• 10 Jul 2017 8:35 AM | Editor (Administrator)



    Bernard Marr

    Take a deep breath.

    Robots are NOT going to replace all human accountants or bookkeepers (at least not anytime soon).

    White-collar workers who are part of the knowledge economy are beginning to experience what manual laborers have in the past when new technology made their jobs obsolete. Given the improvements we have recently seen in computing, many professionals fear for their future as machines threaten to overtake them.

    READ MORE


  • 07 Jul 2017 8:07 AM | Editor (Administrator)


    Michael Cohn

    The Institute of Management Accountants has updated its Statement of Ethical Professional Practice to guide the conduct expected of IMA members.

    The new SEPP guidance stems from research by the IMA’s Committee on Ethics, which studied the ethics codes of a number of other professional organizations, along with the global ethics standard released by the International Ethics Standards Board for Accountants. It also takes into account the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

    The guidance is the first update to SEPP since 2005 and took effect July 1, 2017.

    READ MORE

    READ IMA STATEMENT OF ETHICAL PROFESSIONAL PRACTICE


  • 07 Jul 2017 7:56 AM | Editor (Administrator)

    Michael Cohn

    The Association of Chartered Certified Accountants reported a 5.5 percent increase in membership over the past year.

    The ACCA now has more than 198,000 members and 486,000 students across 180 countries. It operates a network of 101 offices and centers in 52 countries to support its members.

    The organization is facing renewed competition from the American Institute of CPAs, which recently formed the Association of International CPAs in partnership with the Chartered Institute of Management Accountants. The AICPA, for its part, claims 650,000 members and students in 179 countries, with offices in 35 locations around the world. 

    READ MORE


  • 03 Jul 2017 3:28 PM | Editor (Administrator)

    They say that "death and taxes" are unavoidable, but the irony is that accountants top the list of professionals with the longest life expectancy.

    It's true, and in fact, accountants (and similar white-collar, middle-class professionals) can expect to outlive blue-collar workers by as much as eight years.

    That means that a male accountant lives to an average age of 80, while a female accountant can expect to live to about 85 years of age.

    So, why do certain professionals like accountants live longer than average? You could argue that most accountants aren’t big risk-takers, but the real secret is in autonomy. In other words, accountants generally have greater control over their jobs compared to other careers like manual laborers, police officers, and waitresses, and this increased control reduces stress and increases workplace happiness.

    READ FULL ARTICLE 

  • 03 Jul 2017 3:09 PM | Editor (Administrator)


    Paul B.W. Miller
    Paul R. Bahnson

    It’s our busy season, and we’ve revised our column from December 2014 that delivers a coup de grace to the notion that the status quo is and always will be good enough. Our message is even more crucial because of the obvious lack of evidence that anyone in accounting wants to significantly innovate. We urge you to take it to heart.

    The October 2014 issue of Accounting Today included editor Daniel Hood’s gleanings from comments by various leaders in the accounting profession on key issues in the 21st century. The following thoughts on “relevance” raise the crucial issue of whether accountants are positioned to provide services that will actually be demanded (italics added):

    Rick Telberg said, “The profession as a whole, across the globe, in public practice and in industry, teeters on the brink of competitive irrelevancy and irreversible obsolescence.”

    Sharada Bhansali raised an alarm by saying, “The profession is losing its relevance and many accountants have settled for this compromising situation.”

    Tommye Barie proclaimed that, “CPAs risk losing relevance in the marketplace without ensuring our services provide value in a timely and meaningful manner.”

    Ron Baker asserted, “Unless our profession continuously innovates and adds value, we deserve irrelevancy” and added this challenging question: “What was the last innovation from the profession?”

    We absorbed these thoughts in light of ideas described by Peter Thiel and Blake Masters in their book Zero to One, which explains and encourages radical innovation. In our eyes, the fact that none of the profession’s attempts to innovate has ever been revolutionary proves it has already become irrelevant.

    READ FULL ARTICLE

  • 01 Jul 2017 3:44 PM | Editor (Administrator)



    Deniz Appelbaum and Robert Nehmer, PhD

    Three Steps towards the Automation of Accounting

    Fifty years ago, preprinted tax returns were filled in manually by typewriter after the numbers were totaled by hand or calculator; over time, spreadsheets were used for calculations, software programs offered report templates, and eventually even filing became electronic. 

