Accounting Firm Experience and Operations

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According to Bonvie (7), an accounting firm experience embodies the realm of Public Accounting. This job context entails expert professionalism in financial accounting and only enlists the accredited services of a Certified Public Accountant (CPA). CPAs are qualified personnel who render financial accounting and consultancy services to businesses, individuals, and governments alike (Hilton and Herauf 5). As regards regulations, state agencies issue policies to monitor, supervise permits and safeguard against malpractice (Hilton and Herauf 10). The goal of this paper is to explore the accounting firm experience and investigate how operations run. The paper places significant focus on Joly Heinzlmeir Professional Accountants, from now on called “The Company” or “The Firm” to epitomize on particular subjects of interest. It also engages information borrowed from Ernst and Young LLP (Canada) to provide insights on the topic at hand. The theme of the discussion here encompasses accounting, tax experience, Information Technology, and business environment enumerated below.



Accounting constitutes the cornerstone of any business and furnishes informed financial knowledge to managers and investors (Hilton and Herauf 11). The Company extends services such as financial statement preparation, tax returns, bookkeeping, and auditing among others (Fulcher 6). The Company’s accountants have an excellent education, professional background, and experience that make them eligible to practice legal, public accounting.

Business Transactions in Compliance with GAAP

Business Transactions

Subject to Generally Accepted Accounting Principles (GAAP), accounting proceedings entail loan repayments and payment receipt from Accounts Receivable (Hilton and Herauf 14). The Company sends payments to Accounts Payable and clears employer taxes in addition to supplies acquisition (Fulcher 6).

Journal Entries for Recording Business Transactions

Hilton and Herauf (20) describe journal entries as recordings of events, which have an economic influence on accounting equations. The Firm chronologically logs in all its transactions and proceedings into these entries using the debit and credit technique (Fulcher 6). These entries help to account for money disbursements.

Accounting Procedures to Ensure the Profession Stays Current

Trending Policies and Measures

Financial entities apply an endorsed global approach to keeping abreast with their clientele prevailing needs (Hilton and Herauf 24). Thanks to globalization restructuring, Joly Heinzlmeir can achieve speedy communication channels to clients and heed feedback to customize their products and brands (Fulcher 6).

Alternative Acceptable Procedures to Ensure Currency

Ernst and Young LLP (Canada) have adopted a diverse and inclusive culture that creates an objective and open-minded environment built on race, age, gender, and ethnicity acknowledgment (Bonvie 23). According to Hilton and Herauf, expanding varieties helps stimulate ideas for new, innovative methods of addressing crises (26).

Complex Accounting Transactions: Cash Flow Statement

Bonvie (55) outlines a Cash Flow Statement (CFS) as a fiscal expression of a firm’s revenue against its outlays. The CFS educates investors on the operating, investing, and financing activities of an entity. The Company utilizes the Mortgage Calculators to rate mortgage fees (Fulcher 6).

Summary of Changes between Current and Previous Accounting Standards

The Executive Summary of Changes

The International Accounting Standards Board (IASB) and the US FASB have modified the current accounting principles (Hilton and Herauf 66). Most importantly, there is the Revenue Recognition policy, whose visionary goal is to recognize revenues and proceeds that companies have gained or returned instantly (Fulcher 7).

Worksheets to Support Changes in Accounting Policies

The changes made to the accounting standards embody transitions from old to new frameworks. Among the old structures are the Old GAAP Rules issued by the XRBA1 Board (Hilton and Herauf 68). On the other hand, the IFRS has compiled new standards such as employee benefits, joint arrangements, and consolidated financial statements.

Reporting Requirements for Financial Information

Requirements for Reporting

The financial reporting requirements include audited financial statements, certifications, acquisition reports, material changes, and annual information form (Hilton and Herauf 148). Disclosure of financial reports for public viewing is customary to accomplish accountability and transparency of publicly traded companies (Bonvie 59).

Required Financial Reports in Omission

The required reports fail to appear when taxpayers with offshore accounts, stash away relevant paperwork deliberately (Hilton and Herauf 158). The motivation behind this is to circumvent monies and interests owed. The Company has also noted that reports miss when people tamper with payments at POS terminals (Fulcher 7).

