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Ensure you’re tax and legally compliant – Part II

How a part-time CFO will resolve your tax challenges

The CFO Centre will provide you with a highly experienced senior CFO with ‘big business experience’ for a fraction of the cost of a full-time CFO.

This means you will have:

  • One of Canada’s leading CFOs, working with you on a part-time basis
  • A local support team of the highest calibre CFOs
  • A national and international collaborative team of the top CFOs sharing best practice (the power of hundreds)
  • Access to our national and international network of clients and partners.

With all that support and expertise at your fingertips, you will achieve better results, faster. It means you’ll have more confidence and clarity when it comes to decision-making. After all, you’ll have access to expert help and advice whenever you need it.

In particular, since every CFO Centre CFO is a qualified accountant and has experience of the kind of challenges which many business owners may feel are beyond solving, he or she will help you with your tax and legal position.

It is always a great relief to our clients to know that this high-risk area is being looked after for them.

It was a problem with GST that led one family-owned business to contact The CFO Centre.

One of The CFO Centre’s part-time CFOs recalls his first meeting with the business owners well.

“They were in a dark place when I went for my first meeting,” he says. “They had a tax problem and they were paying that off. “ “The company had been operating at a loss, running out of cash and they were constantly cutting costs.“

“I asked them what they thought they needed to do and I replayed it to them at the end of the day and all I did was say ‘You do that, you do this’ etc. “ “They knew what they needed to do, but they just didn’t have the confidence to do it. “

“It took us about nine months to sort it out. We put a strategy together and sold off two showrooms.” “Now, in our second year, we have three showrooms instead of five and yet our revenue is greater than what it was when we had five.”

“The family is in a place where they love going to work. They like what they’re doing and they want me to keep going in because I give them the confidence to make decisions about the business.”

A software development client was another business that benefitted from specialist tax advice from one of our part-time CFOs.

“Our part time CFO sorted out the R and D tax credits, which has also been a big help particularly because it came along at a time where life could have got quite tough if we’d had to pay out a huge tax bill,” recalls the owner. “We hadn’t even considered the R and D tax credits so this was a big win.

“It really helps to know that the finances are being professionally looked after. Our CFO is able to come in and steady my nerves if we are going through a difficult patch.

“I can relax knowing that I’ve got somebody watching over the financial side of things. Because I recognize that I’m not a numbers person and that it could all go completely awry if it were left to me to look at the numbers and understand what was happening.

“Having our part-time CFO has given my confidence in the business an enormous boost. I have no worries at the moment because our CFO lets me know when I need to focus on something. His input has meant that I am free to think about all the other things that I’m trying to do without worrying too much about the financial health of the business. When I do need to look at something urgently he can bring the issue into sharp focus then.”

In certain cases where the structure and complexity of the business dictates, it may be necessary to seek out a tax specialist (or even tax experts) to work alongside your part-time CFO. It’s your CFO’s role to determine the requirements for your business and ensure that the plan is implemented in the most effective and efficient way possible.

A CFO Centre part-time CFO will work with you to:

Determine your requirements and devise a tax planning strategy and remove the fear of the unknown so that you and your senior team can offload the burden.

  • Work with our wider network of tax specialists to solve complex issues as and when required.
  • Undertake negotiations with CRA on your behalf.
  • Implement processes that ensure that tax deadlines are met.
  • Translate specialist terminology into language you will understand and explain the plan in plain English.
  • Prepare cash flow forecasts for CRA that support applications to defer payments.
  • Devise an optimal tax efficient exit strategy for the business.
  • Ensure the tax advice fits with the overall business strategy
  • Discuss the most efficient ways for you and your employees to be remunerated.
  • Ensure that your company is kept fully up to date with new tax legislation.
  • Establish systems that record data the most effectively for tax purposes.
  • Deal with day to day legal issues – such as terms and conditions – and make sure your company is compliant.
  • Work with our wider network of solicitors to solve important/complex legal issues.
  • Help interpret legal letters and contracts.

Contact us today!
tel: 1-800-918-1906
email: [email protected]
www.thecfocentre.ca

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