IAB Canada Country Report (Shimmerman Penn)

Business Opportunities
April 11, 2022 - Shimmerman Penn LLP

This article is a contribution to the International Accounting Bulletin (IAB) Canada survey by PrimeGlobal member firm Shimmerman Penn LLP which was published in IAB's March 2022 newsletter. 

Please read the full article below and reach out to Maj-Lis Vettoretti, Managing Partner at Shimmerman Penn LLP, regarding any questions in relation to the article and doing business in Canada. 

How would you describe the health of the accounting industry in Canada in terms of customer demand, fee pressure, and staff recruitment and retention?

Staff recruitment and retention have always been challenging areas for firms to manage, however, this has really become the forefront of issues that firms are facing over the past 12 months.  Firms that were hesitant to embrace offshore staffing solutions are now finding it a necessary add-on to their staffing complement.  In addition, part-time and contract work arrangements are becoming the norm in order to address capacity needs and the lack of available full-time candidates.  At the same time, firms need to be creative and stretch themselves to find ways to keep long-term employees engaged and motivated.  The capacity issues are impacting some firms’ decisions to finally let go of D-list clients and request fee increases or flexibility in deliverable timelines.

Are there any services areas where demand has grown over the last 12 months?

Bookkeeping, payroll, and other accounting services continue to be a growing area.  Associated with these services, analytics, and benchmarking are offerings that clients are interested in and willing to seek external advice.  All types of business management/advisory services continue to be sought out by clients as they need to focus on their own core business activities due to staffing and capacity issues that are affecting all industries.

What are your expectations for the next 12 months – are there any potentially significant developments in the pipeline?

Re-thinking and re-organizing practice management and how we execute and deliver client services is on the table.  Technologies continue to advance which can significantly change how we do our work.  The new tools that are available, coupled with changing staffing complements require a re-design of processes and encouraging new thinking.  This change leadership will on its own be an area that firms need to face – a necessity that will surely feel chaotic at times but reap rewards in the end.

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Shimmerman Penn LLP

Shimmerman Penn is much more than an accounting firm. We are trusted advisors to our clients, offering a full range of financial, taxation and business advisory services. With niche experience in a variety of industries, we bring more than 30 years' experience to understanding their businesses and unique requirements. Through our membership in PrimeGlobal, we offer our clients international reach combined with the personal approach of a mid-sized, Toronto firm.

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