ProAdvisor Spotlight

ProAdvisor Spotlight: Buying and scaling a CPA practice with Jason Ding

In 2018, Jason Ding left his corporate accounting job to purchase his own firm in Surrey, BC. We sat down with Jason to learn about the challenges he faced in his new practice, his strategies for growth, and how QuickBooks Online helped him scale his business. First, a little about Jason Ding, CPA Inc.: Location(s): […]

Two accountings consulting on switch accounting software

Dataswitcher makes the Switch to QuickBooks as Easy as 1,2,3

Small to medium sized business owners are making the switch to QuickBooks Online. QuickBooks has teamed up with Dataswitcher to bring you a new and simplified way to transfer your clients’ small business data. Thanks to Dataswitcher, moving your clients’ books to QuickBooks is easy as 1,2,3. Learn how to automatically transfer your client’s data […]

ProAdvisor Spotlight

ProAdvisor Spotlight: Elevate by Welch

Sean Duffy, CPA, CMA, is the Senior Manager at Elevate by Welch. We interviewed him to find out more about his career so far using cloud applications and software to serve his clients, to manage his firm, and ask him about the future of finance, tech, accounting, and everything in between. First, a little about […]

ProAdvisor Spotlight

ProAdvisor Spotlight: KWB Chartered Professional Accountants

David Wickenberg, CPA and Partner at KWB Chartered Professional Accountants, shares their firm’s journey to the cloud and how QuickBooks Online has helped them find more clients and offer new services. First, a little about KWB: Location(s): Edmonton, Alberta Year established: 1996 Industries: Small to medium size businesses in any industry with a focus on […]

Woman signing forms online

What the New eSignature Rules Mean for Your Workflow Process

In March the Canada Revenue Agency announced that electronic signatures on Form T183 and Form T183CORP would be accepted as having met the requirements of the Income Tax Act. They introduced this measure to help alleviate some difficulties that Canadians were experiencing while trying to file their income tax returns in the middle of the […]

Accountant working at an accounting franchise

Is an Accounting Franchise Right for You?

Buying an accounting franchise is one of the options available if you're looking to start your own accounting business. The other primary option is blazing a trail with your own startup accounting firm. Choosing to pursue either one of these entrepreneurial paths requires a major financial investment and is likely to determine the nature of [...]

Guide to Local SEO for Accountants

Guide to Getting Clients through Local Search Engine Optimization

When a potential customer needs to find an accounting firm in your area, what do they do? Chances are, they turn to Google. They search for firms nearby, read reviews, and look at photos to get a sense of your business. If they’re comfortable with your company, they get in touch. But first, they have […]

Accountant working on accounting software

Important Difference Between QuickBooks Online and QuickBooks Desktop for Your Clients

It’s not easy to grow a small business. Every day, your clients face complex financial decisions, increasing demands on their time and growing competition—and they rely on you to help them overcome these challenges. QuickBooks Online is packed with smart, automated features, each designed to help you and your clients eliminate busywork and stay focused. […]

Accountant managing her email marketing campaign

New Email Marketing Ideas and Templates for Your Accounting Practice

Email marketing is one of the best drivers to increasing brand awareness. The key to a successful email campaign is to offer useful and relevant information that spurs your clients into action. Sending seasonal reminders increases engagement with your practice. Sharing financial news, tips and trends with your commentary builds your clients’ confidence in your […]

Young accountant smiling at her desk

5 Reasons You Should Add Yourself to the Find an Accountant List

The Find an Accountant directory makes it easy for small businesses to connect with QuickBooks ProAdvisors. Getting listed can lead to new clients, more leads, and more success for your firm. Whether you are just starting out or are a seasoned pro, the QuickBooks Find an Accountant directory gives you access to our vast network […]

Woman going through her year-end accounting reports

New Features in QuickBooks Online Accountant Workpapers & Pro Tax

Improve your workflow and help your team be more productive during tax season with these latest updates in QuickBooks Online Accountant Workpapers and Pro Tax.   Introducing: Engagement Document Manager for Workpapers In a nutshell: QuickBooks Online Accountant users now have access to unlimited cloud-based file storage within Workpapers. Accounting professionals can use this new […]

Accounting Firm Workflow Management Basics

Accounting Firm Workflow Management Basics

Creating a manageable workflow and process is a great way to firm up your firm. Managing your workflow, and outlining a detailed set of steps for each process, can benefit both you and your clients. What is Workflow Management? Workflow refers to a detailed set of steps to accomplish a task that are not only […]

Learn Bookkeeping - Online Bookkeeping Course

Learn Bookkeeping: Take A Bookkeeping Course Online

Have you recently opened a business or want to work for one? From the smallest mom-and-pop stores to big name chains, every business needs a bookkeeper. Whether you just want to stay on top of your finances or you have a business that’s large enough to require filing with the Canada Revenue Agency, understanding what’s […]

Accounting & Bookkeeping Trends

Accounting and Bookkeeping Industry Trends to Implement Today

In October 2018, Chartered Professional Accountants of Canada (CPA Canada) held a National Conference to discuss the coming changes to the world of finance and the challenges these changes could present for some practicing accountants. The adoption of blockchain technologies, artificial intelligence, and even the new gig economy all came into play – as did […]

Data Migration Made Easy: Your Guide to Converting to QuickBooks

Do you want to convert your financial data from QuickBooks Desktop, Microsoft Accounting Office, Sage, or any other software solution to QuickBooks Online? Start your conversion today with QuickBooks converting tools. QuickBooks Online helps you locate important financial data and transfer the data at no cost. If you manage your company or clients' books of [...]