Areas for Improvement in Financial Accounting Transactions

The Action Points

Technology shrinkage is one of the areas that need upgrading (Hilton and Herauf 50). Applying the right technologies will refine projects by leveraging communication, reporting, inventory management, and payment computations. Managements should enforce regular software updates to ensure they are topical (Hilton and Herauf 55).

6.2 Outline Timely Completion of Schedules and Reports to Meet Established Deadlines

Timely completion is highly achievable if the financial statement preparers file annual information and reports online (Bonvie 32). The online filing portal provides the basis for secure entry, processing, retrieval, and obtains instant access for third parties associated with procedures but are geographically distant (Bonvie 40).

Document Retention Policy from the Accounting Field

Document Retention Policy

Bonvie (63) interprets a retention policy as the measures taken to manage and store records of data, at the time of production to deletion. The Income Tax Act directs taxpayers to retain records for a conventional span of six years, relevant to the corresponding final tax year (Bonvie 67).

Policies for Filing of Financial Documentation That Allows Prompt Retrieval

Corporations have designed internal systems as a reference for determining how long to reserve documents (Hilton and Herauf 189). For bank reconciliations, subsidiary ledgers, and sales records, the retention period is seven years. By contrast, expired insurance policies and physical inventory tags can last up to three years only.

Schedules That Support Financial Statements

A Financial Schedule

A financial schedule is a table of data with breakdown information on a company’s revenue and income, informing on its monetary position. Ernst and Young LLP (Canada) prepare schedules for Toronto- Dominion Bank to illustrate inventory transfers and cost allocations (Bonvie 70).

IFRS and US GAAP Reconciliation of Financial Statements

In combined efforts, the IFRS and US GAAP both reconciled their financial statements and reporting requirements to promote consistency across entities (Bonvie 88). They stipulated that foreign private issuers should only develop their statements in compliance with IFRS, in the event, reinstating the SEC rule (Hilton and Herauf 98).

Explanation of Financial Accounting Performance

Trend Statistics and Graphs to Illustrate Performance

Economists manipulate trends, statistics, and graphs to analyze a firm’s financial health over time by comparing it with other figures (Hilton and Herauf 170). Ernst and Young (Canada) designed trend statistics and graphical models of the Toronto- Dominion Bank to survey their demographic data, competition, and performance reports (Bonvie 74).

Improvements Relevant to Data from Performance Measurements

The improvements advocated suggest that the banking industry should strive to expand the rights of access to credit data by SMEs, in order to grow the lending market (Bonvie 75). Further, the central banks should implement the quantitative easing program to improve the economy and enable residents invest and borrow loans.

State Changes Made in Accounting Systems in Response to Accounting Standards

Effected Changes

Hilton and Herauf (304) say that the accelerated accounting standards have spearheaded revisions in IT systems, new software price estimates, business practices, and internal controls. Further changes detected in Joly Heinzlmeir Company entail new budgets, performance monitoring, and commission plans (Fulcher 8).

Alternative Approaches to Implement Changes in Accounting Processes

Following briefings by a press release, the executive management at Joly Heinzlmeir has entirely explored the change impact and analyzed current controls (Fulcher 8). The management decided to establish cross-functional project teams to address the effects and suggest the way forward.

Tax Experience

Taxation experience revolves around the preparation of tax return forms and tax planning (Hilton and Herauf 118). Joly Heinzlmeir public accounting firm, mainly focuses on tax planning strategies, tax tips, as well as benefits rates (Fulcher 7). The following excerpts investigate tax pursuits and activities in accounting entities.

How to Restructure Business Operations to Reduce Taxes

Tax Reduction Techniques

Hilton and Herauf (122) state that in order to reduce taxes, companies should set out on amplifying retirement account contributions, charitable gifts, writing off bad debts and making early bill payments. Allocating funds to lower tax brackets, childcare claims, and RRSP contributions are also insightful strategies to reduce taxes (Fulcher 7).

