Why Join the Association of Professional Accounting & Tax Consultants

One of the busiest years of our professional career lies ahead and the term “multi tasking” will be an apt description of a typical day’s activities. We know that we are in the recovery phase from the recession but also understand the rebuilding process may take up to 8 years for the economy to recover to pre-recession. Fortunately, most of our clients are small to medium sized enterprises who tend to be more resilient and adaptive to change than larger enterprises. Some of the changes our clients (and ourselves) will experience are the upcoming HST tax in Ontario & B.C., International Financial Reporting Standards (IFRS), a shift in the economy from manufacturing to services and problems related to the re-building of business after last year’s major down turn. All this plus the usual tax related matters.

I suggest you brush up on your time management techniques because you are going to need them. Besides you normal professional development you would be smart to do your own research, become very familiar with all these subject matters and be on top of your game. Then you could assist your clients’ HST transition and assist with other changes. Survey your client’s business and create a check list and time table for items that need to be dealt with. Start by looking at what has to be done to prepare for the HST coming July 1, 2010 and create a prioritizing implementation plan accordingly. You can perform a diagnostic impact analysis to assist with budgeting and forecasting the impact of harmonization; establish priorities for necessary systems and process changes; plus create a plan for minimizing the cost and cash flow impacts. In the case of the HST, it could be as simple as explaining to your client how to bill his clients under the new rules. Although many details are still to be released, such as the transitional and place of supply rules; the time to begin preparing for these changes is now. In my practice I have been proactive on this issue with my clients to answer a lot of their questions. This has resulted in a lot of one on one time. I still have list of unanswered questions that require more research or collaboration with other accounting and tax professionals.

I have noticed that the APA&TC members who have signed up on our new APATC group on LinkedIn system have been busy networking with each other on an excellent variety of tax issues.. I would recommend that all members sign up for this easy way to share knowledge with our fellow members year round. Did I mention it is free?

As an association we will come together in Toronto on January 29 & 30th at the Marriott for our T1 Tax and Year End Update Seminar. I encourage you to attend (and bring your staff) to benefit in this professional development event. The Annual General Meeting will be held Friday afternoon at the same location. Come and learn about the activities your Board of Directors has for the future of the association.