Monthly Archives: November 2014

There’s Money to be Saved

Generally, the fewer employees a business has, the more hats each one has to wear. A truly small start-up, with only a few employees, can be a very stressful place to work.

When you’re responsible for every little thing that happens in your business, it’s easy to lose sight of the bigger ones.  We call it losing the forest in the trees.

When it comes to the financial health of your business, as an involved owner you feel a responsibility to your business, your customers, your employees, and your family to do the best you can.  After all, livelihoods depend on your ability to stay afloat.

One of the things that you’re tasked with, when your business is small, is cost control.  You have to determine, much of the time by instinct, which supplies and services are needs versus those that fall in to the category of wants.

The services of an accountant or bookkeeper almost always count as needs.  Some tasks you can perform yourself, but at great cost of time (and, if you’re like many people, sanity), and others simply require the expertise of a financial professional.

At Five Star Accounting, we have years of experience in the small business environment. We’re well versed in Canadian tax regulations, and we’re passionate about what we do.  Many business owners see bookkeeping and accounting tasks as punishment.  They’re our whole reason for existing.  We can save your business money because we know our way around cash management, payroll administration, and accounts receivable and payable.  We can help you navigate the stressful waters of business accounting, saving you money and freeing up your time to focus on the things that are important to your business.  Like your business.

Small businesses like yours are the engine that drives the economy, here in Winnipeg and across Canada.  For advice and help with accounting and bookkeeping that you can trust, contact Five Star Accounting for professional service with a personal touch.

Unification of Canada’s Accounting Bodies

On October 1st, 2014, CPA Canada announced the consolidation of three national accounting organizations.

The Society of Management Accountants of Canada, Certified General Accountants Association of Canada and the Canadian Institute of Chartered Accountants have now merged into CPA Canada.

CPA Canada represents the single national accounting body and one of the largest in the world. The creation of this organization provides Canadian professional accountants with a unified voice.

This merger took a number of years as it required approvals from 40 accounting bodies across the provinces and territories. An interesting and little known fact, it also required approval in Bermuda as accountants there are regulated under Canadian standards.

Canada has had three different accounting designations for more than a century, sometimes creating confusion in the marketplace. Companies didn’t know if they needed a CMA, a CGA or a CA or which could deliver the services they required. Businesses will now have the confidence of knowing all CPAs will be well-rounded professional with a strong foundation of knowledge and skill as a professional accountant.

If you have questions on this new designation and how it may benefit you, please contact us. We’d be happy to explain.