CANADIAN BUSINESS FINANCIAL SERVICES CHECKLIST
Use this checklist to determine what your financial needs are for your business and what financial services would best suit your needs.
Finding Your Perfect Fit with Intero Solutions
SECTION 1: IDENTIFY YOUR BUSINESS TYPE
Check which category best describes your current business:
[ ] Self-Employed Individual/Sole Proprietor
[ ] No employees (besides yourself)
[ ] Simple revenue structure
[ ] Home-based business
[ ] Service-based business
[ ] E-commerce/online business
[ ] Small Business
[ ] 1-10 employees
[ ] Single location
[ ] Multiple revenue streams
[ ] B2C focused
[ ] B2B focused
[ ] Hybrid business model
[ ] Growing Corporation
[ ] 11+ employees
[ ] Multiple locations
[ ] Complex revenue structure
[ ] Multiple departments
[ ] Considering expansion
SECTION 2: ASSESS YOUR CURRENT FINANCIAL CHALLENGES
Rate each challenge from 1 (not a problem) to 5 (significant challenge):
Time Management
[ ] ____ Hours spent on bookkeeping/financial tasks weekly
[ ] ____ Ability to focus on core business rather than financial admin
[ ] ____ Timely completion of financial obligations
Financial Clarity
[ ] ____ Understanding of current financial position
[ ] ____ Ability to make data-driven business decisions
[ ] ____ Confidence in financial reporting accuracy
Cost Management
[ ] ____ Control over financial management costs
[ ] ____ Predictability of financial service expenses
[ ] ____ Value received from current financial solutions
Compliance & Reporting
[ ] ____ Meeting CRA deadlines consistently
[ ] ____ Confidence in GST/HST reporting
[ ] ____ Accuracy of tax filings
[ ] ____ Management of provincial compliance requirements
SECTION 3: BOOKKEEPING SERVICES ASSESSMENT
According to Statistics Canada, 68% of small businesses cite bookkeeping as their most time-consuming administrative task. Check all that apply to your needs:
Transaction Management
[ ] Daily/weekly transaction recording
[ ] Bank and credit card reconciliation
[ ] Expense categorization
[ ] Receipt management and organization
Financial Reporting
[ ] Monthly financial statements
[ ] Customized management reports
[ ] Cash flow tracking and forecasting
[ ] Budget creation and variance analysis
Year-End Preparation
[ ] Year-end closing procedures
[ ] Tax filing preparation
[ ] CPA coordination
[ ] Record retention and organization
Technology Integration
[ ] Cloud accounting platform setup/management
[ ] Financial app integration
[ ] Paperless document management
[ ] Financial dashboard creation
SECTION 4: PAYROLL SERVICES ASSESSMENT
The Canadian Payroll Association reports that 40% of small businesses incur penalties from payroll errors. Evaluate your needs:
Employee Payroll
[ ] Regular payroll processing (weekly/bi-weekly/monthly)
[ ] Direct deposit management
[ ] Bonus and commission calculations
[ ] Vacation pay tracking
[ ] Statutory holiday pay compliance
Compliance Management
[ ] CPP and EI remittances
[ ] Tax withholding and remittance
[ ] ROE preparation
[ ] T4/T4A preparation and filing
[ ] Provincial employer health tax management
Contractor Management
[ ] Consultant/contractor payment processing
[ ] T5018 reporting (for construction)
[ ] Proper worker classification
Benefits Administration
[ ] Health benefit deductions
[ ] RRSP contribution management
[ ] Group insurance administration
[ ] Other benefit program administration
SECTION 5: PAYABLE PROCESSING SERVICES ASSESSMENT
BDC research shows businesses with streamlined AP processes save 60-80% on processing costs. Check your needs:
Invoice Management
[ ] Invoice receipt and coding
[ ] Approval workflow management
[ ] Payment scheduling
[ ] Vendor statement reconciliation
Expense Control
[ ] Purchase order management
[ ] Spending policy enforcement
[ ] Expense report processing
[ ] Budget compliance monitoring
Payment Execution
[ ] Cheque preparation
[ ] EFT/direct deposit setup and management
[ ] Interac e-Transfer management
[ ] International payment processing
Vendor Management
[ ] Vendor master file maintenance
[ ] Contract compliance monitoring
[ ] Early payment discount capture
[ ] Vendor relationship management
SECTION 6: RECEIVABLE PROCESSING SERVICES ASSESSMENT
A 2023 Xero study found Canadian small businesses wait an average of 41 days for payment. Review your needs:
Invoice Creation & Delivery
[ ] Customer invoice generation
[ ] Recurring invoice management
[ ] Electronic invoice delivery
[ ] Customer statement preparation
Payment Processing
[ ] Payment receipt recording
[ ] Credit card payment processing
[ ] E-transfer receipt management
[ ] Payment application to invoices
Collections Management
[ ] Aging report monitoring
[ ] Payment reminder automation
[ ] Collections call management
[ ] Payment plan administration
Customer Financial Management
[ ] Customer credit limit monitoring
[ ] Deposit management
[ ] Customer account reconciliation
[ ] Sales tax management and reporting
SECTION 7: SERVICE MODEL PREFERENCES
The CFIB reports 54% of Canadian small businesses prefer flexible financial service options. Indicate your preferences:
Engagement Level
[ ] Full-service (we handle everything)
[ ] Collaborative (we work together)
[ ] Advisory (you do, we guide)
[ ] Project-based (specific needs only)
Communication Preference
[ ] Regular scheduled meetings
[ ] Digital communication (email/messaging)
[ ] On-demand video calls
[ ] In-person meetings
[ ] Self-service portal access
Budget Considerations
[ ] Fixed monthly fee preferred
[ ] Usage-based pricing preferred
[ ] Project-based pricing preferred
[ ] Hybrid pricing model preferred
Technology Preferences
[ ] Current systems: _________________________
[ ] Willing to adopt new technologies: Yes / No
[ ] Mobile access importance (1-5): ____
[ ] Integration with other business systems needed: Yes / No
NEXT STEPS WITH INTERO SOLUTIONS
Based on your responses, the Intero team can help you identify the perfect combination of services for your business. Here's how to proceed:
Complete this checklist
Schedule your free consultation at interosolutions.ca
Meet with our team to review your needs
Receive your customized service proposal
Begin your journey to financial clarity and control
Contact Information:
Website: www.interosolutions.ca
Email: info@interosolutions.ca
Phone: [1-800-640-1240]
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