Outsourced controllership services have become increasingly popular in recent years, with more and more businesses recognizing the value of having an experienced finance professional overseeing their accounting and finance operations. Outsourcing these functions to a professional eliminates the burden of using internal resources for controllership activities, allowing you to focus on growing your business and making informed decisions based on reliable financial data. At Cappit, our outsourced controllership services focus on four key areas: 1) Full-cycle accounting, 2) taxation services, 3) financial statement compilations, and 4) internal & external audits.

Full-cycle Accounting

Full-cycle accounting refers to the entire accounting process from beginning to end, which includes bookkeeping, payroll, accounts payable, accounts receivable, and the preparation of internal financial statements. Businesses must handle these critical processes to ensure stable operations and maintain control of their finances. Our team of finance experts complete these activities, managing the administration of your finance processes and enabling you to focus on the activities which help grow your business.

Taxation Services

Our taxation services help businesses stay informed of their taxes owing and comply with Canadian corporate tax laws and regulations. By leveraging our knowledge of the Income Tax Act, we help our clients effectively manage their tax liabilities through more accurate estimates of the business’ tax position and timely filing of all required tax documentation.

Financial Statement Compilations

Financial statement compilations (or simply compilations) are an important activity for all businesses, growing and mature, as it unlocks financing from lenders. As a condition of lending, institutions typically require a financial report prepared by a professional firm that is external to the business. Compiling financial statements involves taking data from a company’s financial records and presenting it with the appropriate disclosures for external users to interpret.  Businesses can use an outsourced finance firm for compilation services while handling full-cycle accounting internally. It is common for businesses to use outsourced finance firms for both full-cycle accounting and compilations to minimize internal resources and avoid unnecessary communication for information sharing.

Audit Services

External users of financial statements, such as lenders or investors, sometimes want additional comfort that the financial information presented is reliable. To achieve this, users may request an audit or review of a company’s financial statements by a third-party. Audits and reviews are independent assessments of a company’s financial records and the practices used to create them. Audits are more complicated and require more involvement compared to reviews, and are requested when it is critical to have accurate financial information (e.g. when there are multiple investors). Unlike compilations, the firm completing an audit or review cannot be engaged with the business for other work to prevent threats to its independence.

Outsourced controllership services offer a range of benefits for businesses of all sizes. By outsourcing your finance function to a professional controllership firm, you can reduce the cost and administrative burden of managing a finance team, allowing you to focus on growing your business and have access to reliable financial information to make informed decisions.

Reach out to the Cappit team today for a free consultation on how outsourced controllership can help your business maximize its potential.

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