If you're not a financial executive, you may not even know exactly what controllers even do, or what the difference between a Controller or a CFO are? 

Typically speaking a Controller handles the accounting-related activities of a given company in its entirety while managing the Accounting Staff for that company, from advise, training, and compliance review to  ensuring that the entire Accounting Data set is compliant for your Business Fiscal year end. 

There are several different types of Management and Accounting, and often Corporate Controllers or CFOS wear many hats to facilitate that type of Accounting  for the specific industry in which they are working. 
They are most often doing many things behind the scenes that people are unaware of that include software reviews, Accounts Receivable and Payable Management, Inventory Control and Integrity Review, Payroll Reconciliations and integrity review and also preform internal audits to ensure that your companies accounting activities are being performed accurately, correctly, and per Owners requested. 

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What is the difference between Accounting & Bookkeeping?

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Many people do not think there is a difference. Simply put, they both assist in your company reaching its goals, and they support your business in different stages of the financial cycle. 
However the distinction is clear. 
Bookkeeping is transactional and administrative. Ensuring the day to day and processing is done correctly and with ease. 
Versus, Accounting is subjective, and will provide business health and information based on the bookkeepers information. 
Depending on the size of the business you require Bookkeepers and Accountants, and in some cases in house and External Accountants.

 

​Is it a Bookkeeping Task or an Accounting Task? 

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Full Cycle Bookkeeping Tasks: 
Now most bookkeepers are incredibly capable and can often do Accounting Tasks, this is a basic lists of the Key Differences. 

• Record and categorize daily payments and expenses

• Manage the AP Functions and Print Cheques

• Send customer invoices and record payments received

• Manage the AR Functions and Collections

• Conduct Bank Reconciliation Monthly, if continuity not required, (as in having multiple Accounting members doing multiple functions to ensure Bank Rec is reviewed correctly)

• Process GST and appropriate provincial requirements

• Generate internal Management reports

• Process payroll if able and compliant to do so

• Process CRA Source Remittances if compliant to do so

• Provide and process T4 documents if compliant to do so

• Prepare Accounting Data set for the Accountant

• Provide a complete year end to Financial Accountant

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In  House Accounting Tasks: 
When a Corporation has multiple roles, the crossover and distinction between Full Cycle and Accounting sometimes gets blurred.  
Further to any of the above Bookkeeping tasks, in House Accountants would

• Train and Mentor Accounting personnel, inclusive of Bookkeeper

• Would be senility trained in a certain industry to assist in overall l review and implementation of Accounting Software, datasets and more

• Would process a review of the dataset monthly and be the one processing all Chart of Account Reconciliations for review of Accounting Staff

• Would prepare adjusting entries

• Would prepare all CRA documentation

• Would monthly Analyze the costs of Operations and Financial statements

• Would likely be in Human Resources, or be cross trained in such processing and be a Payroll Practioner, more or be able to thoroughly review all Payroll data for compliancy 

• Would process the Bank Reconciliation monthly

• Would close off the monthly books and data set

• Would monitor cash flow and processing

• Would Advise Business Owners of financial decision making

• Occasional preform in-house Audits

• See Management Accounting

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External Accounting Tasks: 
Further to some of the Above Accounting Tasks. 
When hiring an External Accountant the Corporation is looking likely for a Review Engagement or a Compilation Engagement. See below. What is Financial Accounting. 
Tasks that would link back to the Corporation would be: 

• Analyze the costs of operations

• Review and analyze cost of Operations and Financial Statements

• Preform Audits if required

• Preform Cash flows if required

• Reviewing the Fiscal year and gathering, compiling and conversing with either the Bookkeeper or In House Accountant to provide the year -end Financials. 

• File Tax Returns, conduct tax planning and provide tax advisory functions for the corporation

• Create Financial Reports based on the required Corporation Engagement and T2 to CRA

• Prepare all adjusting entries to be given back to Bookkeeper or In-House Accountant

• Give financial and business advise to the Owners and Shareholders to the health of the Company and anything that they see during the type of Engagement in Service. 

• You're looking for a CPA Firm, a Certified Professional Accountant in Canada with their Designation. See Financial Accounting

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What is Accounting Management?

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Management Accounting is typically an in house role and is often labelled as Controller, Financial Controller, Financial Manager, CFO and often this is a contracted role or parts are contracted assisting in preparing reports about business and operations that assist managers and owners make short and long term decisions about the growth and success if their business. 

Simply put, Accounting management is a very imperative role and assists all businesses in cost review identification, analysis, interpreting, and communication of the Accounting information to all areas of the Business from Owners and Shareholders, to Operation Managers, General Mangers and other managers to that the Corporation can achieve its business goals and growth, from: 

• Forecasting the future

• Aiding in decision making and insights on cost, production, internal data from CTC, to upcoming changes to ensure that the Corporation is able to make informed and strategic decisions at an empowering level. 

• Cashflow

• Performance variances

• Training and implementation of an Accounting Department

• Full Cycle review and Reconciliations

• Review and processing an Entire Accounting System and Software

• Knowing and understanding the inner workings of that Accounting And Software System 

• Reviewing and utilizing the internal management components inside the Accounting software to be able to properly manage, authorize, and process all data compiled inside the Software for reports, budgets, and statements. 

