KEEP IT SIMPLE STUPID by Rob Farrow, SBA (www.suttoninnovation.com) The accounting strategy we recommend for small, high-tech startups is to use naturally-generated information prepared by others during the year, as an accurate source of cash-basis accounting data. This includes bank and credit card accounts, PayPal, and supplier accounts (e.g. BestBuy, Staples or Amazon) as the … Read more
Management Tool or Wishful Thinking? by Rob Farrow, SBA (www.the-hatchery.org) I’ve worked with tech startups and small businesses in Canada for decades. As a former tax auditor with Canada’s tax department, a manager and senior manager at two of Canada’s largest audit firms, and as an independent tax professional, I’ve consistently seen issues with the … Read more
Given that CPA Canada has made it easier for accountants in industry to qualify as CPAs, and disrupted the nature of tax and compilation compliance requirements, while making it much more difficult for one and 2-partner firms to train their successors, could a reasonable argument be made that the dominant public accounting firms intentionally re-engineered … Read more
Given that CPA Canada has made it easier for accountants in industry to qualify as CPAs, and disrupted the nature of tax and compilation compliance requirements, while making it much more difficult for one and 2-partner firms to train their successors, could a reasonable argument be made that the dominant public accounting firms intentionally re-engineered … Read more
Is FAAS (Finance As A Service) Just a Way to Bypass Regulatory Oversight? CPA Canada’s new competency map for public accountants in small, one or 2-partner firms is extremely difficult to comply with. However, the path for accountants in industry appears to be simpler. My own experience is that accountants in industry can bypass difficult … Read more
ACCOUNTING SYSTEMS FOR SMALL BUSINESS IN CANADA How Enhancements to Information Technology Have Impacted Accounting Systems for Small Business in Canada There is no doubt that improvements in information technologies have brought with them a great deal of change to the way we live our lives. Think smartphones, NetFlix™, Spotify™, and remote work. As a … Read more
“Among Canadians, the rate of self-employment—that is, the number of self-employed workers as a share of total employment—has been relatively stable, hovering around 15% over the last decade. However, when we focus on the core-age group (those aged 40 and older), interesting patterns emerge: Overall Self-Employment Rate:In 2018, approximately 2.9 million Canadians were self-employed, up … Read more
Canadians log more hours than other countries but the workforce is less productive. What gives? Bloatware in Canadian Colleges – YouTube.com Despite their assertions about developing critical thinking skills in graduates or protecting the public interest, our education industry seems to have succumbed to a sales culture and growth at-all-costs model more in keeping with … Read more
Are Colleges + Professional Bodies Guilty of Match Fixing? According to a report released by Statistics Canada on November 30 of 2022: “Recent immigrants made up nearly half of the growth in the share of Canadians with a bachelor’s degree or higher. However, some immigrants’ talents remain underutilized, as over one-quarter of all immigrants with … Read more
THE NEW CPA COMPILATION STANDARDS CPA CANADA ROLLS OUT NEW STANDARDS FOR COMPILATIONS In 2021, CPA Canada introduced a new standard for compilation engagements. For accounting practitioners that work with small business clients that will mean increased work – and likely increased fees for their clients. Failing that the practitioners will absorb the cost and … Read more