Seven Effective Ways to Find Accounting Clients

Are you an accounting pro in need of effective ways to increase your client base? Or, do you want to replace some of your lost accounting clients or ditch old marketing techniques for new channels to get a steady pipeline of clients? Implementing proactive strategies and investing resources in technology and marketing turns prospects into […]

Overcoming Technology Challenges to Embrace Cloud Accounting

As the modern world evolves, it’s important your accounting firm stays current. One of the best ways to accomplish this is by embracing new technologies. It is expected that hiring of new accounting graduates from universities could drop by as much as 50% by 2020 thanks to technological advances, such as cloud accounting. These advances […]

Help Your Clients Find the Best Way to Organize Receipts

Having receipts already organized is a fantastic way to start the tax season, but keeping track of them can be a challenge. For that reason, it’s a good idea to show your clients how to manage receipts using software. Automating receipt management cuts down on errors, allows for real-time updates, and streamlines the recordkeeping process. […]

Compliance Requirements and Non Profit Accounting in Canada

Compliance Requirements and Non Profit Accounting in Canada

Are you considering the addition of nonprofit bookkeeping to your firm's list of services? If you are already providing services to for-profit corporations, then adding accounting services for charities and other nonprofits is just a matter of understanding the basic differences and associated paperwork these specialized corporations need in order to maintain their compliance with [...]

Canada Tax Changes to Know for 2019 Tax Season

Get ready, accountants- the 2019 tax season is coming. The first day to file is Feb. 28, and most tax payments are due by April 30. As your firm gets ready for the busiest season of the year, it’s a good idea to learn about new tax laws in Canada. Canada Tax Changes in 2019 […]

19 Ways To Grow Your Accounting Firm Fast

19 Ways to Grow Your Firm Fast Through Accounting Consultancy Services

The Big Four accounting firms, Deloitte Touche Tohmatsu Limited (Deloitte), PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG) are increasing revenue through their consulting services. These firms dominate the Canadian consulting market, with a 4.9 percent growth rate in 2017, and as of 2018, they accounted for $1.5 billion of a […]

What’s the State of Your Practice Management Software?

To stay ahead of the curve and maintain client satisfaction, today’s firms must use technology that automates and properly manages their practices–but how do you find the right technology stack? Also, if you’re comfortable with your current stack, how can you embrace some of today’s new technology? If what you’ve been using to manage your […]

PowerPoint Design Tips for Accounting Professionals

PowerPoint Design Tips for Accounting Professionals

Are you an accounting pro ready to master presentation skills that drive business, or in search of a tool to help you effectively deliver financial data to your colleagues and bosses? Microsoft PowerPoint (PPT) is your go-to choice for creating powerful and professional financial presentations. But simply being aware of PPT isn’t enough to render […]

Social media marketing for accounting professionals

Custom Social Media Marketing Strategy For Accounting Pros

Many accountants seem to shy away from social media, perhaps because they prefer to avoid the limelight as a way to protect their clients’ privacy. Increasingly, though, accountants are turning to social media platforms to market their firms, research rivals, and check out prospective hires. A smart social media marketing strategy lets you connect with […]

How to get clients fast - accountants guide

How to Get Consulting Clients Fast – Accountants Guide

As a professional accountant, you want to keep your business growing. But how do you add more clients without becoming overwhelmed? And how do you acquire new clients as quickly as possible? One way is to add consulting to the repertory of services you offer. As a consultant, you diversify your customer base, which stands […]

Best mobile apps for accountants

Best Mobile Apps for Accountants

Take a look at your accounting firm’s employees and clients — do they rely on their mobile phones? Probably, especially during the busy tax season. You can take advantage of this constant mobile availability by integrating apps into your workflow. That way, you can save time and get more done. App Store Finds That Keep […]

Freelance Accounting Business

How to Start A Freelance Accounting Business

For many accountants, working on a freelance basis is a dream come true. Flexible hours, easy mobility, and low starting costs allow freelance accountants to work in a way that feels natural to them. These days, with more online tools at your disposal than ever, starting a freelance accounting business has never been easier. What […]

