Accounting and Back Office as-a-Service
At BrightIron we work with businesses to implement the latest technology and cloud software to streamline your accounting and back office function. By modernizing your business processes we enable you to redistribute all or a portion of your accounting and back office workflow to BrightIron, for a fraction of the cost of a full time resource. We call this Accounting and Back Office as-a-Service.
Accounting, Bookkeeping and Back Office Services We Provide
From startup entrepreneurs managing their own books to growing companies just looking for an easier way, our Accounting and Back office capabilities cater to a wide range of industries and types of businesses. As part of our bookkeeping service, we will set up a workflow to ensure your bank and credit card transactions are linked to your accounting system, and properly categorized.
Our bookkeeping services are tailored to your needs, whether that be simple tax return filings, complex GAAP financial statements or investor-ready financial reporting. Our solutions eliminate the complicated workflows, and reduce the time spent and costs required to maintain them.
If you have a GST/HST registration number, you are required to file sales tax returns on a regular basis. At BrightIron, we ensure your sales taxes are handled by a professional accountant. Our experienced team prepares or reviews sales tax filings on your behalf, files your returns, and ensures that any installment payments are properly remitted. By filing on time, you will avoid any penalties and interest, and for those companies in a refund position, you will receive your refund faster!
If your GST/HST return is selected for audit by the CRA, we will work directly with the CRA, on your behalf, to handle the audit process and to provide the requested information needed to satisfy the CRA.
Payroll Administration and Remittances
BrightIron’s payroll administration reduces your workload and your costs. Our team reviews your current processes and provide recommendations for areas of improvement and optimization.
In addition, we handle the onboarding of new employees (TD1 Forms), payroll changes, vacation requests, stock option grants, CRA remittances, terminations (ROE Forms), year-end T-4s, and information return filings. Last but not least, our team makes sure that your employees get paid on time and for the right amount. No need to hire a full-time payroll specialist!
Advanced Monthly Reporting and KPI’s
Better information drives better decision making. Our team will create a comprehensive dashboard for your business, as well as generate monthly reports to track the key performance indicators and business metrics that matter most to your company. See how well your efforts are doing and where you may need to refocus without having to hire a full-time expert in forecasting or analytics.
Client Billings and Cash Collections
BrightIron helps you bill clients and collect your receivables faster, so you can improve your cash position. First, our team reviews your current processes for billing. Then they provide recommendations to optimize your billings and cash collection cycle. In addition to sending out invoices for payments, we track and report on your accounts-receivable aging and provide you with a list of overdue accounts for you to follow up with.
Cash Disbursement and Vendor Payments
In addition to monitoring accounts receivable, our tailor-made solutions include tracking cash disbursement and vendor payments. We provide a comprehensive look at your upcoming vendor payments so that you can decide which payments to make and which ones to defer. Once you have authorized an invoice for payment, our team takes care of the rest, including making payments via cheque or e-transfers. You still have control over payments while enjoying the freedom of not doing the work.
GAAP and Complex Accounting
If your accounting needs are more complex than our general bookkeeping, we can provide controller or CFO-level support (with CA and CPA designations). Our team assists with GAAP reporting requirements, as well as supervision of internal or outsourced accounting staff, revenue recognition, deferred revenue, stock option expense calculations, and more. No need to hire an expensive full-time controller or CFO – our team can scale with your needs.
Cash Flow Management and Forecasting
Your business can’t afford to be surprised when it comes to managing your cash. Knowing your current and future cash position provides critical information needed to make sound business decisions. After all, even though it is counter-intuitive, a growing company can post both positive profits and negative cash flow. This could happen if your accounts-receivable collections take 60 to 90 days while your company’s payroll happens every month.
BrightIron builds and maintains an integrated cash flow forecast, so you will know what your projected cash balance is on a rolling weekly or monthly basis. This visibility lets you know when cash will be tight so you can be proactive in managing your business through it, and stretch every last dollar to its limit.
Corporate Tax Returns and Financial Statements
BrightIron offers multiple solutions for corporate tax returns and financial statements. First, we can work with your external accountant/tax preparer to provide year-end financial statements and other information needed to file your corporate income tax return.
If you don’t have a tax provider already, our team can prepare and file your T2 tax return, ensuring that we minimize your income tax liability in the process. In addition, we provide you with an installment schedule so you know how much your payments are and when they are due.