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GEC Global

FOR CANADIAN BUSINESSES

We provide several accounting services specifically for Canadian businesses. Our goal is to detract the burden of non-core functions by managing them in a more proficient, gainful, and beneficial way. Our bookkeepers are well-equipped to support all aspects of your needs. We deliver a level of unwavering quality, consistency, and expertise that is typically reserved for mid-market companies with large accounting.

Your business could be simple and you do not want complicated accounting for that. Yet, you need strong accounting support to ensure that the compliance requirements are being met at the very least.

GEC helps you achieve a professional edge through continuous support in the bookkeeping function for your business. Let our accounting support do the talking about the financial performance of your business. This includes reconciliations, preparation of income statement and preparation of balance sheet as and when you need it.

Our accounting system helps you monitor the progress of your business and help you manage it better. The accounting checks help you take preventive measures to ensure efficient internal controls. Bookkeeping Services includes;

  • Manage Chart of Accounts

  • Posting Nominal Ledgers

  • AR/AP Reconciliation

  • Sales Invoicing and Entering sales ledger documents (sales invoices)

  • Entering Nominal Expenses

  • Preparing bank and credit card reconciliations

  • Preparing Journals for Month Ends

  • Preparing cheque payments

  • Preparing trial balances

  • Managing of Multi-Currency Accounting

  • HST lodgement and reporting

Payroll work can be complicated and time-consuming, not to mention the cost of non-compliance can hit your business hard at unexpected times.

You will be surprised to know that many businesses spend an average of about 2 weeks every year only to ensure that their payroll work is complete. Imagine had it not been for these two weeks, you could have utilized the same in working towards conversion of potential clientele to the actual business or exploring newer business opportunities, or developing business relationship with existing customers.

Our vast experience in supporting a vast range of clients has helped us build a cost-effective payroll solution to ensure that you get a customised, professional service without the need to hire specialised staff. You can expect to get user-friendly, easy to understand, payroll reports.

Here is a brief view of the plethora of services offered by us:

  • Obtaining necessary tax withholding forms from employees.

  • Creation and filing of required new hire reports.

  • Performing payroll calculations after considering necessary federal and state withholding.

  • Processing of payroll on weekly, bi-weekly, bi-monthly or monthly basis and issuing pay stubs for employees as per client requirements.

  • Processing deposit of federal and state payroll taxes as per required frequency.

  • EI & CPP Contribution

  • TD1 Forms

  • T4

  • Issuing annual payroll form to employees.

  • Ongoing consulting on payroll-related matters.

If you are looking for affordable, professional services to manage your payroll, you can drop in your requirement via the e-mail address mentioned in the contact section or you can also ring us up for getting quick solutions on your requirements.

Every business owner expects to get across with bookkeeping work smoothly. Your choice of professional for managing your bookkeeping might be an accountant. However, hiring the right professional, possessing the right set of abilities and managing his salary while he manages your compliance requirements can be a daunting task.

At GEC, we simply say that – leave it to us through the Virtual Accountant Services. Virtual Accounting process replaces the need for an in house accountant for your business by offering professional services at industry competent prices. This is achieved by seeking a part-time or full time dedicated accountant at our end. In either case, you are able to manage and verify the accounting for your business at your will.

Every business seeks to have a clear direction about where it wishes to head in future. This is more often the case with growing businesses that face frequent challenges and lack the adequate management skills and business acumen to take the right step at the right time. It may be too difficult sometimes to avoid unexpected expenses, and at the same time, too tempting to incur many costs, including those on marketing and business promotion. Not every business can afford to have a CFO since the committed costs could be too high.

Our Virtual CFO support helps you get the right solution and guidance as and when you require, without pushing yourself too much. Our support guides you to have better understanding of the financial side of your business and ensure that appropriate financial controls are in place and that they incorporate timely and clear financial information. The service includes all relevant direction that your business requires at whatever stage it is at. This gives any business an opportunity to focus more on new customers, services and other more significant issues and improved decision making capabilities. A part time virtual CFO primarily helps with the matters including, but not limited to, the following:

  • Overseeing, protecting and constantly improving the financial side of your business.

  • Improved quality and timeliness of financial information.

  • A readily available sounding board to help you with those tough business decisions and help you clarify your business plans.

  • Training and managing your accounting staff.

  • Creation of accounting policy manuals.

