Tag Archives: Accounting Services

Do You Know Your Accounting Policies and Procedures?

Do you know your businesses’ accounting policies and procedures?  Are they optimized for your specific type of business, and your operations individual needs?

If you were audited tomorrow, would your books stand up to Federal scrutiny?

Did you just break out in a cold sweat at the thought of a bunch of  “Revenooers” poring over your records, looking for inconsistencies?  If you did, it’s because you’re too busy running your business to spend your every waking moment fussing over your books.  Small businesses are the engine that drives the economy, but they are also the operations that are exposed to the greatest amount of risk.  As an entrepreneur, you are to be commended for your courage.  At Five Star Accounting, we completely understand the needs of small businesses in Winnipeg and Calgary.  We represent numerous small businesses in Winnipeg and Calgary.  We ourselves are a small business, with offices in (you guessed it) Winnipeg and Calgary.

Let our experience work for you.  We have the knowledge (kept current because we endeavor to be the best-educated accountants and bookkeepers you’ve ever met) and the experience to put your business finances in order.  We will help you set up a record keeping method that is easy to maintain, and that follows the best practices that we’ve established for all of our clients.  Once we’ve got you up and running, we’ll help you keep your accounting records up to date, so you can sleep comfortably at night knowing that your business’ books are completely in order.

We offer all the advantages of an in-house bookkeeper, without the added cost of another full-time employee.  For support with your accounting and bookkeeping needs, both in strategic planning and day-to-day support, contact Five Star Accounting, and experience our professional service and our 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.