We are familiar with various processes and obligations in the manufacturing industry, and we carry out all bookkeeping, accounting, and tax advisory services to ensure compliance with industry laws and regulations.
Your manufacturing business must keep records of various documents, including work-in-progress reports, raw materials, processing costs, and your finished products’ selling price. Without a sophisticated and comprehensive accounting system, determining your various product lines’ profitability and streamlining your product activities is impossible.
At Hart Accounting Services, we offer a wide range of accounting solutions to manufacturing companies in Ontario. We will tailor our bookkeeping, tax, and accounting services to your business’s industry to ensure a quick, convenient, and seamless migration from your in-house accounting process.
As an accomplished accounting firm, we have all the necessary experience and expertise to help you navigate the fluctuating supply costs, complex supply chain issues, and changing tax regulations.
The solutions we offer to manufacturers consist of bookkeeping services, payroll management services, and accounting and tax advisory services. Our bookkeeping services include:
- Transaction and journal entries
- Ledger postings
- Reconciliation of inventory, bank, loan, and credit card accounts
- Accounts payable and receivable services
- Assets and equipment ledger management
The accounting and tax advisory services we offer include:
- Drawing up profit and loss, income, and cash flow statements
- Balance sheet and fixed assets process reporting
- Financial analysis
- Inventory accounting
- Filing corporate income tax, GST/HST taxes, and SRED
- Monthly, quarterly, and yearly reviews
Our payroll management solutions include cloud-based payroll processing. The accounting solutions we offer give you an in-depth insight into your manufacturing business’s performance so you can make calculated management decisions.
Our cloud-based accounting services allow you to keep the finger on the pulse of your business’s liquidity, solvency, and profitability. By outsourcing your accounting to Hart Accounting Services, you will be able to:
- Locate unprofitable processes and product lines
- Maximize your return on investment and return on assets
- Identify unoptimized capacity and bottlenecks within your operations
- Determine which customers and products are the most profitable
Focusing on profitable operations allows for optimal profit generation and business growth.
We keep your financial records updated and organized throughout the financial year, saving you valuable time and resources when it is the tax season or year-end. With our tax preparation solutions and return filing, we help you navigate the latest CRA regulations, including tax-deductible expenses, to minimize your tax burden.
When you hire Hart Accounting Services, you partner with a team of professionals who takes care of all your manufacturing cost accounting while maintaining full control over your financial records.
Whether you want to reduce your corporate or tax liability, boost profitability, or ensure your financial records and statements’ accuracy, Hart Accounting Services can help. We will personalize our comprehensive range of accounting solutions to meet your business’s specific accounting needs and ensure compliance with all relevant regulations.
We use modern, cloud-based accounting solutions that allow you to access statements, documents, and records from anywhere in the world. If you prefer that your in-house team takes care of your manufacturing business’s accounting, we can provide you with advisory and training solutions as well as support.
Frequently Asked Questions
Here are some questions business owners frequently ask when they consider hiring manufacturing accountant services
Do I Have to Outsource Manufacturing Accounting?
While you have the option to hire and train an in-house accounting team, it makes financial sense to outsource your manufacturing business’s accounting. Our professionals file payroll and business taxes correctly, which prevents non-compliance and expensive penalties.
We provide you with a choice-to-choose service, meaning you only pay for the services you need. Additionally, by outsourcing manufacturing accounting, you improve the coordination between various accounting functions, including payroll creation, purchases, and employee appraisals.
What Does the Monthly Accounting Process Look Like?
The accounting process starts with the identification of business transactions from the source documents you provide us. Then, we record these transactions in the journals before posting them to the ledger, where we determine their balances.
The next step is drawing up an unadjusted trial balance, adjusting entries, and preparing the adjusted trial balance. We prepare the financial statements from the trial balance, including the Income Statement and Other Comprehensive Income, the Statement of Changes in Equity, the Balance Sheet, the Statement of Cash Flows, and Notes to Financial Statements.
The last step of the accounting process is preparing a post-closing trial balance to test the equality of debits and credits after making the closing entries.
How Will Your Accounting Services Affect My Bottom Line?
Poor financial management is one of the most common causes of business failure. However, with our professional accounting solutions, you can adequately measure and manage your manufacturing business’s finances.
Our accounting solutions will increase your bottom line through regulatory compliance, eliminating penalties and unprofitable investments while lowering your tax bill.