INTRODUCTION
A fast-scaling entrepreneur in the dynamic e-commerce sector, partnered with Mercurius in November 2023. The client needed a dependable accounting partner to migrate systems, clean up multi-entity books, and ensure compliance with Canadian financial regulations, all while continuing to scale past CAD 55M+ in turnover.
DISCUSSIONS
Operating multiple business entities, he required a robust financial infrastructure to support growth and maintain clarity across inter-company operations. High transaction volume and evolving compliance needs, made us a strong fit to deliver a seamless transition and ongoing strategic support.
REQUIREMENTS
The client engaged us to support:
• Migration of historical and current data from Account Edge to QuickBooks Online (QBO)
• Reconciliation of accounts receivable, accounts payable, and inter-company transactions
• Cleanup and accuracy of all financial records
• Daily bookkeeping operations and vendor management
• GST-HST reporting in compliance with Canadian laws
• Insights and strategic financial guidance
SOLUTION
With a dedicated point of contact and an in-house team of experienced bookkeepers and accountants, we executed a smooth and scalable solution tailored to client’s business.
1. System Migration:
Successfully migrated all financial records from Account Edge to QBO while ensuring data integrity. This laid the foundation for streamlined reporting and operational efficiency.
2. Reconciliation & Cleanup:
Meticulously reconciled AR, AP, and inter-company accounts during the transition. Cleaned and updated financial records across three actively growing entities, demonstrating our commitment to precision and up-to-date compliance.
3. Daily Accounting Operations:
Took over day-to-day functions such as bill entries, vendor payments, and reconciliations. We also set up a new entity’s bookkeeping from scratch, delivering a flexible and scalable setup.
4. GST-HST Compliance:
Prepared and filed GST-HST reports accurately and on time, in line with Canadian tax regulations, showcasing our cross-border compliance expertise.
5. Strategic Financial Support:
Provided strategic insights into budgeting, planning, and profitability tracking of the business.
6. Scalable Reporting Framework:
Implemented customized financial reporting and systems built for scale, supporting the client’s long-term growth trajectory.
Throughout the engagement, our team ensured quick turnaround times, great communication, and dependable backup resources, earning the client’s continued trust and partnership.
CONCLUSIONS
Our collaboration with the client resulted in a seamless transition to QBO, improved operational clarity, and enhanced financial reporting. The engagement enabled the client to scale confidently, contributing to strong revenue growth. We continue to work with him as a trusted financial partner, equipped with a tailor-made, compliance-ready, and growth-oriented bookkeeping system.
