Business Matters December 2017
Dear Client:
Attached here is the December edition of Business Matters (conveniently late so no interference with holidays, the Super Bowl and the men’s curling championship).
Management
It’s hard to escape the term “stress” these days. Combine stress with “workplace” and you have one of the management topics for this edition. The article references changes to Ontario legislation but “most other provinces have or are in the process of initiating” similar legislation to that enacted in Ontario. Don’t become “stressed out” over the new rules- read the article.
Taxation
Yet another article that discusses the ins and outs of RRSP’s. Very timely given the change in the calendar from January to February. This article is well written, easy to read and contains loads of good information. Like the old saying for the Participaction program when it comes to RRSP contributions “just do it”.
Technology
I’ve often written that I’m not a techno geek but the article describing WhatsApp really was interesting. Why wouldn’t a person use this app? Sounds like a great way to encrypt messages. Read on!
Management
The second management article discusses uses for in-house financial statements and uses for statements prepared by your external accountant (that’s us). Not covered in the article are the three different types of reports that external accountants can attach to company financial statements. These are as follows. Notice to Reader (no assurance provided on the figures, minimum input by the external accountant, lowest cost), Review Engagement (moderate assurance regarding figures contained in the statements, lots of questions asked by the accountant, some detailed analysis, moderate cost?) and Audit Opinion (assurance provided on the figures, lots of documentation on accounting systems, testing of systems and balances, many questions, verification of amounts based on professional judgement, most expensive of the three options). If you’re not sure which option is most suitable for your company just ask
We’re on the backside of winter and any day now the first days of spring will pay us a visit. They will be most welcome.
Kind regards,
JIM M. SMITH CHARTERED PROFESSIONAL ACCOUNTANTS INC.
Jim Smith, CPA, CA