• Internal Reviews and processes​​

The individual that performs this role gathers all data that encompasses the Accounting System and creates readable information for the Management Teams of the Business to see the full picture of operations related to the costs of products, or services of the Corporations. 
This integral data is used to quantify the Business Plan and to execute all Operations.

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What is Financial Accounting?

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This is a specialized branch of Accounting that keeps track of companies transactions using GAAP principals.
This typically would be your Corporations EXTERNAL Accountant.
Financial Accounting is taking the transactions that are posted and recorded, summarizing them, and presented in a financial report or statement. 

A Corporation depending on its size can have both INTERNAL and EXTERNAL Financial Accounting.

When referencing the Financial Reports and Statements, this is in reference to the Balance Sheet and Income Statements (Also known as Profit & Loss Statements).

​This is typically done monthly and quarterly in the form of Internal Management Reports, however it is primarily the term used for Accountants that work for Firms that preform Year Ends, T2s and in turn provide Corporations. 

• Compilations (formally Notice to Reader) Financial Statements

A compilation Engagement is only suitable for internal use by management for limited use, such as income tax reporting. When a Corporation files its Corporate Taxes, firms that are completing them, will create a Compilation. No assurances are provided by the Accountant to the user for the Financial information and a CPA is not associated with the information, therefore has no reason to believe it to be misleading or incorrect. If this is the Financial Report chosen for a year end, and you deliver them to your bank, it is the responsibility of the lender and bank to ask questions and your RESPONSIBILITY to respond to your Lender's questions not the CPA or Financial Accountant that created the Compilation Engagement. 
For some this is suitable, for others the Review Engagement is better suited. 

•  Review 

​When Financial Accountants are hired to process a Review of Financial Information, this provides the Corporation with the knowledge and assurances that a certain level of assurances where used to prepare and provide tot he Corporation a Financial Statement. 
The CPA creating these, will engage with the Corporation to prepare a review of the data set and financial information to provide some creditors, and lenders, new partners, or shareholders, or potentially new buyers of  your corporation some assurances to the data. 

• Audited 

Finally there are audited Financials, that compromise of an examination of the accounting records and other data supporting the creation of the financial statements. 

FOR ANY CORPORATION IT IS ALWASY BEST TO HIRE A FINANCIAL ACCOUNTANT, CPA, TO CREATE FINANCIAL STATEMENTS. There is a level of continuity and process, as well as peace of mind knowing that this was done correctly. It is NEVER in a Corporations best interests to have a Bookkeeper process your T2 for a 500.00 rate and send these out. Ensure you know and understand your Business growth. 
Use other Accountants, and specialties, in-house controllers to assist in giving you information, and then use an External Firm always to process. 

• You're looking for a Certified Professional Accountant in Canada with their Designation. ​

If you're looking for a good firm, please inquire we have some great CPA's and Partners we use all the time. 

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What is Business Management?

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Business and Management are the disciplines devoted to Organizing, Analyzing, and Planning the necessary types of Business Operations.

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Is it the same as Operation Management?

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No it is not the same. Business Management is still a function that falls within Accounting, however the position can be split to Operations or in part, a combination of both. 
Operations Management is the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.

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What you get when you hire us as a Controller?​

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Within our bundles we offer full cycle Accounting & Automation. Full Cycle Bookkeeping Services  Items within this are done at the end by a Controller/ Accountant.
This services allows for the All-in-One experience and and Hire a CFO/ Controller is the last step to ensure success for the Accounting Cycle. 

Need help in-house but not the overhead or not everyday?!
We offer the
“Outsourced CFO.” “Hire a Controller”.

Need someone to manage your Accounting team? 
​We are what you will need. 

This is a service that any business should be using either

• Weekly

• Monthly

• Quarterly

• Yearly 

• or a combination to manage Accounting and finances.

Any of these combinations will benefit your Company as it gives you an objected third party view on all of your Business and requirements. 

We want to see businesses succeed and grow in the direction that they want, we want to see you succeed. 

As experts in Business Accounting, Finance, Management, Production, Planning, Reporting, and Workflow,  an all encompassing view of your business ensures that not just Bookkeeping and data entry  is processed. 
​Your Business will receive ALL-IN-ONE, along with Computer software and Integration.
We have an outstanding track record and know we can help where you need it for the short or long term without effecting your bottom line. We are solution driven and are always anticipating what will happen next. 

Here is some of what we offer, if you don't see it listed, contact us and we can discuss your Business needs:

• Review of your Business

• Someone to sit down and see your Accounting Data Set and review Internal controls

• Strategy and Forecasting to help you obtain your Financial and Business Goals

• Cost Benefit Analysis

• Processing Analysis

• Cost Accounting and Analysis

• Budget reviews and implementation

• Inventory Review and Management

• Financial Transactions

• Prepare a post-closing trial balance.