    As technology replaced more of the manual tasks for taxpayers and professional preparers, tax preparation services came to be hired mainly for more complex returns. 

    Now, less complex returns can be handled by bots; in fact, a major tax filing service provider recently announced that it would be preparing and filing returns with an AI application. Less predictable personal and business returns, however, still require nuanced human judgment (Davenport and Kirby 2015).

    READ FULL ARTICLE, CPA JOURNAL


  • 29 Jun 2017 4:34 PM | Editor (Administrator)

    Louw Barnardt

    Very real progress in the field of cloud accounting is already enabling business owners to do more, faster — enabling incredible jumps in growth and profitability potential. Cloud accounting refers to using cloud-based software to run the accounting function of a business.

    This new approach is fast replacing the old desktop versions of accounting software. And for good reason! Here below are some of the advantages of using cloud accounting software in your business.

    Live access to financial information

    Probably the biggest advantage of cloud accounting software is its ability to link directly to your company’s bank feeds. By linking up with your bank, transactions are being pulled through from the bank straight into the accounting software.

    READ FULL ARTICLE,
    VENTUREBURN

  • 27 Jun 2017 2:30 PM | Editor (Administrator)

    QUÉBEC, June 27, 2017 /CNW Telbec/ - The Government of Canada is committed to ensuring tax fairness for all Canadians, and recognizes the importance of small and medium businesses in creating jobs and growing the economy. This is why it made a commitment to overhaul its service model so that people who interact with the Canada Revenue Agency (CRA) feel like valued clients, not just taxpayers.

    Today, the Honourable Diane Lebouthillier, Minister of National Revenue, unveiled the CRA's actions for the next two years to make its services for small and medium businesses more helpful and easier to use. The Report on the Canada Revenue Agency's 2016 Serving You Better consultations with small and medium businesses contains concrete commitments based on feedback shared by small and medium businesses and chartered professional accountants in fall 2016.

    The CRA's 2017-2019 Serving You Better action plan contains over 50 action items that will improve services for small and medium businesses. Here are the top ten service improvements for businesses. They will allow businesses to do the following:

    1. receive a CRA security code by email
    2. call a new dedicated telephone service for tax preparers that helps with more complex technical issues
    3. request a Liaison Officer visit
    4. provide T4 information slips to their employees in electronic format (certain conditions apply)
    5. use T2 Auto-fill through commercial software
    6. create their own filing and balance confirmation letters online
    7. view short "how-to" videos that explain the services on My Business Account
    8. experience telephone service improvements from CRA
    9. share feedback about their audit experience in a new post-audit survey
    10. have their objections resolved faster

    To find out more about the CRA's action plans to serve small and medium businesses, go to canada.ca/cra-serving-you-better.


  • 26 Jun 2017 4:46 PM | Editor (Administrator)

    According to Variety, Ben Affleck is in talks with Warner Bros. for a possible sequel to the 2016 action-thriller "The Accountant." 

    "The Accountant 2" is rumoured for a 2019 release date. 

    The plot line follows a small-town certified public accountant with high-functioning autism who makes his living uncooking the books of criminal organizations. Accountant by day, assasin by night. 

    "The Accountant" cost $44 million to make and had worldwide boxoffice gross of $155 million--pretty good return on investment. 

    READ FULL ARTICLE

  • 24 Jun 2017 4:20 PM | Editor (Administrator)

    Lee Fook Chiew and Loke Hoe Yeong

    The advance of technology has freed accountants from the drudgery of menial and mundane tasks such as the manual data entry of invoices, to pursue higher-value work that may bring in higher incomes. That includes accountants harnessing technology like data analytics tools to provide more in-depth and timely financial expertise to help their business outfits navigate today's volatile business landscape.

    To give a simple example, records of point-of-sale transactions can be used to project future patterns of consumer behaviour. Accountants can move from having a "hindsight view" to having more "predictive foresight". One of the possible outcomes of predictive foresight is that companies know what inventories to hold, which frees up capital and lowers costs such as rental - since less storage space is now required - and obsolescence.

    READ FULL ARTICLE
    SINGAPORE STRAITS TIMES

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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