Excellent bookkeeping requires an element that is quite rare on this planet – the time to do it properly. If you operate a busy financial advisory service, then time will be as valuable as the knowledgeable financial information that your firm provides.
Financial advisors are in the people business first, and the financial advisory business next. With ‘people driven’ businesses, the lines can often blur as to what are accepted expenses and what will be disallowed. Not all mileage, oil changes, and vehicle repairs can be deducted. Not all dinners and client gifts can be deducted. Many financial advisors run into problems at tax time because they literally can’t divide what were personal expenses and what was spent pursuing business.
In the financial industry, new regulations also bring new accounting challenges. New technologies like A.I. and cloud-based services are promising tools that will help streamline financial services accounting. At Deeth & Co. our job is to stay ahead of these regulatory requirements and prepare strategies for when they come into force.
If you offer insurance services to your clients, then 2023 will be a watershed year for your business. Starting January 1st, 2023, A ‘Big Bang’ will be heard throughout the insurance industry worldwide. This is the day that the new IFRS17 accounting rules for insurance contracts come into play. According to Morningstar, these new standards are the most significant insurance broker requirements in two decades, and they will affect all aspects of the operation of a traditional brokerage office.
Since these new principles may be interpreted differently by different offices, getting them wrong could prove costly and time consuming. In addition, Canadian insurance service operators will also be impacted by the regulations that specifically cover capital requirements and tax reporting. Our specialists can help you implement these new principles into your business smoothly and correctly.