Changing technological trends are impacting every industry, including accounting, and will continue to do so. By adopting these technologies, companies realize that what used to take months is now done in days, what used to take days can now be done in hours, and what used to take hours can now be done in a flash. All by clicking a button! That is the simplicity yet the transformative significance of technology in the financial sector.

As a leading accounting firm, we need to keep updated on the latest industry trends and be well versed in the newest accounting regulations and revised tax laws.

Whether you’re running a home or a business, it’s vital to plan a budget, manage cash flow, and file taxes accurately. However, if these accounting processes are ignored, it could lead to financial problems sooner rather than later. Therefore, to stay on top of the books, it’s essential to work with a professional.

As businesses continue to automate their processes, it’s creating faster and more accurate services for their clients. The accounting industry is also following hot on the heels of this technological trend. Therefore, accounting professionals will have to evolve rapidly and become a hybrid between a bookkeeper and a technology manager. Their new role will be to let the software handle the task while they focus on verifying if the work is correct.

Small business accounting is a standardized process that helps keep track of a company’s financial activities. On the other hand, bookkeeping is a precise process of maintaining a record of every single company transaction. Both the methods are intertwined and relevant as bookkeeping offers valuable data, and accounting empowers the company to make solid business decisions. 

Original Article Source Credits:   CPA Canada , https://www.cpacanada.ca/

Article Written By:  NA

Original Article Posted on:  May 25, 2021

Link to Original Article:  https://www.cpacanada.ca/fr/ressources-en-comptabilite-et-en-affaires/fiscalite/actualites-fiscales

Original Article Source Credits:   Journal De Montreal , https://www.journaldemontreal.com/

Article Written By:  DANIEL GERMAIN

Original Article Posted on:  9 novembre 2020

Link to Original Article:  https://www.journaldemontreal.com/2020/11/09/un-programme-federal-genereux-mais-ignore-des-contribuables

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