SRED is not limited to servicing just research development for the scientific research community. It is a solution that can be used by a variety of small businesses. Case in point with restaurants. Requiti connected with a client of ours that has a small restaurant chain in British Columbia that’s been around since 2000. They’ve seen growth from one small location to over 6 locations in each of the lower mainland’s biggest cities. The restaurant industry has seen quite a shock since the onset of the COVID-19 virus. The global epidemic has left many local restaurants worried about their future. While the future of the industry is in peril, we believe we can help other restaurants just like our client.
We helped them rework their supply chain system by using newer technology and the power of data analysis to save on ordering, inventory management, and food cost.
The best part? The money spent came out of their taxable income, and because of the development plan was professionally managed by Requiti’s tech team the SRED tax credit application was a simple process that met the government requirements on their first application.
- Oversaw implementation of new technology.
- Developed a strategy to save money in the long run.
- Brought in new business functions to streamline ordering.
- Used data analytics to mitigate revenue short falls.
- Overcame bottle necks in business functions.
Many of Requiti’s clients are in variety of consumer services offered in the Canadian market. From law firms to IT Specialists and insurance agencies, this sector is one that continues to see growth in Canada. Much of this has been through the onset of new technology that helps connect consumers and service providers more efficiently, as well as new internal processes that can help consumers manage their services better.
A great example of this comes from our client that is an immigration consultancy for professionals and students studying in Canada. Traditionally, this has been a business where clients and the service provider had many bottle necks related to the way in which they moved forward. Paperwork is a big hold up when you’re working with clients that are busy leading busy lives, for both the client and the immigration consultant the length of time between applications and the wait period to get paperwork processed seemed to be a pain point.
Requiti came up with a strategy that helped them implement a variety of solutions they had put off upgrading that ended up helping their business reduce their overhead, cut costs, and digitize into a paperless workflow. Our team helped them used their taxable revenue to fund improvements that helped take their company into the modern world and compete in a market where the consumer is looking to save both time and money.
- Reduced overhead expenditures.
- Removed outdated processes.
- Implemented data solutions to improve analytics.
- Added digital security solutions to safeguard personal data.
BC was built by the resource industry, and today the sector still employs thousands of British Columbians in a variety of professional and service-related roles. Over the past few years Canada’s resource industry has seen much growth but also much turmoil. Markets have changed in demand, regulations have reduced profits, tariffs have reduced the number of clients, and new resources have risen to prominence while traditional ones have lost market share. Our client is a family-owned and operated lumber mill with a staff of over 50 dedicated employees producing 38 million board feet of product each year. They have seen the ups and downs of our economy and trade issues with the United States. However, through all of this they have stayed competitive. They approached after getting a recommendation from a business partner of the owner and had heard about tax credits like SRED. The business owner wondered if their recent upgrades would qualify for any tax rebates but was overwhelmed by the process involved in creating the claim.
When Requiti’s team of accountants looked at their books we realized that their documentation was accurate however they lacked the technical documentation to go along with the claim. After putting a technical writer on the file to organize the information so that it was compliant with the CRA’s audit process, we helped the client complete their SRED application within a few short months.
- Reorganized technical documentation.
- Completed full financial analysis.
- Used internal pre-audit process to validate application.
- Created strategy to implement in future years.
Canada’s tech sector has a variety of big-name businesses in social media, video games, and software. However, the largest part of our tech sector are the countless smaller companies that provide a variety of cutting-edge work for businesses and consumers all throughout the country. Whether it’s a small IT firm helping businesses keep their networks and computers secured and connected; or a software company working on the next big thing to wow the online world – it’s part of Canada’s future economy built on an infrastructure of digital technology. Requiti’s client in this space is known in its market for a blend of creativity and technical wizardry. Their in-house services include web development, software development, e-commerce solutions, application development, social media marketing solutions, search engine optimization, pay-per-click, digital Content & Videos.
While web development and marketing do not count as an SRED project, our client’s software development and launch of a new data service did qualify. We helped them outline their project and separate the work they had done that was applicable from the components that weren’t, so that their SRED application would be complaint with government regulations set forth by the CRA. By doing the application correct the first time, the client saved countless hours and headaches.
- Created an SRED strategy based on regulations.
- Outlined technical processes so that they were compliant.
- Saved internal hours on completing the application,
It is well known that Canada is home to a variety of medical research and development that is sought after around the world. This isn’t just limited to large companies that make the medicine that helps keep us in good health, in fact, there is a large sector of medical grade cosmetology in Canada. The demand for cosmetics that utilize equality natural ingredients and less synthetic chemicals is on the rise around the world.
Our client’s inception was in 1958 and since then they have been using sustainable farming and green practices to create natural, organic, and biodynamic products. They’re specialists in their field and while they are great at what they do, the world of tax credits and finance can be overwhelming. Instead of taking on the task of applying for SRED again on their own, they approached Requiti to see if we could provide a solution that would be less mentally taxing.
Requiti’s CPA squad came in to overhaul their financial bookkeeping practices since it appeared that it hadn’t been modernized in a generation. Then, our technical team strategized with their technicians to improve their record keeping practices so that they were compliant with what the CRA’s expectations. We then guided them through the application and successfully found them a better return by following best practices we’ve taken from the larger medical corporations.
- Reorganized bookkeeping for the digital world.
- Created internal audits for documentation compliance.
- Created project documentation that met requirements for application.
- Improved company’s financial modeling using data analysis.