How We Helped a Startup Tech Company in Mississauga Establish Financial Processes and Ensure CRA Compliance
A newly founded tech startup in Mississauga approached Gondaliya CPA needing guidance on setting up proper accounting systems and managing compliance requirements. With a small team, multiple investors, and early-stage revenue from software subscriptions and client contracts, the company wanted to ensure accurate reporting and avoid potential CRA penalties.
About the Client
- Business Type: Startup technology company
- Location: Mississauga, Ontario, Canada
- Previous Setup: No formal accounting system, manual tracking of expenses, and investor funding records
- Main Challenges:
- Lack of structured bookkeeping and financial reporting
- Uncertainty about tax obligations for early-stage revenue and investor contributions
- Need for proper incorporation and payroll setup
Client Objectives
- Establish an organized accounting system from the ground up
- Ensure CRA compliance for startup revenue, investor contributions, and early payroll
- Provide clarity on tax obligations and financial reporting for investors
What We Did
1. Accounting System Setup
We implemented cloud-based accounting software tailored to startups, tracking revenue, expenses, investor contributions, and payroll. Custom reports were created for financial insights and investor updates.
2. Tax & Compliance Guidance
We provided guidance on incorporation, GST/HST registration, payroll setup, and early-stage tax obligations. All necessary filings were completed on time to avoid penalties.
3. Financial Processes & Training
We created repeatable processes for invoicing, expense approvals, and investor reporting. Staff were trained on using accounting tools and maintaining organized financial records.
Results
- Fully functional accounting system implemented from day one
- All CRA filings completed accurately and on time
- Clear financial reporting structure for management and investors
- Reduced administrative burden on the founding team
- Foundation set for scalable growth and future fundraising
Summary:
For tech startups in Mississauga navigating early-stage revenue, investor management, and CRA compliance, Gondaliya CPA provides expert accounting solutions and systems that allow founders to focus on growing their business while staying organized and compliant.