Accounting for Manufacturers
Manufacturers should partner with a CPA company so that they can delegate the tough job of organizing and compiling their financial records to the experts specializing in this area.
High labor costs and complicated supply chain challenges make manufacturing a challenging industry where manufacturers are under pressure to increase operational efficiencies. Canada’s manufacturing sector is growing, but we must deal with various competitive challenges as this trend continues.
Canada’s manufacturing landscape today is characterized by fluctuating supplier prices, a workforce crisis, and escalating competition from emerging markets. Understanding numerous financial, tax and regulatory challenges are even more critical for manufacturing businesses.
Accounting services for manufacturing businesses are distinctive in that they are based on inventory value and the cost of goods sold.
We offer a wide range of accounting services for businesses that manufacture goods. Our clients value the support we offer for all their manufacturing-related accounting and tax issues. From bookkeeping to accounting to financial statements and annual taxes, we are experienced in offering the following services:
- Transaction Entry
- Journal Entries & Ledger Postings
- Inventory Reconciliation
- Loan Accounts Reconciliation
- Accounts Payable Services
- Accounts Receivable Services
- Bank Account and Credit Card Reconciliation
- Assets/Equipment Ledgers
- Cloud-based Payroll processing
Accounting & Tax Advisory Services
- Profit and Loss Statement
- Cash Flow Statement
- Balance Sheet Reporting
- Trial Balance
- Fixed Assets Process Reports
- Inventory Accounting
- Financial Analysis
- Monthly/Quarterly/Yearly Review
- Corporate Income Tax
- GST/HST Taxes
- SRED Filing
Many manufacturing businesses have worked with Insight Accounting CPA to prepare their financial statements, file corporate taxes, and submit their GST/HST filings. We look after more than just the financial information needed to file GST/HST returns and corporate income tax returns. We are also familiar with the duties imposed on manufacturing businesses. Insight Accounting CPA is available to assist you in getting control of your accounting function if you are in the manufacturing business.
We can provide you with audited financial statements, or reviewed financial statements for your organization as certain bank lending facilities may require audited financial statements instead of compiled financial statements or reviewed financial statements. Certain bank lending facilities, and government requirements, will require a higher level of assurance on financial statements