HOME

HAVE

CONFIDENCE

knowing that professionals are overseeing, protecting and constantly improving the financial side of your business.

Our goal is to help you better understand the financial side of your business giving you more control over your money through Outsourced Accounting Services, Controllership, Project Accounting, Project Management and Business Consulting.

You may not need a full-time Accountant, Controller or Bookkeeper. We provide flexible services -- per project, per assignment, and even per business objective.

FINANCIAL & MANAGEMENT
CONSULTING

Implementing an efficient and effective accounting system through better reporting, processes, and controls to facilitate your business decisions and enable profitable growth

Help implement strategic financial planning based on resources and other factors that impact the organization
Adjust and correct financial operations, through assessment, design, analysis and control process to be more profitable and more effective in terms of serving customers requirements
SWOT analysis: strengths and weaknesses of your business, opportunities and threats
Tools to measure progress and effectiveness of changes
Advise on different financing options and help prepare necessary financial documentation required in the process
Advise and assist in the process of implementing new ERP systems or other accounting software

CONTROLLER & MANAGEMENT
SERVICES

We oversee the financial part of your business on a part-time or on-call basis. The typical day-to-day transactions will be done by your accounting staff/bookkeeper – accounts payable, accounts receivable, deposits, bank reconciliations.

RISK & CONTROLS

It’s an ongoing process, affected by people at all levels.

Risk Assessment
Internal control – assess and design policies to align with business objectives
Insurance and banking
Implement upgrades and improvements in systems and controls

PLANNING, BUDGETING AND FORECASTING

A business needs a plan to set its direction.

Business planning – short and long-term goals, establish targets and strategy
Budget – identify key business drivers
Planning capital expenditure and management control
Competitor analysis
Resources and effective distribution
Measure results and learn

PERFORMANCE, MONITORING & REPORTING

Measure progress, success and impact on values. Review past performance and predict future performance.

Develop projections, targets and key performance indicators
Profit analysis and benchmarks
Cash flow management and budgeting analysis
Solutions for improvement of operation

STANDARD & FINANCIAL REPORTING

Monitor results to assess your company’s progress against short and long-terms goals.

Accurate, relevant, and timely financial statements
Perform complex financial analysis where needed, financial forecasts and projections
Trend analysis and ratio analysis
Monthly or annual reviews of financial transactions, accruals and deferrals, revenue recognition, depreciation, and other accounting functions

ACCOUNTING SERVICES

Effectively organize, run, and supervise accounting processes and personnel on monthly, quarterly, annual basis. Reconciliation of the general ledgers, sub-ledgers, and adjusting entries. Reviews of day-to-day transactions.

Preparation of sales tax (GST, PST, Source Deductions, WCB)
Payroll, Benefits plan, Government remittances, T4s, T4As T5018, T5
Cost accounting/Project Accounting - Specialized in Construction Industry, well rounded knowledge of project/cost accounting and project management, familiar with Builders Lien Act
Cash Flow, Working Capital and Key Performance Indicators
Setup and maintenance of internal corporate accounting systems

BOOKKEEPING & TRAINING

Train in-house accounting staff to upgrade their skills and improve accountability.

BOOKKEEPING TRAINING

Accounts receivable, accounts payable, general ledger set up and integration
Daily cash flow
Job costing and tools to evaluate progress

PAYROLL TRAINING

Set up weekly, bi-weekly, semi-monthly and monthly payroll
Government reporting
Generate T4s, T4A, T5s, T5018 (for subcontractors)
Filling ROEs
WCB reporting

ACCOUNTING SOFTWARE TRAINING

OUR

WORK FLOW

The below diagram is designed to assist the client in understanding the consultation process with B.I.T. Accounting Ltd.