Selecting Professional Advisors

New Business Tool Kit

| 10/10/2020

Starting your own business entails a multitude of decisions which can seem overwhelming without the right players on your team. In order to succeed, you need to equip yourself with every tool at your disposal. One of the most cost effective tools you can utilize is the expertise of professionals. The right accountant and lawyer can eliminate a host of problems and potential costly errors you might make as you build the financial foundation of your successful business. Their expertise can help save you money, which in turn can be used to increase profits. There are a variety of advisory services outside of your traditional accounting needs that your Crowe MacKay advisor can provide. In the initial stages of starting your business, two services that may provide efficiency and financial benefits are our Technology Consulting Services and Scientific Research and Development Tax Incentive.

Technology Consulting

Crowe MacKay’s technology consultants provide IT solutions for Cloud based small businesses. As you build your companies infrastructure having the proper supports translates to enhancing your business’ capacity and functionality. With the right systems in place you can improve your business’ application performance through leveraging cloud infrastructure, and increase business continuity with improved capabilities in backing up and recovering data; all allowing your business’ IT systems to support your organic growth.

Crowe MacKay’s Technology Consulting services include:

  • Cloud based productivity and collaboration tools (Microsoft Office 365, Google Docs)
  • Remote desktops
  • All the virtualized servers you need to run business applications
  • Anti-Spam and Anti-Virus protection
  • A managed virtual firewall
  • Cloud based accounting and ERP software configuration and maintenance services
  • Data backup services

Navigating Cloud technologies can be overwhelming and require additional human resources and financial investments. When you engage with a Crowe MacKay consultant you receive customized solutions for your unique business model with fixed cost solutions. This means you have no surprise expenditures; no network hardware to purchase or maintain; no expensive refresh cycles; and no depreciating IT assets. You can focus all your resources on revenue generating initiatives.

When enlisting the expertise of an accountant and lawyer you want professionals suited to meet your specific needs who will listen to you.

Scientific Research & Experimental Development Tax Incentives (SR&ED)

Scientific Research and Experimental Development (SR&ED) is a tax incentive program in Canada. This program is administered by the Canada Revenue Agency (CRA) and is designed to encourage Canadian businesses of all sizes and in all sectors to conduct Research and Development (R&D) in Canada.

Crowe MacKay’s SR&ED team is made up of Technical Specialists, Financial Specialists, and Tax Specialists who have significant experience in the Engineering, Life Sciences, and Information Technology sectors. Crowe MacKay SR&ED experts take the time to understand your business to prepare a strong SR&ED Claim. In addition, our specialists can also identify weaknesses in your documentation in our exploration process, and apply their expertise to strengthen your claim.

SR&ED Benefits

Once SR&ED work has been determined by our specialists, you may be eligible to receive benefits in the form of a refundable Investment Tax Credit (ITC), a reduction of taxes payable, or both. The federal and provincial tax credits you receive may be as high as 64% of salary-based eligible expenditures.

Our SR&ED Team specializes in numerous industries, including (but not limited to):

  •  Agriculture & Agri-food
  • Aviation
  • Biotechnology
  • Construction and Engineering
  • Consumer products
  • Medical Diagnostics
  • Energy & Natural Resources
  • Environmental Sciences
  • Food & Beverage
  • Life Science
  • Manufacturing
  • Marine Engineering
  • Medical & Healthcare Professionals
  • Mining
  • Pharmaceuticals
  • Oil & Gas
  • Professional Services Firms
  • Technology
  • Veterinary Medicine

More importantly, you need someone you can trust to devise strategies to help you make smart decisions.