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Our Process

For Accounting and CPA Corporations

All our clients benefit from painless and straightforward outsourcing because every dime counts.

When you decide to work with us, we won’t take much of your time when outsourcing. Our experienced offshore team doesn’t need any training since it’s already quite knowledgeable in Canadian accounting systems and taxation. You can be rest assured that the outcome will be as fast as you can load up jobs. We can confidently state that our team has completed over thousands of tax returns and financial statements for accounting firms in Canada, and we don’t intend to stop there. Whether it be recurring projects or one-time year end assignments we got you covered.

This is how the process flows:

Your Firm

01

Gathers client's records and prepares sub subcontracting work.

eFinancialz

02

Caters to your firm's needs by receiving and disseminating the task to the team to handle the process.

Your Firm

03

Sends the query further to the client and obtains required documents or information.

eFinancialz

04

When the task is finished, we send the worksheets and supporting documents to eFinancialz managers for verifications.

Your Firm

05

Your in-house team checks the work, and if there are any modifications, they can shout at us anytime.

eFinancialz

06

Our team verifies the changes asked for, finalize outputs and send them to your firm.

Your Firm

07

The output is presented to the client by your team.

Your Firm:

Gathers client’s records and prepares sub subcontracting work. We use email to allocate tasks, and we upload documents to the cloud so that anyone can access them using a remote desktop.

Your Firm:

Sends the query further to the client and obtains required documents or information.

Your firm:

Your in-house team checks the work, and if there are any modifications, they can shout at us anytime.

Your Firm:

The output is presented to the client by your team.

Efinancialz:

Caters to your firm’s needs by receiving and disseminating the task to the team to handle the process. Our team then commences with the process, and in case of any query or information, we will email it to your firm.

Efinancialz:

When the task is finished, we send the worksheets and supporting documents to eFinancialz managers for verifications. Once they approve it, we will send the completed task back to your firm.

Efinancialz:

Our team verifies the changes asked for, finalize outputs and send them to your firm.
e finance

For Business Corporations

1st

MONTH
(Pilot Phase)

During the first month of service, we try to understand the mutual working space between your corporation and us while checking the effectiveness of our solutions.

2nd

MONTH

Setting up of accounts payable by recording invoices, utilities, debit card & credit card transactions, cheque processing, check miscellaneous activities in the firm's finances like funding petty cash, vendor setup, etc.

3rd

MONTHS

Managing cash, bank and accounts receivable solutions – we provide you with periodical Aged accounts receivable summary, funding summary, bank reconciliation reports etc.

4-5th

MONTHS

We are all set for accounting - we file your GST/HST return, manage your payroll, corporate and GST/HST remittances, send you periodical reconciliation reports, general ledger analysis reporting and mortgage maintenance and present you monthly financial reporting for effective financial management.

Pilot Phase (1st Month)

During the first month of service, we try to understand the mutual working space between your corporation and us while checking the effectiveness of our solutions. This also involves fine-tuning the process, building up our partnership, scaling up activities bit by bit, and determining parameters of service level including setting up of payroll services.

2nd Month

Setting up of accounts payable by recording invoices, utilities, debit card & credit card transactions, cheque processing, check miscellaneous activities in the firm’s finances like funding petty cash, vendor setup, etc.

3rd Month

Managing cash, bank and accounts receivable solutions – we provide you with periodical Aged accounts receivable summary, funding summary, bank reconciliation reports etc.

4-5th Month

We are all set for accounting – we file your GST/HST return, manage your payroll, corporate and GST/HST remittances, send you periodical reconciliation reports, general ledger analysis reporting and mortgage maintenance and present you monthly financial reporting for effective financial management.
move drops

What is done at our end?

At our end, we follow these processes as we create year-end financial statements or tax return:

  • First we obtain the company’s chart of accounts including GIFI codes and check for any errors or omissions.
  • We then record the trial balance of the corporation’s fiscal year plus the transaction summary into the bookkeeping software.
  • Scrutinize General Ledger for any errors, omissions or reclassification.
  • Reconcile payroll remittances, GST/HST and corporate tax balances.
  • Record adjusting journal entries to rectify any omissions or errors and for better presentation of the notice to the reader's financial statements. Below are examples of notice to reader financial statements adjusting entries:
  • Prepaid expenses
  • Depreciation of fixed assets
  • Accrued expenses
  • Interest and penalties in a corporate account, recording any reassessment, payroll account and GST/HST
  • 50% non-deductible entertainment expenses
  • Group accounts that were made into adjusting entries so that they include the notice to reader financial statements.
  • Corporate tax returns from the notice to reader financial statements. Prepare GST/HST return (GST 34, GST66, RC 7066).
  • Prepare the corporate tax return (T2 including Schedule 1, Schedule 3, Schedule 4, Schedule 6, Schedule 7, Schedule 100, Schedule 125, and more others).
  • The tax impact of the finalized corporate income tax return is then reflected in the notice to reader financial statements via final adjusting entry.