What Employers Need to Know About the Canadian Pension Plan

What Employers Need to Know About the Canadian Pension Plan

Do you provide accounting support to employers in Canada? If so, the Canada Pension Plan (CPP) is a hot topic. After all, when someone is self-employed, or if they’re an employer hiring their first employee, figuring out the CPP is essential. When you have a thorough understanding of employers’ obligations, it’s easier to advise them […]

Excel Tips for Accounting Professionals

Excel Accounting: Formulas, Tips and Advice Accountants Need to Know

As an accountant, you most likely learned your craft using spreadsheets, namely Microsoft’s Excel program. Maybe you have a love/hate relationship with the software. When it does what you need it to, you’re in love – but when it doesn’t, you’re screaming at the universe, “Why now?” because one incorrect or transposed entry can have […]

Grow Your Accounting Practice Sales by Cross-Selling Existing Clients

If you overhear your colleagues talk about cross-selling, you might want to get in on the conversation. Accountants across the nation are using this sales and marketing technique, creating win-win scenarios for firms and their clients. This technique offers a great advantage, because you can grow your accounting firm by cross-selling existing clients. Numerous opportunities […]

Powerful Client Retention Strategies

7 Powerful Client Retention Strategies That Work

As an accountant, numbers are your bread and butter, and as a business owner, it's likely that one of your most important numbers is the number of clients you have. With the right tools and information, you can implement an effective client retention strategy that enables your practice to grow without even increasing the number [...]

Employee Training Program

7 Steps to Design Your Firm’s Employee Training Program

Your firm’s reputation rests squarely on the shoulders of your employees and how they interact with your clients. Is your employee training program effective in preparing them for that responsibility? Designing a training program for employees works best when you consider the specific needs of your employees individually and your firm as a whole, and […]

Refresh Your Accounting Firm's Goals

Does Your Firm’s Company Vision Need A Refresh?

If your firm has been serving businesses for a few years, it might be time to take a look at your vision, values and mission statements. What makes your firm unique and sets it apart from others? It’s possible that your overall values haven’t changed. Perhaps with growth, you’ve noticed some of the previous terms […]

How to sell your accounting firm

How to Sell Your Accounting Firm

Has the thought of selling your accounting practice ever crossed your mind? Whether you’re ready to retire, pursue a career change, or simply increase your personal bottom line, selling a business is an exciting prospect. It can also be a long, complicated process, especially if you’re not quite sure how to sell a business. Approach […]

12 Ways You Can Implement the Big 4’s Employee Engagement Tactics

If you’re hoping to grow your accounting business, employee engagement could be your secret weapon. When employees are actively engaged with their jobs, they tend to be happier, more productive, and more likely to stick around — all things that help your company thrive. Not sure where to start? Try taking your cues from the […]

What to Know Before Switching Your Firm to Value Pricing

What to Know Before Switching Your Firm to Value Pricing

Are you interested in boosting your accounting firm’s bottom line and building trust with your clients? One way to do this is to adopt value pricing. Sure, some situations require hourly billing, fixed fees, or contingency fees, but in many cases, you might find that value based pricing is a win-win situation for both your […]

Two accountants discuss the significance of a Three-Way Match

What Is the Three-Way Match?

Learn the definition of the three-way match system for making payments to vendors, the purpose of this system, how it can save your clients money and yourself time during audits, and how utilizing technologies such as databases, scanners and barcodes streamline this process and makes it less labour-intensive.

A small business owner with his minimum wage employees

How Ontario’s Minimum Wage Increase Affects Small Businesses

Ontario’s minimum wage was raised to $15 per hour in January 2019 and politicians, economists, small business owners, and analysts are all speculating on how the increase in minimum wage may affect small businesses in particular. How Does Minimum Wage Affect Small Businesses? A shift in minimum wage is likely to impact only some small businesses, […]

Auditors review documents for fraud under ISA 240

Understanding an Auditor’s Responsibility Under ISA 240 Regarding Fraud

Learn your responsibilities if your client asks you to perform a financial statement audit. Discover what your role as an auditor is regarding fraud within financial statements under International Standards on Auditing 240. This includes what to do if you find fraud, how to communicate it, and what to document.

Accountant and clients discuss strategies for shielding Canadian owned U.S. assets from U.S. estate tax

Strategies for Shielding Canadian-Owned U.S. Assets From U.S. Estate Tax

Review when Canadians may face the U.S. estate tax on their U.S. assets. Find out how to calculate a credit that helps your clients avoid this tax. Read about strategies that can help your clients shield their assets from the estate tax when the credit expires or the exemption threshold changes.

Business owners studying the effect the IFRS has on the marijuana industry in Canada

Profits Up in Smoke? Challenges in Applying IFRS to Canada’s New Cannabis Industry

Look at how the International Financial Reporting Standards affect the cannabis industry. Learn how the biological assets rule may make cannabis companies look more profitable than they really are, and review what investors need to do when making decisions about whether to buy cannabis-related stocks.

