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. 

© 2018 BIT Accounting ALL RIGHTS RESERVED.

BIT ACCOUNTING  |  604 . 833 . 9374

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