North Medafix Group of Companies
North Medafix Group has been a leading medical centre serving the Mississauga community since 2018. The centre offers a comprehensive range of therapeutic services provided by experienced family physicians, healthcare professionals, and pain specialists. In addition to healthcare services, the company also features an on-site compounding pharmacy. Expert pharmacists and state-of-the-art facilities provide personalized medications tailored to each patient’s unique needs.
Unique Challenges
North Medafix Group’s main challenge is managing a multi-company structure, which can complicate financial and management reporting. The complexity of consolidated financial statements requires consistent accounting policies and the elimination of inter-company transactions. Navigating regulatory and tax obligations across companies demands meticulous compliance and coordination.
As a healthcare and pharmacy services provider, the company has a complex GST/HST structure, which includes HST-taxable, zero-rated, and exempt supplies. The classification requires exhaustive research on the industry’s tax compliance.
Managing financing commitments and delivering on numerous internal and external contractual obligations due to the company size and the structural complexity. Access to up-to-date accounting records, to honour current responsibility and plan future strategic steps.
AZ Accounting Solution
Implementation of cloud-based tools to facilitate collaboration between the Management and AZ Accounting. The process included centralizing the financial reporting to ensure accurate and timely consolidation reports.
Through close collaboration with the Management and their legal team and active support, we helped the company undergo a complex corporate reorganization that significantly reduced the HST liability. Furthermore, AZ Accounting implemented comprehensive processes to ensure all services fall into the correct HST-taxable, exempt, or zero-rated category. As a result of such improvements, the efficiency and accuracy of the sales tax tracking and reporting increased substantially and reduced the time required to address future CRA audits.
Provide monthly Management Reports to evaluate the performance, the trends, and the ability to meet financial obligations to the external stakeholders and ensure that the company can deliver on the covenants.
Success Factors
- Customized solutions tailored to the client’s unique sector and needs
- A comprehensive array of services provided by AZ Accounting
- Close collaboration and document management solutions
- Thorough research and knowledge base of the HST impact in the Healthcare sector
- Management’s receptiveness to our advice
What the Client Says
"I’ve been working with Alex for more then 10 years and his team for several years. He is never just an accountant. He is a very trusted advisor. He is the first person I go to with all business questions from simple accounting to business valuations, financial analysis, corporate restructuring, taxes and CRA audits, payroll and much more for my seven pharma/medical companies. I can’t imagine my business without Alex and his team."