Accountant prepares for a GST/HST audit with a small business client

Preparing Your Client for a GST/HST Audit

Find out what your business clients need to know about undergoing a GST/HST audit by the CRA, and learn how you as their accountant can help make the process easier. To better prepare your clients, understand the purpose of a GST/HST audit, and what types of issues the CRA auditor could be looking for during a visit.

Accountant uses data analytics as part of a financial statement audit

Are You Using Data Analytics to Add Value to Financial Statement Audits?

Find out how data analytics can help to improve the financial statement audit process and provide your clients with a more insightful overview of their business’ financial health. Discover how you, as an accountant, can delve deeper into your client’s financial statements to deliver a more nuanced report.

Accountant discusses bonus payments with an employee

Should You Compensate Employees Based on Performance?

Understand how a performance-based compensation plan can help to improve employee engagement and productivity at your firm. Learn different strategies and tips for implementing an effective performance-based pay structure in your accounting firm, including simple ways to calculate annual bonuses.

Accountant looking for signs of lapping fraud by using software to track days of accounts receivable

What Is Lapping Fraud?

Learn about lapping fraud, an accounting term for a form of accounts receivable theft committed by a bookkeeper or someone acting in that capacity, as well as how lapping schemes usually work, and how you can advise your clients on controls to prevent lapping from occurring in their businesses.

First time home buyer discusses plans with construction foreman

Accounting Tip: Nova Scotia Offers a First-Time Home Buyers Rebate on Newly Constructed Homes

Help your clients land the First-Time Home Buyers Rebate if they’ve purchased or moved into a newly constructed home. Learn what types of homes are eligible, how much of a rebate your client can get, how to calculate their rebate, and how long they have to claim the rebate until it expires.

Accountant and client discuss the NL Income Supplement and NL Seniors' Benefit

Obtaining the Newfoundland and Labrador Income Supplement and Seniors’ Benefit

Learn how to explain the Newfoundland and Labrador Income Supplement for low-income individuals, couples, seniors, and people who are disabled, and the Seniors Benefit that’s available to seniors over the age of 65 and live in either Newfoundland or Labrador on the last day of the tax year.

Accountants detail how unappropriated retained earnings affect small business financials

What Are Unappropriated Retained Earnings?

Uncover what unappropriated retained earnings are and how to find them on the balance sheet. Learn what the balance consists of, what sort of restrictions your clients face when figuring out how to spend this money, and what sort of decisions this general ledger account can help your client make.

Small business accountant reviews a statement of activities

Accounting Term: What Is a Statement of Activities?

Learn what the statement of activities is and why your clients must have one prepared. Discover what sorts of activities are included and what timeframe is covered. Also, you’ll find out who uses the statement of activities and what external parties often require the statement to be prepared.

Accountant reviews a rolling budget on smartphone accounting application

Accounting Term: What Is a Rolling Budget?

Discover the benefits of helping your client set up a rolling budget. Learn the process of adding onto the original plans and why this is more advantageous than traditional budgeting methods. Find out the benefits, such as alleviating your client of stress, being more flexible, and holding greater accountability.

Accounting professional performs a simple linear regression analysis

Accounting Term: What Is Simple Linear Regression Analysis?

Learn about how simple linear regression can help you advise better business decisions. This includes discovering how to perform the regression analysis, what each variable in the equation means, and how to use it when analyzing your client’s revenue, expenses, and other business performance.

Accountant using software to add SG&A expenses to an income statement

Accounting Term: What Is SG&A?

Learn what specific types of expenses make up selling, general, and administrative costs. Discover how they’re reported on the income statement, how reporting them incorrectly can lead to incorrect business decisions, and how SG&A expenses can be reduced as your client’s business grows and merges with others.

Pair of accountants checking a company's SG&A expenses for cost distortions

Cost Distortions in SG&A and How to Avoid and Correct Them

Learn how to overcome common pitfalls of allocating SG&A costs. Even though these costs can’t be directly traced to the products your client makes, there are ways to change the percentage-of-sales or cost-of-sales allocation methods so the information used for pricing or business expansion is more accurate.

Accountant evaluates a sustainability attestation request for a company

Should You or Shouldn’t You? Evaluating a Request for a Sustainability Attestation

Learn what goes into sustainability accounting and providing a sustainability attestation for a business client. Understand the factors that may help or hinder a client’s claims about the sustainability of its business, including detailed reporting and common misstatements, so you can make the right call.

Accountant works with client to streamline the month-end close

Help Your Clients Streamline the Month-End Close

Master the month-end closing process by helping your client create a close schedule, standardize its processes, and cross-train its staff. In addition, learn the benefits of distributing workloads in certain ways as well as evaluating the month-end close process after the period has ended.

An accountant defines a death spiral to a Canadian client

Accounting Term: What Is the Death Spiral?

Learn what it means to enter into an accounting or business death spiral. This common pitfall arising from allocating costs incorrectly can lead to massive mistakes including cutting profitable product lines. Find out multiple steps you can take to help your client avoid the death spiral altogether.