  • Supporting the business to obtain funding at right costs.

  • Defined tax saving strategies.

  • Preparation and controlling budgets.

  • Supporting you achieve medium-term and long-term objectives

  • Profitability analysis by service or product line.

  • Trend analysis.

  • Cash management.

  • Liaison with bankers, attorneys, vendors, insurance agents, etc.

  • Assistance in obtaining financing from banks, including assistance with negotiations.

  • Review/negotiation of insurance policies.

  • Development of company accounting procedure manuals.

  • Analysis of equipment purchases, expansions, etc.

  • Mergers and acquisitions assistance

At GEC, we are committed to serve our clients and help them focus on their core competencies. We support businesses to sub-contract routine work, which gets accomplished through us in a professional manner, respecting the confidentiality of clients’ data. This includes serving them by helping their business achieve the benefit of efficiency through follow-up exercises for their outstanding and a frequent, regular reporting service on the receivables. The time saved by the firms can be more efficiently used to develop their own competencies instead of wasting effort on collections. Our AR services include the following:

  • Preparation of invoices and mailing after approval

  • Accounting for receivables transactions into the accounting system

  • Follow up on behalf of clients to ensure an end-to-end support

At GEC, we believe that not only your customers, but also your suppliers help you stay in the business. A good relationship is required to be built with suppliers to derive maximum advantage for your business. Our professional services come in a pack of support on Vendor management, payables ageing support and invoice processing.

Our specialisation in payables management ensures that timely information is captured about the payables, helping you avail discounts and avoid payment delays. We help your business with:

  • Sorting, scanning and indexing the invoices and processing as per the business policies.

  • Upload of invoices in the AP system and release of invoices for payment

  • Accounting for AP invoices and creation of financial statements.

  • Utilities bills management

  • Reporting Accounts payables

  • Employees’ expenses processing

  • Payment handling through electronic mode

  • Compliance checks and efficient audit mechanisms

No business can escape the risks of frauds or misappropriations – this could be more relevant for growing businesses and may overlook the gaps in processes. Sometimes, there could be an excess reliance on people, thereby resulting in too much dependence or risks of frauds. It is prudent to establishing an internal control process through an independent agency.

We carry an unbeatable expertise in the domain by recommending customised solutions and best practices that are easy to be conducted at least cost for your business. Bringing effective control procedures and review thereof is a key to help your business grow in the right manner.

We achieve the above in the following manner:

  • First and foremost activity is the segregation of duties. Ensuring that no single person has control over all aspects of any financial transaction. This considerably reduces the risks of frauds.

  • Make sure transactions are authorized by a person delegated with approval authority when the transactions are consistent with policy and funds are available.

  • Routine reconciliation of records and review by an independent person other than the preparer.

  • Creation of accounting and operational policies to perform the work in a standardized manner.

  • Review of business operations to check whether established procedures continue to be effective and efficient. If there is a need to revise those, a review of existing procedures is carried out to address changes in business practices.

A right beginning is half-battle won”. You do not wish to start a business with an aim to close it sooner and consider it a learning experience. There has to be an approach to understand each component of the business, whether it be revenue, product, price, expenses, supplier arrangements, funding, growth expectations etc. It is a prerequisite that you should plan what you intend to achieve – in the short run and long run! Achieve what you expect and seek through creation of a strategic business plan.

Most of us carry brilliant ideas, many of us work towards this but only a few execute it rightly. A strategic plan is the approach to be followed to achieve that you visualise. There is no exception to the rule that everyone wants to be successful – no matter what the field might be. Businesses are no exception either. Clarity of goals and right steps to achieve those is covered through the strategic business planning process.

A Strategic Plan is of great help in case of:

  • Starting a new business or a venture

  • Thinking of expansion of current business either through borrowings or own money;

  • Acquisition of another business

  • Restructuring of a business

  • We, at GEC, support your business plan and manage your cash flows in the rightful manner. We provide services with respect to the cash management of your business through:

    • Supporting you obtain the right line of credit;

    • Cash management policies draft;

    • Supporting cash flows management through right projections and plan of action for surplus / deficits;

    • Drafting efficient payment policies

GEC India Consulting LLP (GEC) is not a Canada CPA firm or an attorney firm and not a substitute of any of these. This LLP is incorporated under the laws of India. The laws of India shall govern, and the courts of India have exclusive jurisdiction.