Accounting and Financial Documentation
Financial reporting is not exclusive to publicly traded companies. Private businesses, as mandated by provincial and local municipalities, often need to generate annual reports and accounting disclosures resembling income statements, balance sheets, and cash flow statements.
Your business software should inherently comply with widely accepted accounting standards and also be flexible enough to facilitate the creation of on-the-fly financial reports as required by regulatory bodies and internal auditors. Acumatica provides support for 250 standard reports right from the start, encompassing the most commonly used financial statement formats.
Tax Collection and Reporting Requirements
Handling taxes can be a compliance challenge on its own. Apart from the stringent and intricate sales tax regulations that vary by municipality, there are additional reporting rules for duties and tariffs (applicable to cross-border sales), excise tax, VAT, GST taxes, and even environmental taxes like plastic bottle deposits and surcharges for plastic bag use, among others. Acumatica Tax Management streamlines and automates tasks related to configuring, collecting, managing, and reporting taxes.
Advertising and E-Mail Marketing Documentation
Retailers in Canada are bound by advertising laws to prevent the misrepresentation of goods and services. This includes ensuring accuracy in health claims on nutraceuticals, environmental statements for sustainable or “green” products, and adherence to minimum requirements when claiming products as “Made in Canada.” Additionally, Canada’s Anti-Spam Legislation (CASL) regulates commercial electronic messages, requiring senders to obtain consent from recipients, provide accurate identification information, include an unsubscribe mechanism, and comply with content requirements. Non-compliance with CASL can result in significant fines for organizations.
Acumatica’s native CRM application includes marketing automation tools to govern what and how you send e-mails and alerts to mobile devices, scan for violations of online advertising legislation, and keep your campaigns and promotions legal and professional.