Woman explaining gift card accounting to a listener

What Do You Know About Gift Card Accounting?

Check out how to account for gift cards when you do double-entry bookkeeping. Learn how to note gift card sales and redemption in your client’s books. Review some provincial and federal gift card rules, and find out what happens when your clients give gift cards to their employees as bonuses or gifts.

Accountant and client discuss calculations for the time value of money

How to Calculate and Account for the Time Value of Money

Learn how to calculate a few functions of the time value of money, why the time value of money is important, and under which circumstances the time value of money concept is not useful. Discover how to calculate both the present value of a lump sum as well as the future value of a lump sum payment.

Accountant adds a client's discontinued operations to a financial statement

Accounting Term: What Is a Discontinued Operation?

Learn what discontinued operations means as an accounting term, why this definition is important to small business owners and accountants who prepare financial statements, and how International Financial Reporting Standards regarding discontinued operations differ from Generally Accepted Accounting Principles.

Accountant calculates the payback reciprocal for a project

Accounting Term: What Is the Payback Reciprocal?

Uncover how to calculate the payback reciprocal. Learn how this calculation relates to the payback period, when it’s useful to use, and how to evaluate your findings. Also, find out the drawbacks of the analysis technique including time value of money, cash flow consistency, and the length of your project.

Accountants evaluate how to accept engagements for sustainability attestation

Should You or Shouldn’t You? Evaluating a Request for a Sustainability Attestation

Discover a few things to keep in mind if your client approaches you with a request to perform a sustainability audit. This includes setting expectations by defining the scope, learning what your client wants and needs, determining what sorts of materials to be researched, and how to address any misstatements.

Accountant defines the Conservatism Principle to client

Accounting Term: What Is the Conservatism Principle?

Understand the meaning and purpose of the conservatism principle. Learn why it’s better to overstate expenses and understate revenue, even if it means your client’s financial records aren’t exactly right. This includes when conservatism should come into play, how it impacts decisions, and who the principle impacts.

Accountants review how to automate accounting tasks with email marketing and social media

4 Ways to Automate Administrative Tasks in Your Accounting Practice

Look at a few administrative tasks you may be able to automate. Get tips on how to save time by automating different tasks so you can focus on the rest of your accounting business.

Accounting executive explains the process of processing accounting firm financials while holding laptop

Who Does the Accounting for Accountants?

Look at who handles the accounting for an accountant. Identify key situations where you may need to hire an outside accountant to help you, even though you are a professional accountant yourself.

Accountants review the salvage value of the company's fixed assets

How to Determine Fixed Asset’s Salvage Value

Learn what salvage value is and why it’s an important idea in the calculation of an asset’s deprecation over time. Discover two common methods for deciding on an asset’s salvage value.

Mentor explains to a young accountant why she should pursue a CPA designation

Why You Should Pursue or Renew a CPA Certification

Think seriously about earning your CPA and becoming one of Canada’s most respected business professionals. CPAs are always in demand, usually well-paid, and often thrilled with how cool their job can be. Make the CPA part of your career planning early, and go all the way to the top.

Accountants discuss the benefits of transitioning from accounting services to consulting

Are You Ready to Evolve From Accountant to Consultant?

Learn how, as technology continues its fast move forward, accounting is evolving to more of a consulting profession. Discover the main reasons this is happening and why you as an accountant should adapt as soon as possible.

Accounting business owner analyzing a recurring revenue business model

Is a Recurring Revenue Business Model Right for Your Accounting Practice?

Generate higher lifetime revenues per customer and create predictable cash flows for your accounting firm by switching to a recurring revenue business model. Learn tips for implementing this model smoothly.

Business owner calculating different types of costs

What Types of Costs: Actual, Budgeted, or Standard?

Check out the definition of standard, actual, and budgeted costs in production. Learn how to use these costs together to create budgets and track processes. Get tips on explaining these ideas with easy-to-understand language for your clients.

Producer agreeing to a tax credit for a multimedia title in Quebec

Receiving Tax Credit for Production of Multimedia Titles in Quebec

Check out Quebec’s refundable tax credit for labour expenses incurred while creating multimedia tiles. See which types of titles qualify and learn how to help your clients apply for this valuable credit.

Accountants review administrative overhead and accounting terms in office

Accounting Term: What Is Administrative Overhead?

Learn how administrative overhead or nonmanufacturing costs differ from direct manufacturing costs, and how small business owners and their accountants need to understand these expenses when setting selling prices and preparing reports.

Accountant reviews small business cash flow strategies with client

How to Help Your Clients Become Cash Flow Positive

Look at tips for helping your clients become cash flow positive. Help them boost cash flow by improving receivables management, increasing sales, and lowering costs.

