• 20 Jul 2017 9:13 AM | Editor (Administrator)

    Nick Chandi, Guest Contributor
    Forbes Magazine

    Yet what really amazes me isn’t just the benefits bots and AI are bringing to the accounting scene -- it’s how these benefits are being brought to it. There are many structural changes happening in the operational trenches, especially regarding administrative procedures.

    For instance, one of the most noticeable changes is affecting compliance, which is seeing the way data is handled and processed become completely automated. This is enabling accounting pros to get reliable and fast data included in every tax report they generate. Automated data entry is now the rule for those after maximum efficiency.

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    CEO of SlickPie Accounting Software for small businesses.

  • 19 Jul 2017 7:13 AM | Editor (Administrator)

    EDITOR'S NOTE:  I worked at Nortel, Canadian National Railway, Hydro One, and KPMG on culture change, behaviour change of executives and employees, and organizational development. Below is an excellent article about how culture affects everything in an organization. 

    As an additional key point, entrepreneurs and managers should think about words versus actions. Talk is cheap. When there is a disconnect between what management says and actions that employees witness, actions win out every time. 

    Mike Temple
    Program Director at Xcelerator Program
    TranStrategy Partners, Inc. 
    Published on LinkedIn 

    Your company develops a culture, whether you actively influence it or not. The culture will grow based on the inputs it receives. If you are not actively steering the company toward the culture you want, then you will get a culture you don’t want.

    Your company’s culture is like your waistline or credit card spending. When you don’t pay attention, it only goes in the wrong direction.

    Think of your culture as your garden. You plant and nurture the plants you want and you weed out the plants you don’t want. As time goes on, you may need to prune back a good cultural trait that was growing too big or in the wrong direction. If you don’t work on your garden, it will grow in unpredictable, crazy and unproductive ways – the same is true of your company culture.

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  • 18 Jul 2017 9:57 AM | Editor (Administrator)

    Jeff Buckstein
    Canadian Accountant

    BUSINESSES in the United States and Canada are keeping a sharp eye on proposed U.S. tax reform plans originating from the White House and Congress that could seriously impact their operations as well as their competitiveness. This week, Canadian Accountant has looked at the overall impact as well as specific proposals of U.S. tax reform.

    Today, we look at an aspect rarely discussed — the Trump administration's pledge to lower and simplify personal income tax, and the effects those changes could have on Canadian business.

    The White House proposal would see much lower individual income tax rates, including a top personal rate of 35 per cent, down from today’s 39.6 per cent, along with only three tax brackets instead of the present seven. Experts say the proposed personal rate reductions could impact cross-border business choices.

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  • 18 Jul 2017 9:49 AM | Editor (Administrator)

    Jeff Buckstein
    Canadian Accountant

    With proposed U.S. tax reform looming, we look at the options and their ramifications for Canadian business

    BUSINESSES in the United States and Canada are keeping a sharp eye on proposed U.S. tax reform plans originating from the White House and from Congress that could seriously impact their operations as well as their competitiveness.

    In yesterday's article, "Proposed U.S. tax reform could have major impact on Canada," we looked at the current state of taxation in the U.S. and the potential for a radical cut to 15 per cent.

    READ MORE


  • 18 Jul 2017 7:37 AM | Editor (Administrator)

    DANIEL LEBLANC
    OTTAWA — The Globe and Mail

    Ottawa wants to recoup at least $250-million a year from high-income Canadians who use private corporations to reduce their tax bills, unveiling measures to prevent professionals from “sprinkling” income to family members in lower tax brackets.

    The federal government also wants to close loopholes not available to salaried workers by changing the way it taxes private corporations in relation to capital gains and “passive” income. The measures unveiled Tuesday will not be immediately enacted, but the government is launching consultations in the lead-up to final proposals in coming months.

    READ MORE

  • 17 Jul 2017 9:51 AM | Editor (Administrator)

    Jeff Buckstein
    Canadian Accountant

    With proposed U.S. tax reform looming, we look at the options and their ramifications for Canadian business

    BUSINESSES in the United States and Canada are keeping a sharp eye on proposed U.S. tax reform plans originating from the White House and from Congress that could seriously impact their operations as well as their competitiveness. 

    In yesterday's article, "Proposed U.S. tax reform could have major impact on Canada," we looked at the current state of taxation in the U.S. and the potential for a radical cut to 15 per cent.

    READ MORE


  • 17 Jul 2017 9:20 AM | Editor (Administrator)


    Cloud software as well as other technological developments are changing the role of accountants forever. Accountants are becoming less number crunchers and more creative advisors, looking for new ways to help their clients’ bottom line.

    Cloud pioneer Xero “found that 83 percent of accountants believe that an understanding of technology is now as important as knowledge of the trade itself,” and those accountants who continue doing the same old thing done for the last 100 years will find themselves obsolete.

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  • 17 Jul 2017 9:04 AM | Editor (Administrator)


    Detecting fraud in the cloud isn’t always easy; the vast depth of today’s internet gives would-be ne’er-do-wells plenty of opportunities to cover their tracks. Tracking down and eliminating fraud is nonetheless possible when accountants make good use of all the tools at their disposal.

    Occupational fraud cost the global economy nearly $3.7 trillion in 2016, according to a report to the Nations on Occupational Fraud and Abuse. In order to effectively tackle such a prevalent problem, accountants will need to be prepared to make use of the cloud, and lobby for enhanced digital security in their firms.

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  • 13 Jul 2017 8:11 AM | Editor (Administrator)


    Kismet, a robot with rudimentary social skills, at the MIT Museum.

    The first thing an accountant must come to terms with is the awesome potential of machine automation. Already, a plethora of accounting firms employ centralized systems which can crunch numbers more efficiently than any human could ever hope to. As innovators continue to make serious gains in the development of AI, these robots will only become more productive.

    Deloitte’s 2015 report on robotics lists increasing automation as the second most important strategic priority for firms. While robots will come to replace humans in completing easily programmable, rules-based task, they will nonetheless struggle to keep up with human creativity. Accountants will then need to think outside the box, and work more closely with their clients in forming business strategies, should they wish to remain relevant.

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  • 11 Jul 2017 9:01 AM | Editor (Administrator)

    Although 75% of accountants will be millennials by 2025, the industry is failing to adapt to these changes.

    Research from IRIS Software found 53% of practices believe their clients see value in advisory services, yet Will Farnell, director at Farnell Clarke, states the vast majority aren’t taking advantage.

    He says, “In my experience, when you talk to traditional accountants about business advisory, they will begin discussing bookkeeping and cash flow. The problem is, they aren’t business advisory services – they are standard accountancy activities. This needs to change quickly if accountants want to remain relevant as the vast majority of their clients will be millennials by 2025. They have completely different expectations to the traditional accountant’s offering and it’s much more than just adopting technology.

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AccountantsCentral.com is a national Canadian directory of accountants, combined with a web-based magazine (webzine).

We encourage owners and managers of small and medium businesses to better understand the use of numbers in business management, and encourage them to hire accountants as part time Chief Financial Officers, and as advisers on overall business management.


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