The tech industry is surprisingly a bigger player in Vancouver than the oil and gas, mining and forestry industries. From biotechnology to digital media, the Vancouver tech industry is a mix of entrepreneurial start-ups, small-to-medium-sized businesses, and tech giants working in a variety of fields including:
Software as a Service (SaaS)
Security & Finance
According to the VEC, the B.C. tech industry employs over 101,000 professionals, 75,000 of which are in Vancouver. The city has a lot to recommend it—a university-educated and tech-savvy workforce, a rising millennial population, and comparatively favourable office rents.
The first step for any tech start-up is to secure funding. As the next steps kick in—hiring employees, issuing stock options—the complexity of tech industry bookkeeping increases. As a tech entrepreneur and small business owner, you’ll need a good tech bookkeeper on your side.
Why work with Legacy Advantage?
Legacy Advantage employs a team of CPA-level bookkeepers who understand complex financial and intercompany transactions. We can help you set up and manage complicated or unconventional compensation structures that include a mix of commissions, advances, stock options and bonuses.
We handle bookkeeping for tech companies that have raised equity funding and ensure that these equity raises are accounted for properly. We also ensure proper management of all multi-currency dealings and accurate accounting of any cryptocurrency and blockchain activities.
There’s a lot of money flowing into the tech industry, and as an entrepreneur you’re no doubt expected to present timely and accurate financials to your current and future investors. If your investors or your Board request that you provide monthly or quarterly financials, we can deliver these timely financial statements.
A large game developer from Japan wanted to take advantage of the Canadian Dollar and set up studios in Vancouver and Toronto. The transfer pricing agreement stated that the Japanese parent company had to pay the Canadian entity cost plus 10%, meaning their bookkeeping had to be done accurately and on time. The directors in Japan are not familiar with Canadian law.
Legacy Advantage stepped in as the company’s Canadian quarterback, so-to-speak. We set up their GST, PST, WCB, invoicing and payroll. The Japanese parent also wanted to have separate reporting on Research & Development and Customer Service. We were able to split the payroll costs between the two departments and give the Japanese parent company accurate data for analysis.
• The U.S. game developer has peace of mind
• Their Canadian entity is compliant with Canadian laws and regulations and in good standing with the CRA
• With timely reports, their bookkeeping is up-to-date and accurate
• By doing what Legacy does best, they can focus on what they do best—in Tokyo, Toronto, and Vancouver!
“Working with Legacy has been a game changer! The whole process of on-boarding was very efficient and the level of communication was such a breath of fresh air! Bob and his team have given us a clear picture of our financials so we can continue to grow and improve our business. Can’t recommend them enough!”
Our super-friendly bookkeepers are all either CPAs or CPA students. We have a rigorous interview process which helps us select the best, most
upbeat bookkeepers in Vancouver, Surrey and Langley
You’ll have a dedicated bookkeeper, but we also work as a team. No matter what happens, we’ll always have your back.