Navigating the world of financial statements can seem like deciphering a foreign language for non-accountants. Yet, understanding these documents is important for anyone looking to make informed decisions in business, investments, or personal finance. This guide aims to demystify financial statements, breaking them down into their basic components and explaining their significance in straightforward terms. What Are Financial Statements? At their core, financial statements are formal records that convey the financial activities and condition of a business, entity, or individual. They offer a sn ..read more

Emerging technologies are dramatically reshaping the terrain of financial reporting by enhancing speed and precision. Tools like digital dashboards bring data to life, offering real-time visibility and deeper analytical capabilities. The implementation of rigorous security frameworks guards this information, aligning with the highest global standards for data privacy. This digital transformation extends beyond mere operational improvements. It redefines the essence of financial roles. Automating mundane tasks frees financial professionals to focus on areas where they can add value, such as in ..read more

While every organization needs a budget that guides its finances, budgeting often has a particular importance for nonprofit organizations because they need to keep donors informed, prioritize their mission goals, and structure annual plans. Learning the fundamentals of budgeting – including how to create and manage an effective budget – is an essential step to success. Even if you decide to hire professional accounting services, knowing these fundamentals helps position your organization for success. How Nonprofits Benefit From Budgeting Creating and managing a successful budget helps nonprofi ..read more

Automation. Artificial Intelligence. Advanced analytics and cloud-based software. These words represent more than just concepts - they represent the future. Indeed, these fields are touching countless industries, including accounting and payroll services. The future of accounting can only be discussed by addressing these broad trends. As a business or non-profit leader who cares deeply about your organization's finances and fiscal well-being, your charge is not just to be aware of these trends. You must also know how to position your business best to get the most out of changing technological ..read more

As we step into 2024, it's time for business owners to reflect on their accounting practices and set resolutions for a prosperous year ahead. With the uncertain and changing financial landscape, staying ahead in your accounting practices is not just beneficial; it’s essential. This blog post aims to guide small business owners through essential accounting resolutions to ensure financial health and growth in 2024. Embrace Digital Transformation In this day and age, it’s critical for business owners and operators to acknowledge the dynamic landscape of technology in the business world. For small ..read more

Intro QuickBooks Connect 2023 kicked off on November 13th, the second year in a row 2,500 accounting and bookkeeping professionals gathered for 3 days of programming in sunny Las Vegas. We sent our highly experienced, talented and friendly CEO, Omar Visram, to connect with our Intuit partners and make some new friends. Omar came back feeling inspired about the exciting new features in the QuickBooks Online ecosystem and what it will mean for supporting our business and nonprofit clients with their financial operations and strategic growth. Read on to hear some of the most important takeaways f ..read more

Global delivery is the practice of sourcing and delivering services from a location that may be in a different country or region than the client's location. It’s most often used by businesses and organizations to access specialized skills, cost-effective labor, and other resources readily available in other parts of the world.  In the 1990s and early 2000s, the internet, coupled with technological advancements in communication, made it easier to connect with both staff and service providers in different parts of the world. In the mid 2000s, when SaaS solutions came online, it fundamentall ..read more

This is a guest post by our friends at Easly. If you're a Canadian company conducting R&D, there's a good chance you've heard of the Scientific Research and Experimental Development Tax Credit Program (SR&ED). If not, you can learn more about it here. The SR&ED program provides companies conducting eligible research and development work with tax credits. They accrue these tax credits throughout the year as they spend on eligible expenditures and then claim them with their annual taxes. Each year, the program provides more than $3B in tax credits, about half of which are refund ..read more

After more than two decades since Section 4410, Contributions - Revenue Recognition, was implemented for not-for-profit organizations, the Accounting Standard Board has released an Exposure Draft which proposes a new Section 4411, Contributions - Revenue Recognition, replacing Section 4410 and Section 4420, Contributions Receivable, and related changes to Section 4400, Financial Statement Presentation by Not-For-Profit Organizations. If implemented, the proposed changes will impact not-for-profit organizations using both the restricted fund and deferral methods of accounting for contributions ..read more

Technology is transforming businesses everywhere. For any one task or set of tasks, there are easily a dozen different software applications that can get the job done. Often, accounting firms adopt multiple tools, believing they can better service clients already using them in their existing back office functions. But in the end, you amass a high cost, high maintenance, redundant set of systems that are a nightmare to manage on an ongoing basis. Alternatively, accounting firms lock down on legacy systems that they have “used for years” and that their staff are comfortable using. Not a bad stra ..read more