• Asset Entries and allocations

• Accruals

• Capital Gains and Losses

• Prepare closing entries

• Prepare financial statements

• Prepare an adjusted trial balance

• Preparing adjusting entries

• Prepare an un-adjusted trial balance

• Post information from the journal to the ledger

• Record transactions in the journal

• Analyze and measure transactions- External transactions, Internal transactions

• Interim Management Reports

• Financial Management Reports

• Contracts, Employee Agreements, Collectives and Adjustment Contracts

• and much more

We're here to help you and your Business with all of your goals and aspirations.

Lets do this together!

We offer this service Hourly or/and in monthly bundles to suite your unique Business needs. 
Please book a free consult prior to this service so we know exactly what you need!

If you're looking for Operations and Workflow Consulting,  our Hire a CFO and Hire an Operations Manager go hand in hand for success within your business. 

We have created and bundled the required tools for success into these 2 outsourcing services and have combined them into lesson plans and process uniquely created for your business based on the principals of Efficiency, Effectiveness, and are driven by Continued Education to ensure that you and your business are able to grow and succeed. 

This can be done in conjunction with any other service, and can be built into your monthly package with us to be inclusive of review and teaching or you can outsource all of it to us. 

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A Controller plays a vital role in your company and typically acts as your in-house Accountant providing a combination of Accounting Management and Financial Accounting.

So why outsource?

Here are the top reasons to: 

Your Accounting Staff do not fully understand everything required. 

• Office Managers, Bookkeepers, Data Entry Clerks, Finance Coordinators and Administrators are AMAZING and are often under utilized, but sometimes they are overwhelmed, overworked, and simply cannot complete all tasks required by your Company, especially if you are scaling, growing and attempting to reach some Business goals. 

• We will often come on board, to help with the Accounting burdens to either preform an internal audit, train the Accounting Staff, or offer part-time to full time assistance when required. 

Your CFO is overwhelmed and needs assistance

• Your current CFO is responsible for the well being of your company and the growth function, sometimes they are getting bogged down in the day to day accounting needs, and require interim help to allow for them to focus on a specific project or process. 

• We will often come on board to assist their Accounting staff to allow them to focus on those products on a contract basis until they are able to return to this position. 

• Our Internal processes and successful business strategies stem from including Management and Coordination in every facet that we do for our clients. 

Continuation of Controller Services

• We're all invincible, or at least like to think so, but COVID and other issues proves we need to expect the unexpected

• We often come on board to fill in for another Controller when he/she are sick, need to take a leave, or when they are required for an alterative project to be able to help train employees or do reports per their request.​

Saving Money

• Most Controller Salaries start at 85,000 per annum, and this doesn't include any other CTC (Cost to Companies) like Health and Dental, your portion of taxes, RRSP or anything else your company needs to provide. 

• We want to help you save those Operating Expenses, and know that some of these services can truly be done on a part time basis. 

• You get a Part Time Controller, that is experienced, educated, and efficient, without having to pay the full cost

How are we more Efficient than our Competition: 

We include Corporate Accounting and different Accountant roles in our day to day processing within the CLOUD systems and our services of Accounting Automation and Full Cycle Bookkeeping as we know the integral role and dependency every section of your Finances required. 

We integrate our in-depth knowledge and our teams strengths in Accounting, Bookkeeping, Taxes, Payroll, Human Resource Management and Operations and know just how depended each of these areas of business are on one-another to ensure that our Clients receive truly an All-In-One Service that fully encompasses our Experience, Efficiency, and Education to ensure you feel great about your Accounting needs and that you feel empowered to have your Company Grow. 

What we offer at Forge Accounting & Management Services is the All-In-One experience and as we said in our story and how we started, there often isn't the need for fulltime Controllers and Operation Managers, but one is still required,  so we have developed a system to offer you this expertise on a part-time basis based on the necessities your unique business. 

Again why should you outsource your Controller functions? 

Aside from outsourcing allowing for better control, value, and finances, you can also ensure you will be getting: 

1. Advise you can count on- A benefit from regular advise, is this allows for proactive planning in all areas of your Business. 

2. Continuity- We can offer the data to be correct and to date, an allows you to have live up to date data through the Automation functions without any interruptions in your day to day operations. This allows you to know when data will be done and to have your Financials current, quickly and at your fingertips in a clear concise manner all business owners can understand. 

3. Peace of Mind- We know what we're doing, and want you to have peace of mind that we can help you fix issues you have done, or we can do it from start to finish to prevent costly errors and to ensure your business is compliant along the way

4. Time Savings- Allowing us to process your Accounting, allows you to focus on your key Business goals and aspirations .

5. Technology- Accountable Automation, we partner and spend the time to stay up to date and current on all new innovations and products, we partner with these technology companies to offer our clients the best resources for the best costs. 

Our Team has worked as Office Managers, Corporate Controllers, Corporate CFO's, Human Resource Managers, Operation Managers and more, and have been in specific industries. 

We have a wealth of knowledge, expertise, and satisfied clients. 

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Click our "Book Now"  Button below to view all our Corporate Bundles, Operations and Workflow Consulting Services.

Please note that this is fully is customized to your business for what makes you and your business unique. 

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