Start-Up Financial Services

Many new organizations have very limited resources. IIO can assist organizations  to be up and running without the time consuming task of creating their own finance team and function.    IIO Financial Start-Up Services enable the new company to focus on its mandate instead of financial functions. 

Financial Set-up

• IIO can create a customized Chart of Accounts that reflects your business and reporting requirements. We can also set-up business numbers and accounts required for the various government filing requirements such as WSIB, GST, Employee Health Tax (EHT).

Policy Creation

• IIO can assist with the creation of necessary financial policies, ensuring that processes and information are in place to meet reporting requirements, e.g. Delegation of Authority, travel policy.

Grant Reporting Compliance

• We ensure compliance with Granting Agreements by assisting with the financial reporting to government for publicly funded non-profit organizations.

Ongoing Financial Processing

• IIO can provide full cycle accounts payable, accounts receivable  and payroll processing services

Year-end Audit

• Most publicly funded non-profit organizations require a year-end audit. Preparing for a year-end audit can be an onerous task that takes accounting staff away from their day-to-day activities for an extended period of time. Our finance team can help by preparing working papers, working with field auditors, reviewing draft financials, and attending audit committee meetings when needed.

Financial Support Services

IIO’s Financial Services include all of the functions needed to operate your organization and provide the necessary information to support management decisions and reporting to your Board, funding agencies, and taxes.  This full range of services is customizable to your organization’s needs.  
 

• Chart of Accounts, Payables, Receivables

Maintain and update chart of accounts customized to individual business needs
Ensure payables and receivables are properly authorized and posted
Create cheques and process payments
Monthly bank reconciliations

• Payroll

Calculate payroll with holdings
Direct Deposit to employees
Ensure payroll liabilities are filed on time
Preparation of payroll related government remittances such as EHT and WSIB
Preparation of T4s and T4 summary
Preparation and remittance of Public Sector Salary Disclosures

• Government Reporting

Preparation of GST returns
Liaise and provide necessary information to government auditors (GST auditors, etc.)
Report to various government agencies
Liase with Government agencies on behalf of the client

• Management Reporting

Profit and Loss/Balance Sheet reporting
Budget v Actual reporting
Review and advise on Grant Agreements with respect to reporting requirements
Compile information required for Grant

• Audit Preparation

General Journal entries
Preparation of year-end working papers
Liaise with customer’s auditors to co-ordinate audit timeframe
Assist auditors while field work is performed
Review draft statements and related tax or information returns
Attend audit committee meetings if required