Accountant explains conflict of interest to a client when refusing service

Avoiding Conflicts of Interest

Accountants are bound by a set of rules, usually called professional ethics, that help define the appropriate relationship between them and their clients. Of all the rules you have to follow in your practice, avoiding a conflict of interest is probably the number-one concern, at least as far as your clients go. Conflicts of this […]

Client receives accounting tip on filing an IPO or bought deal prospectus

Accounting Tip: Get an Ontario Securities Commission Receipt the Same Day by Filing Your Prospectus Early

Look at the deadlines for receiving same-day receipts from the Ontario Securities Commission. Review the different deadlines for prospectuses related to initial public offerings and bought deals.

Accountants discuss changes to Amended Standard IFRS 11

How to Treat Joint Arrangements Under Amended Standard IFRS 11

The International Accounting Standards Board (IASB) spells out the reporting requirements for joint arrangements in IFRS 11, a section of the international tax code that received a narrow-scope update in December 2017. The amended standards, which go into effect in January 2019 but may be applied right away if desired, specify how a company with […]

Business partners review labor rebates for innovation and development in PEI

Pursuing Labor Rebates for Innovation and Development in PEI

As an incentive to embark on innovative projects, your clients in Prince Edward Island may receive a refundable labour rebate for salaries and wages paid for certain projects. Projects for the Innovation and Development Labour Rebate are typically short term, as only one year of labour expenses is eligible for the credit. If a project […]

Man confused to find that his expenses were not deductible

Are These 4 Client Expenses Deductible?

The Canada Revenue Agency (CRA) allows businesses to deduct a huge range of expenses on their tax returns, and if your clients want to keep their tax liability as low as possible, they need to claim all their eligible expenses. At the same time, your clients also need to ensure they only claim truly deductible [...]

Manager trains future employees with the help of Ontario's co-operative education tax credit

How Accounting Businesses Can Use Ontario’s Co-operative Education Tax Credit

The government of Ontario encourages businesses to provide students and young workers with on-the-job experience through the Co-operative Education Tax Credit. This credit provides an incentive for accountants and accounting firms that want to attract fresh talent while potentially reducing their overall annual tax payment. Integrating new workers with recent educational credentials into your accounting […]

An entrepreneur attempts to attract investors with the help of Prince Edward Island share purchase tax credit

Attracting Investors With Prince Edward Island’s Share Purchase Tax Credit

If your client is looking to secure funding, help it meet the requirements for the Prince Edward Island Share Purchase Tax Credit. By being an eligible business, your client can entice investors with a tax rebate based on the investor’s level of funding. As long as the potential investor is at least 19 years old […]

Business real estate agent reviews capital expenses with accountant

Addressing Special Situations in Capital Expenses for Business Real Estate

When your client purchases an investment property, the cost of the property is a capital expense, meaning your client has to write it off incrementally over several years. As a general rule of thumb, major repairs such as replacing the heating, ventilation, and air conditioning system are considered capital expenses as well, while minor repairs […]

Accountant and client discuss business combinations under amended standard IFRS 3

How to Treat Business Combinations Under Amended Standard IFRS 3

In December 2017, the International Accounting Standards Board updated several sections of its IFRS regulations, making narrow-scope amendments to four sections of the code. One such section, IFRS 3, which regards business combinations, received an update that takes effect in January 2019, though businesses may apply the new rules early if desired. If you have […]

Accountant discusses how to implement subjective judgement with a colleague

How to Implement Subjective Judgment in Your Accounting Practices

Attention to detail is an important aspect of accounting, but not every cost or profit can be calculated down to the second decimal point. There are many times when an accountant has to make an immediate decision based on an estimate of future costs or profits that are subject to variables. These types of decisions […]

Accountant makes notes while reviewing allowance for doubtful accounts on smartphone

Allowance for Doubtful Accounts

What Is Allowance for Doubtful Accounts An allowance for doubtful accounts is a general ledger account used to record potential bad debts. The reason you use the account is the matching principle. This principle refers to recording expenses in the same time period as the revenue earned as a result of the expenses. The accrual [...]

Accountant explaining a risk-adjusted return to interested listeners

What Is Risk-Adjusted Return on Capital?

Risk-adjusted return on capital, also know as RAROC, is a common way to calculate the return capital employed in a business. Finance theory states that higher-risk projects have the potential to provide higher returns while lower-risk projects typically provide lower investment returns. Business owners, investors, and accountants can use RAROC to compare or help value […]

Accountants discussing trade secrets for Canadian small business audits

How to Work With Trade Secrets

Accountants are, in many ways, something like doctors or lawyers when it comes to their clients’ need for confidentiality. This is never more true than when you’re called upon to evaluate a client’s assets, only to find that a significant fraction of the company’s value lies in trade secrets. Trade secrets are the intangible assets […]

Client reviews an office expense checklist with her accountant

Give Clients Tools to Help Categorize Office-Related Current Expenses and Capital Expenses

If you do tax prep for business clients, they may give you a jumbled pile of receipts or unsorted expense records at tax time. To make tax prep easier for everyone involved, you may want to give your clients a few basic organizational tips. In particular, you may want to consider tools to help them […]

An accountant explaining asset classes

What Are Asset Classes?

