compliant, and always up-to-date. From managing transactions to preparing financial statements, we've got you covered.

Accounting & Reporting

Financial Clarity

Accurate and timely bookkeeping and financial reporting are essential for any successful business. We provide expert services to manage your financial data, prepare comprehensive reports, and ensure compliance with Canadian accounting standards. Focus on your business goals, knowing your finances are in capable hands.

Expertise

Bookkeeping Services
Financial Reporting
Budgeting & Forecasting
Internal Controls
Financial Analysis

Why Choose InterGest Canada for Your Accounting & Reporting Needs?

Bookkeeping Services
Financial Reporting
Budgeting & Forecasting
Internal Controls
Financial Analysis
Source Document Accuracy

Meticulous Source Document Management: Ensuring Audit-Ready Records

Accurate bookkeeping starts with reliable source documents. We implement a rigorous system for managing invoices, receipts, bank statements, and other source documents. This ensures that every transaction is properly supported, minimizing the risk of errors and supporting compliance with CRA guidelines for record-keeping (Income Tax Act, s. 230).

Reconciliation Expertise

Expert Bank Reconciliation: Safeguarding Against Discrepancies and Fraud

Regular bank reconciliations are critical for identifying discrepancies, preventing fraud, and ensuring the accuracy of your cash balances. Our experienced bookkeepers perform thorough monthly reconciliations, comparing your bank statements to your accounting records and investigating any variances to protect your business's financial integrity.

GAAP Compliance

dherence to Canadian GAAP: Transparent and Reliable Financial Statements

We prepare financial statements in accordance with Canadian Generally Accepted Accounting Principles (GAAP), ensuring that your reports are transparent, reliable, and compliant with regulatory requirements. Our understanding of GAAP allows us to accurately reflect your business's financial position and performance, providing valuable insights for decision-making.

Financial Statement Analysis

Comprehensive Financial Statement Analysis: Uncovering Key Insights and Trends

We go beyond simply preparing financial statements. Our team conducts in-depth analysis to uncover key trends, identify areas of strength and weakness, and benchmark your performance against industry peers. This analysis provides valuable insights for improving profitability, efficiency, and overall business value.

Zero-Based Budgeting

Strategic Budgeting: A Zero-Based Approach to Resource Allocation

We utilize zero-based budgeting techniques to challenge every expense and ensure that resources are allocated effectively. This approach involves justifying each budget item from scratch, rather than simply rolling over the previous year's figures, leading to more efficient resource allocation and improved financial performance.

Scenario Planning

Dynamic Forecasting: Scenario Planning for Economic Uncertainty

The economic landscape is constantly changing. We develop dynamic forecasts that incorporate various scenarios (e.g., best case, worst case, most likely case) to help you prepare for potential economic uncertainties. This allows you to proactively adjust your business strategies and mitigate risks.

Segregation of Duties

Strengthening Internal Controls: Implementing Proper Segregation of Duties

A fundamental principle of internal control is the proper segregation of duties. We help you design and implement internal control systems that separate key responsibilities (e.g., authorization, custody, record-keeping) to reduce the risk of fraud and errors.

Risk Assessment

Proactive Risk Assessment: Identifying and Mitigating Financial Threats

We conduct thorough risk assessments to identify potential threats to your financial health. This involves evaluating your internal controls, assessing your business environment, and developing mitigation strategies to minimize the impact of potential risks.

Ratio Analysis

In-Depth Ratio Analysis: Measuring Financial Performance and Identifying Trends

We utilize ratio analysis to evaluate your business's financial performance and identify key trends. This involves calculating and interpreting various financial ratios (e.g., liquidity ratios, profitability ratios, solvency ratios) to assess your business's strengths and weaknesses.

Benchmarking Performance

Industry Benchmarking: Comparing Your Performance to Competitors

We compare your business's financial performance to industry benchmarks to identify areas where you excel and areas where you may need to improve. This provides valuable insights for setting performance goals and developing strategies to achieve a competitive advantage.

Why Switch to InterGest?

Stop spending valuable time on tedious bookkeeping and complex financial reports. We provide expert accounting and reporting services, giving you the insights you need to grow your business. Focus on what you do best, knowing your finances are in capable hands.

We Assist

  • New Business Setup

    We streamline the accounting setup for new businesses, ensuring compliance with all relevant regulations. This includes assisting with chart of accounts creation, selecting appropriate accounting methods (cash vs. accrual), and establishing internal controls to safeguard assets. This ensures that businesses are positioned for financial success from day one.

