Niagara Region Economy Includes Versatile CPA firms
St. Catharines Chartered Professional Accountants (CPAs) are active participants in the Niagara
Region’s lively economy. Comprising most of the Niagara peninsula, the Regional Municipality of Niagara – its
official name – stretches from the eastern edge of the Golden Horseshoe to the border with the United
States.
The Niagara Region’s economy is incredibly diverse, with large and small manufacturing,
agriculture, wineries, and educational institutions. On top of that is the thriving tourism industry. The region
attracts over 12 million tourists a year, primarily to Niagara Falls with its many attractions, but also to the
wineries and renowned and popular theatres in both Niagara-on-the-Lake and St. Catharines.
It is not surprising then to see thriving CPA firms like Jones & O’Connell LLP. The firm is
based in St. Catharines but serves the entire region, including Niagara Falls, Welland, Grimsby and Thorold. It is
also equipped to carry out monitoring assignments in both the Golden Horseshoe and the Greater Toronto Area
(GTA).
In addition to its geographic flexibility, the successful firm also is able to undertake a
wide-range of tasks, including but not limited to:
- Small business service, from unincorporated businesses to publicly traded companies;
- Self-employment issues;
- Family businesses;
- Tax return preparation and compliance;
- Assistance with government reporting;
- Bookkeeping assistance and training.
Tax Compliance Among CPA Services Offered
What are some of the accounting services that a St. Catharines CPA firm can offer its business
clients (which range from unincorporated firms to large publicly held ones)?
Among them is assistance with satisfying tax compliance requirements. This involves the
compilation of an organization’s financial statements. Essential to this process is the company keeping an eye on
the engagement costs, ensuring that any additional services have an appropriate cost/benefit approach.
Bookkeeping services are also offered, either in the actual maintenance of the books for a
company or advising it on how best to perform the task. Jones & O’Connell LLP has, on permanent staff, a
bookkeeping specialist with a high certification in QuickBooks.
Other special services – made possible with a team-based firm – include financial advisory;
budgeting and forecasts; and assistance with the purchase or sale of a business. Computer consulting is available,
including system planning and selection; installation; implementation and training. The firm’s management advisory
service includes business plans, marketing strategies and human resource consulting.
Assurance Work Includes Review Engagements
Year end reporting is another task for a CPA firm. This runs the range of notice to reader
engagements to audits. In between is a review engagement which provides limited assurance that the financial
statements are prepared in accordance with the applicable financial reporting framework.
During the review engagement the CPA will use analytical procedures to provide a limited
assurance report - essentially saying "there are no red flags here". The reviewer is however required
to state whether they found anything in the examined statements that might suggest an untrue or unfair
perspective.
The scope of activities undertaken by St. Catharines Chartered professional accountants mirrors
the complexity of its client base – and the diversity of the Niagara Region.