Many Canadians struggle with accounting
November 11, 2014

The accounting industry isn't for everyone, and that's alright, because if those skills came naturally to all individuals, there wouldn't be any need for specialized firms. While many small business owners can do their own books and file taxes, professionals tend to do a better and more comprehensive job.

There is definitely a certain portion of the Canadian population that doesn't understand accounting, or at least isn't well-versed in all of the requirements in their personal or corporate lives. This sect should truly consider hiring professionals, either when it comes time to file personal taxes or do so for a company. Firms can also provide a lot of business advice, as well as help keep the books up-to-date and ensure financial software is being used to its fullest extent.

So, who might need help the most when it comes to accounting tasks?

Older Canadians struggle
A recently released survey conducted by the Chartered Professional Accountants of Canada revealed that Canadians aged 55 and older tend to have trouble with personal finance, with 25 percent admitting they find this difficult. Many professionals and consumers alike might find it concerning that 31 percent of respondents said they expect their economic situation to deteriorate over the next decade, while only 22 percent predicted it will improve.

Many respondents said they think they should've saved more money sooner, while others think what they have tucked away won't be enough to last them the rest of their lives.

CPA Canada strives to educate individuals on financial literacy, something that can benefit various aspects of consumers' lives.

What can accountants do?
While this survey may have primarily concerned individuals who weren't confident in their financial abilities as they relate to their personal lives, its findings may have another implication for accounting firms.

Accounting organizations may want to extend their services to businesses owned by consumers in this demographic. If Canadians over 55 struggle with bookkeeping at home, chances are good that they also do so in the office, especially if they own a startup, where there is a different set of consequences when something goes wrong. If a leader makes errors or files taxes incorrectly, the company in question might face legal and financial repercussions, as well as suffer blows to its reputation. As such, accounting firms may want to re-vamp their advertising strategies due to these results - people should know there is help available out there if they ask.

Nexus: G-WEBCD3