Accounting in the Internet Age

The development and proliferation of computers started the process of changing accounting from a purely paper-based service to an electronic one. The refining of accounting programs made the whole process of bookkeeping and accounting one that could be optimized for the benefit of all.

To take this one step further, the proliferation of the internet has moved this process to the next level by optimizing:

  • The communication between clients and their accountants
  • Information could now be transferred safely and securely while speeding up the process for the benefit of both
  • Notwithstanding all of the social media forms of communication, the main mode of information exchange for my accounting practice remains e-mail.

With the advent of e-mail over 25% of my practice is now made up of clients from out of town. All of our correspondence is via e-mail. This serves a dual purpose of allowing for an immediate and convenient information exchange while providing an electronic record which can in turn be stored in client folders for future retrieval.

Online Accounting

To start the process the client sends me their information via e-mail. I in turn prepare their tax returns – both personal and business. I then e-mail them the draft copies. They review and ask questions via e-mail and then electronically sign the returns. Lastly I e-file the finished returns to CRA.

We are registered with CRA and when they have a question they send me a SECURE e-mail through their system. I answer their query by scanning the necessary documents and submitting them on “Represent a Client” using the reference number CRA provides me.

From beginning to end the whole process can be handled electronically. It is quite a change from the way we did things even 5 years ago.

If doing business in this manner appeals to you, by all means connect with Brian Petersen and we will plot our strategy together to take advantage of the internet age.

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