Asset classes are depreciation categories used by the Canada Revenue Agency. When you report capital expenses on a business tax return, the amount of the claim varies based on the class of the asset. Asset classes are also referred to as capital cost allowance classes or depreciation classes, and you need to understand these classes […]

An accountant reviews a company's financial performance data

What Is Financial Performance Data?

Financial Performance Data is an accumulation of financial information spanning companies across industries. Statistics Canada extracts revenue, expense, and financial ratio data from tax returns of incorporated and unincorporated companies. This information is then processed into various reports that analyze select revenue/expense items, balance sheets, financial ratios, and profitable versus nonprofitable businesses. These reports provide […]

Small business owner reviews restricted cash reserves for company purchases

What Is Restricted Cash?

When companies anticipate an upcoming expenditure that’s outside of normal operating expenses, they can set aside cash for this purpose in a restricted cash account. Restricted cash accounts can cover irregular expenses and capital investments, such as settling a lawsuit, purchasing equipment, or paying out a dividend. A company may set up a special bank […]

Woman appealing a Saskatchewan tax audit assessment

How to Appeal a Saskatchewan Tax Audit Assessment

The government of Saskatchewan may occasionally decide to audit your business or your clients. Typically, these audits focus on sales tax collection and remittance, but in some cases, businesses and individuals may face an audit related to sales tax due on items they purchased. Generally, after an audit in Saskatchewan, the Collections and Enforcement Section […]

Accountant trains colleague on soft skills in accounting office

Work on Your Soft Skills

As you start your career as an accountant, you need more than just the right credentials and knowledge on how to crunch numbers. You also need soft skills such as a firm handshake, the ability to make eye contact, and strong communication skills. These soft skills are essential when looking for jobs and when trying […]

Accountant reviews working capital in valuation on mobile device

Working Capital in Valuation

Working capital is the measure of a business’ current assets minus its current liabilities. Generally, it’s used to determine a company’s short-term financial health and efficiency in using resources. Too much working capital and it’s likely the business isn’t investing enough of its excess assets. A negative working capital signals short-term financial stress. When using […]

Female in accounting practice reviews investments and capital on smartphone

Ontario Drops Small Business Tax Rate for 2018

Effective Jan. 1, 2018, Ontario is lowering the provincial income tax on small businesses from 4.5 percent to 3.5 percent. The shift is part of a government plan to help small businesses handle an increase to minimum wage. On the first day of 2018, the minimum wage in Ontario will increase from $11.60 to $14 […]

Accounting students review contemporary company demands for their finals

Zooming in on Non-traditional Skill Sets for Future Accountants

In a technology-driven world, the old image of an accountant as an introverted number-cruncher is fading fast. Software and apps now perform many of the tasks formerly done by accountants, making it necessary for those in the profession to update their skills. Future accountants will need to be multidisciplinary experts, capable of high-level analysis as […]

Accountant reviews a speedy resolution to a client's tax dispute on a mobile device

Help Ensure a Speedy Resolution to Your Client’s Tax Dispute

Based on information from 2009, Canada takes longer to resolve tax objections than any of the other G7 countries. Generally, Canada takes 276 days to work through disputes, nearly four times the G7 average of 70 days. While you cannot speed up matters on the government’s end, there are numerous steps you can take to […]

Professional discusses leadership qualities of accountants during training session video

Hidden Treasures: Leadership Qualities in Accountants

When people think about accountants, they often narrowly focus on the number crunching aspect of these professionals, but accountants have a lot of other skills. In particular, many accountants have a strong tendency toward leadership. Feel like a natural born leader? There are numerous ways to use that attribute in your career. Accountants: Natural Leaders […]

One of Canada's top employers reviews flexible accounting position options in accounting office

Canada’s Top Employers for Flexible Accounting Positions

Rather than hitching their wagon to a full-time permanent job, many accounting professionals are looking for flexibility. Some don’t want to go into an office at all, and — thanks to the rise of cloud computing — remote accounting positions are becoming more popular. Throughout Canada, employers are offering a variety of flexible and remote […]

Accountant details the GST/HST tax obligation proposed changes to a corporate client

How to Help Your Business Clients Meet Their GST/HST Obligations for Pensions

Provide clients of your accounting practice with a valuable service by assisting them in properly managing the latest payment and reporting requirements for GST/HST on pensions. GST and HST are the terms for “goods and services tax” and “harmonized sales tax”, respectively. Because the most recent changes to GST/HST regulations are rather complicated, you can […]

A man teaching forensic accounting

Expand Your Practice With a Degree or Certification in Forensic Accounting

If you want to improve your client volume during slow months, put your downtime to good use by obtaining credentials in the field of forensic accounting. This expanding field offers a great career path if you want to add to your knowledge and skills, make important contacts, and give your firm a boost during seasonal [...]