  • Rapid Growth

    Rapid business growth can strain existing accounting processes. We help businesses scale their accounting operations to meet increased demands, implementing efficient systems, and improving reporting to provide timely insights. This ensures that businesses can manage their growth effectively and make informed decisions.

  • Financial Restructuring

    Businesses undergoing financial restructuring require expert accounting support. We assist with preparing financial statements for restructuring purposes, analyzing the impact of restructuring transactions, and ensuring compliance with relevant accounting standards. This supports effective decision-making throughout the restructuring process and promotes long-term financial stability.

Dive Deeper Into Key Accounting and Reporting Concepts

  • What are Interim Financial Statements?

    Interim financial statements are reports that cover a period shorter than a full fiscal year, such as a quarter or half-year. These statements provide timely updates on a company's financial performance and position, allowing stakeholders to monitor trends, assess progress toward goals, and make informed decisions. Publicly traded companies are generally required to publish quarterly interim financial statements.

  • Understanding Cost Accounting Methods

    Cost accounting methods provide organizations with insights into the expenses related to production, processes, projects, and more. There are many ways to approach cost accounting, including activity-based costing, standard costing, and lean accounting. The method used varies based on the organization's requirements. In general, costing helps businesses to better understand costs as they relate to inventory management, and profitability analysis.

  • What is the Statement of Cash Flows?

    The statement of cash flows (SCF) reports all cash inflows and outflows that occur at a company during a specific period. The SCF reports on three types of activities: operating, investing, and financing. The operating activities section reports on cash flows related to normal business operations. The investing activities sections reports on activities involving the purchase and sale of long-term assets like property, plant, and equipment (PP&E). Finally, the financing section captures cash flows from activities that impact debt, equity, and dividends. By viewing these trends over time, the cash flows statement can provide important insights.

  • What is the Chart of Accounts?

    A chart of accounts (COA) is a list of all the accounts used to record transactions in the general ledger of a company. All the different transactions will fall under the assets, liabilities, equity, revenue, expenses, gains and losses, This organizes how a company's financial transactions are categorized and summarized in the financial statements. The chart of accounts varies widely based on the type of company and the size.

  • What is the difference between IFRS and ASPE?

    IFRS is a broader set of guidelines generally used by organizations for accounting and reporting purposes. Accounting Standards for Private Enterprise (ASPE) are generally more simple accounting guidelines used for private companies and small businesses. IFRS standards are more complex and may entail more flexibility, depending on the specific transaction. It's best practice to consult with a financial advisor before deciding whether to use IFRS or ASPE.

FREQUENTLY ASKED QUESTIONS

  • How can I determine if my business needs accrual or cash accounting?

    While smaller businesses can often use cash accounting, businesses with inventory over $2 million in revenue are required to use accrual accounting according to the Income Tax Act (ITA, Section 28(1)). accrual accounting provides a more accurate view of the financial performance over the year. Consult a professional to determine the correct accounting to meet CRA guidelines and improve accurate reporting.

  • What records must I maintain to support business expenses claimed on my tax return?

    The CRA requires businesses to maintain adequate books and records to support all income and expense claims (ITA, Section 230). This includes original invoices, receipts, bank statements, contracts, and other supporting documentation. Ensure documents are stored safely and are retained for at least six years from the end of the tax year to which they relate.

  • How often should I reconcile my bank accounts, and what steps does your company take to guarantee accuracy?

    Bank reconciliations should be performed monthly to detect any errors or fraud, and to maintain accurate cash records. By comparing your bank statements to your accounting records on a monthly basis, you can track any unrecorded transactions that need to be assessed for compliance with the CRA.

  • What is the difference between a CPA and a bookkeeper, and why is both important?

    While a bookkeeper is generally focused on daily financial transactions and data-entry, a certified professional accountant (CPA) has the highest level of knowledge in Canadian accoutning law. They can analyze data to build budgets, forecast key numbers and more. Our firm is able to provide you with a complete overview on how the CPA can create efficiency by using an effective bookkeeper on their team!

  • How can I prepare for a CRA audit, and what is your role in assisting our clients?

    Be sure to organize accounting records, create accurate accounting and retain records for minimum six years, the common records for the tax auditor include general ledger, invoices, bank deposit, invoices, credit card and payroll records.