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AI Powered Accounting For Biotech & Life Sciences Companies
From pre-revenue discovery to IPO on the TSX. Real-time SR&ED compliance, clinical trial tracking, HST filings, and investor-ready financials built for Canada’s innovation economy.
Accounting for Life Sciences & Biotech
Life sciences and biotech finance has special needs. R&D cycles are long. Rules change. Oversight is strict. Money management is hard.
Bay Forward gives accounting and bookkeeping services to biotech, pharmaceutical, and medical technology companies. We are an accounting firm specializing in life science industry. We make sure you follow rules and are ready for audits. This lets your team focus on new ideas in drugs, gene therapies, or medical devices.
We Help These Companies
We help many companies in healthcare and life sciences:
Biotechnology Startups
Pharmaceutical Companies
Medical Technology Firms
Clinical Research Organizations
Life Science Companies
Our Services — Built for Biotech & Lifescience Companies
Bay Forward gives accounting & taxation solutions. We use AI to help with CFO needs or full finance outsourcing:
Monthly Accounting & Financial Close
Clean, ASPE/IFRS-compliant books every month. Get consolidated, audit-ready financials within the first week of each month.
- Accrual-based bookkeeping with GAAP/ASPE compliance
- Customized chart of accounts (built for pre-revenue vs. commercial biotech)
- Accounts payable, receivable, inventory, and COGS tracking
- Consolidated financials across multi-entity clinical networks
- Notice to Reader financial statements for CRA filings
- Bank reconciliation & intercompany eliminations
SR&ED, R&D Tax Credits
Maximize every dollar of available R&D funding. We identify, document, and file SR&ED claims alongside provincial credits — Ontario OITC, Quebec RD&I, BC SR&ED, Alberta AITC, and more.
- SR&ED eligibility assessment and project documentation
- T661 form preparation and submission support
- Provincial credit stacking (up to 43% combined recovery in some provinces)
- R&D cost tracking and capitalization policy design
- HST Input Tax Credit (ITC) recovery on R&D inputs
Clinical Trials, CRO & Grant Accounting
Expert handling of biotech’s most complex cost centers. CRO invoices, clinical site payments, and government grants require specialist oversight — not generalist bookkeepers.
- CRO invoice review and prepayment vs. accrual tracking
- Clinical site payment scheduling and reconciliation
- Grant budget alignment and milestone revenue recognition
- Health Canada regulatory cost tracking
- Multi-province trial expense allocation
HST/GST Compliance & Tax
Stay fully compliant with CRA requirements. From HST registration and filing to corporate T2 returns and RSU tax planning.
- HST/GST registration and NETFILE electronic filing
- HST Quick Method vs. regular method optimization
- Input Tax Credit (ITC) recovery maximization
- Corporate income tax (T2) filing with Notice to Reader statements
- RSU, stock option, and equity compensation tax planning
- Federal annual return and provincial tax filings
Audit, Compliance & Investor Readiness
Build audit-ready, TSX-ready financials from day one. Prepare for investor due diligence, follow-on funding rounds, and eventual IPO/M&A.
- Financial statement assurance and external audit support
- Internal controls design and documentation (NI 31-103, SOX-ready)
- ASC 606 / IFRS 15 revenue recognition validation
- Investor-ready management reports and KPI dashboards
- Enterprise-grade data security for clinical trial and R&D data
- TSX Venture Exchange listing readiness
Investor Financials & Fundraising Support
Canadian biotech funding reached nearly $894 million in recent years through VC, private equity, and government programs. Investors don’t just want science — they want clean financials, clear burn rates, and credible projections. We bridge that gap.
- Investor-ready management reports with KPI dashboardsÂ
- Financial modeling for funding roundsÂ
- Pitch deck financials, cap table management, and equityÂ
- Cash flow forecasting aligned with clinical trial milestones
- Board reporting packages tailoredÂ
- TSX Venture Exchange financial
Payroll for Biotech & Life Sciences
Payroll built for thecomplexities of Canadian biotech compensation — from stock options to RSUs to clinical trial staff.
- Bi-weekly, semi-monthly, and monthly payroll runs with CRA-compliant deductionsÂ
- Stock option and RSUÂ
- Contractor, consultant, and CROÂ
- Multi-province payroll employees working
- Payroll integration with major HR software and time-tracking systems
- ROE (Record of Employment) issuance and WSIB/WCBÂ
- Equity compensation tax planningÂ
- Year-end T4/T4A summariesÂ
How We Work
Bay Forward works with you. We do more than just numbers. Our way of working is:
We Guide You
We see problems early. We give solutions for the
We Partner
Our experts design custom AI architectures, select optimal algorithms, and create detailed implementation roadmaps.
We Grow with You
Our services change as you grow. We help startups and big companies.
We Focus on New Ideas
We handle money. Your team can focus on R&D.
Why Biotech and Life Science Company Choose Bay Forward?
- We Know Your Industry. We understand R&D capitalization under ASPE, deferred income vs. unearned revenue, SR&ED project eligibility documentation, and the unique financial rhythms of drug development.
- Canada-Specific Tax Expertise. We maximize your SR&ED claims (federal + provincial stacking), optimize HST ITC recovery, and ensure T2 and Notice to Reader filings are bulletproof for CRA review.
- We Use AI. Our AI-powered accounting platform delivers faster month-end closes, real-time burn rate dashboards, and automated SR&ED expense categorization — no manual spreadsheets.
- We Know Canadian Software. We are experts in accounting platforms used by Canadian life sciences companies, integrated with Canadian payroll, HST, and CRA filing systems.
- We Are Trusted. Bay Forward is among the top accounting firms serving Canadian biotech, pharmaceutical, and life sciences companies — from Toronto and Montreal startups to Vancouver-based MedTech scaleups.