Business people working towards corporate sustainability

Help Your Clients With Corporate Sustainability

More and more companies are accepting lower profit margins in return for a positive impact on the world. Corporate social responsibility is the practice of operating a business while simultaneously attempting to impact the environment and community. Specifically, companies enact corporate social responsibility to positively impact social, environmental, cultural, and ethical spheres during the course […]

Accounting professional shows small business owner how to correct a remittance error

How to Help a Business Correct a Remittance Error

The Canada Revenue Agency is serious about source deductions. The late payment penalties are severe, and if you or your clients remit the wrong amount, it’s important to know how to correct these errors. Source deductions consist of Employment Insurance premiums, Canada Pension Plan contributions, and income taxes withheld from employee’s paycheques as well as […]

Accountant researches niche markets for accounting firm on smartphone

Niche Markets for Accounting Professionals

Finding a niche market for your accounting firm can help you focus your workload, create a thriving practice, and potentially command higher fees. Concentrating your efforts on a niche market lets you get to know that segment well so you can offer the best possible services and set yourself apart as an expert. Assessing the […]

Farmer clients requiring accounting services

Providing Specialized Accounting Services for Farmers and Ranchers

Landing clients can be one of your biggest challenges as an accountant, and sometimes, it helps to set yourself apart from the crowd as a specialist. If you live in an area with a lot of ranchers or farmers, or if you’re thinking about relocating to the country, you may want to provide specialized services […]

Financial controller works in small business accounting firm

What Is a Financial Controller?

A financial controller is a financial analyst in a very senior position who acts as a sort of de facto boss of all things money-related at a company. Usually trained as a CPA, financial controllers have advanced degrees and many years of experience in budgeting, analysis, tax law, and the like. Large companies or government [...]

A credit analyst talks about what he does for his job

What Is a Credit Analyst?

Businesses borrow money for all sorts of reasons. Small companies borrow to upgrade their equipment or to expand their operations. Bigger companies may keep a revolving credit line for their expenses, or they may borrow lots of money to jump on a promising investment. To do this, they often hire a credit analyst to look […]

Professional accountant provides resources for accounting student

5 Inspiring Resources for Accounting Students

If you’re in school preparing for a career in accounting, you may want to take advantage of the numerous resources available to help accounting students. A wide range of podcasts, books, and magazines can help you through college and as you start your career. With so many forms of media available in the Internet age, […]

Man pondering whether his company should cover CPA certification costs

Can Your Company Benefit From Covering Your CPA Certification Costs?

Obtaining your designation as a Chartered Professional Accountant (CPA) is an important step in your accounting career. If you're already working with an accounting firm, both you and your company stand to benefit when you get your CPA designation. Why Should Your Employer Pay Your CPA Certification Costs? Your employer can benefit from sponsoring your [...]

Female in accounting practice reviews investments and capital on smartphone

Marketing Tips for Accounting Firms: Managing Your Accounting Practice Finances

Are you an accountant with your own practice? If you’re just starting out, there are a few tricks of the trade you need under your belt to be a savvy entrepreneur. You can increase your chances of success by developing a strong idea of your target market and by carefully managing your company’s finances. It […]

Workaholic accountant reviews financial data on mobile device to improve productivity

Are You a Workaholic Accountant? How to Work Less and Stay Productive

When you run your own accounting firm, you often walk a thin line between putting in the hours you need to succeed and becoming a workaholic. Working nonstop seems like the fast way to success, but crossing the line into workaholic territory can take a toll on your health and the efficiency of your business. […]

Accountant in office performs succession planning with accounting professional

It’s Not Too Early to Start Grooming a Successor to Your Accounting Business

When you’ve built a successful accounting business, it’s only natural that you want it to continue growing and prospering even after you retire. Choosing and grooming a successor to replace you takes time and planning, so it’s best to begin the process well before you’re ready to step aside as the head of your accounting […]

Store owner reviews financial statements for small businesses on tablet

Why Accountants Should Encourage Small Business Owners to Adopt Standard Financial Statements

Although small businesses may think they don’t need complex reports, there are many essential takeaways from financial statements. These statements offer information that may increase profitability and help with future expansion. As you work with your clients, help them understand how they can use these reports to provide more insight into how their company is […]

Experienced accountant explaining contingent liability to a listener

What is a Contingent Liability?

A contingent liability is an expense your company may or may not have to pay. The expense or liability is contingent on something that hasn't happened yet but that might happen. In many cases, the situation is out of your control. If you use accrual based accounting, you should include these expenses in your financial [...]

Financial professional discusses shareholders' equity while holding laptop

What is Shareholders’ Equity?

Shareholder’s equity is whatever money is left in a company after all assets are sold and debts are paid. The residual value of your business is your equity balance. This balance represents the financial stake you and your business partners have contributed to your company. The figure is useful in financial analysis. Many financial ratios […]