FAQs

What exactly do you mean by a “remote finance department”?

A remote finance department replaces the operational functions of an internal finance team without requiring you to hire in-house.

Collective Finance looks after managed financial operations, payroll compliance, reporting, and oversight through a coordinated, Canadian-based team. You receive the structure, continuity, and accountability of a real finance department, delivered remotely.

This is not ad-hoc outsourcing.
It is operational ownership.

How is this different from traditional bookkeeping or payroll services?

Traditional services focus on completing tasks.
A finance department focuses on how the work functions together.

Collective Finance is an involved finance partner. We understand your business, your structure, and your risks, and we manage the financial operations accordingly.

Some organizations require frequent touchpoints. Others operate well with monthly cycles. The difference is not frequency. It is engagement, awareness, and accountability.

We are present, informed, and actively managing your financial operations, not checking in occasionally or operating without context.

How involved do we need to be as leadership?

Collective Finance works alongside your leadership team as a finance partner.

You remain responsible for running the organization and making strategic decisions. We take responsibility for the financial operations and intentionally bring you into the process at key points.

Leadership is typically involved in:

• Providing business context and direction

• Approving accounts payable lists

• Supplying payroll inputs or changes when required

• Reviewing financial results and insights

• Participating in review or advisory meetings

We handle execution, monitoring, and follow-through.
You maintain visibility and control without carrying the operational burden.

Do you take access to our bank accounts or move money on our behalf?

No.

Collective Finance does not take delegate access to client bank accounts, and we do not move funds directly on your behalf. This is an intentional risk and liability boundary.

Your organization retains full control of its banking and cash.

How do you handle accounts payable if you don’t access our bank accounts?

Accounts payable is handled through structured, secure systems designed to maintain separation of duties.

Collective Finance:

• Creates and manages the accounts payable list

• Ensures bills are coded correctly and recorded in the proper period

• Provides visibility into upcoming obligations

Clients:

• Review and approve the accounts payable list

• Authorize payments through tools such as Plooto
  
  This ensures strong internal controls, clear audit trails, and no direct access to your funds by third parties.

How do you handle payroll and compliance?

Payroll is managed as a regulated operational function.

Collective Finance:

• Processes payroll accurately and on time

• Handles source deductions and remittances

• Monitors compliance with payroll regulations

• Maintains audit-ready payroll documentation

Clients provide payroll inputs or employee changes when required. We manage the execution and compliance.

This removes one of the highest-risk operational areas from leadership’s plate.

What happens if there’s an error or compliance issue?

Our model is designed to catch issues early, not months later.

Because we manage financial operations continuously:

• Errors are identified and corrected quickly

• Compliance risks are flagged proactively

• Issues are addressed before they escalate

You are not left explaining surprises to your board, funders, or stakeholders.

How is being “remote” different from offshoring?

Collective Finance is remote, not offshored.

All work is performed by professionals who live and work in Canada. This matters because:

• Canadian payroll rules are nuanced

• Sales tax requirements vary by province

• Employment standards differ across jurisdictions

• Compliance errors carry real financial consequences

Offshoring may reduce hourly costs, but it often increases oversight demands, rework, and risk.

Our advantage is native knowledge of the Canadian business environment, applied consistently and correctly.

How does this compare to hiring internally?

Hiring internally requires multiple roles, employment overhead, training, and ongoing management.

Collective Finance provides:

• A full finance function without hiring

• Built-in continuity and redundancy

• Lower total cost than an equivalent in-house team

• Immediate access to experienced professionals

Organizations typically reduce finance-related costs by 30 to 50 percent compared to maintaining an internal team, while increasing stability and oversight.

Can you support boards, funders, or auditors?

Yes.

Collective Finance ensures:

• Financials are clean, consistent, and defensible

• Reporting is timely and reliable

• Documentation is audit-ready

• Leadership can speak confidently to the numbers

This is particularly important for organizations with governance or funding oversight.

Can we add CFO or advisory support later?

Absolutely.

Strategic CFO and Advisory services are optional and layered intentionally. Once financial operations are stable, advisory can be added to support forecasting, budgeting, and decision-making.

This ensures strategy is grounded in accurate, current data.

Who is Collective Finance best suited for?

Collective Finance is designed for Canadian organizations that:

• Have payroll and financial complexity

• Are accountable to owners, boards, or funders

• Want finance handled properly, not reactively

• Value stability, clarity, and partnership

If financial breakdowns would create real consequences, this model is designed for you.

In plain terms

You control the business and the money.
We control the financial operations.

That separation is intentional, and it is part of what makes this model safe, scalable, and trusted.