The Impact of Tax Changes Proposed in Company Budgets

According to Hilton and Herauf (129), budgetary tax cuts intensify economic growth, investment as well real income for the company staff. On the contrary, extreme tax increments foster inadequate wages, shoddy products, lost jobs, and commodity discontinuation- a precipitate for business disintegration (Hilton and Herauf 132).

Working Papers to Support Tax Returns

A Working Paper

Bonvie (90) explains that a working paper is a supplementary documentation drafted by CPAs, to summarize, informational reports and records for use in financial statements. He further adds that working paper worksheets provide blueprints for journal entries, trial balances, and year-end tax forms, in equal measure.

A Variety of Tax Forms: Discuss a Tax Return Form

Tax return forms are declaration documents used to develop and report the taxations levied on income earned, by the IRS collection agency (Bonvie 92). One of the elemental functions of Joly Heinzlmeir is to assist commercial businesses prepare annual tax forms pursuant to the IRS expectations (Fulcher 7).

On-Time Completion and Filing of Tax Returns

Timely Completion and Filing

Individual taxpayers receive Form 1040A, which they fill accordingly and post back to the IRS within a one-month period (Bonvie 93). Compliance validates deduction claims on tax allowances and tax credits. The Company advises that you should carefully keep and retrieve all your source documents in time for filing (Fulcher 7).

Schedules and Reminders for Submission of Returns and Other Liabilities

The IRS tax calendar distributes critical deadlines evenly across the 12-month tax year (Bonvie 98). However, in 2013, the CRA outlined due dates for tax installments on wages from capital gains and interests (Fulcher 7). The declared times fell on every 15th of the months March, June, September, and December.

Information to Support a Tax Assessment or Reassessment Overturning

A Successful Tax Reverse

Following briefings by a press release, the ECJ registered a complaint, claiming unfair tax assessment rates of $5.5 million, against the Ambulatory Surgical Centre (Hilton and Herauf 182). In response, the City Council plus the citizens of the jurisdiction voted in approval, thus, overturning the assessment.

An Amended Tax Return Form: A Tax Return Form

Filing of amended tax returns comes in handy when you need to correct details such as misreported earnings or income, wrongly recorded on the original form (Hilton and Herauf 239). The Firm, where necessary, relentlessly files for revisions of misquoted records to help clients receive their refunds or exemptions (Fulcher 8).

Letters in Response to Tax Notices and Correspondence from Tax Authorities

A Letter Response to the IRS

When the tax authorities send you a tax notice, the most prudent way to reply is through writing, concisely presenting your reasons or answers (Hilton and Herauf 243). Hilton and Herauf (244) notes that taxpayers write letters in response to arising issues on accounts of unjust tax penalties, missing financial reports, and incorrect information.

Issues That Arise from Submitting Tax Returns on Behalf of Clients

The task of submitting tax returns on the clients’ behalf- performed by Tax Preparers- spawns theft, information falsification, and misconduct by the preparers (Hilton and Herauf 249). Fraudulent preparers capitalize on forging details like non-existent dependants, which only results in penalties on the taxpayer (Fulcher 8).

Tax Planning Issues by Reviewing Company Strategies and Operations

The Tax Planning Factors

Factors to consider during tax planning processes include PAYE, NIC, CGT Planning, pension deductions, and capital allowances, advices Bonvie (100). Others are Canada employment amount, investment tax credits, personal exemptions, and first-time homebuyer benefits (Fulcher 7).

Tax Changes Proposed in the Recent Provincial and Federal Budgets

Earned Income Tax Credit (EIC), Affordable Care Act responsibility (ACA), Alternative Minimum Tax exemption (AMT) feature among the tax changes instituted in 2014 (Hilton and Herauf 260). Proposed by the IRS, these changes help taxpayers cash in tax deductions in readiness for inflation adjustment (Bonvie 103).

Situations Where Property Transfer does not Trigger Prompt Tax Consequences

Situations With no Immediate Assessment

Hilton and Herauf (257) acknowledge that signing over properties and investments to Limited Liability Companies, rules out immediate tax consequences. Similarly, when a foreign donor bestows a US resident with a tax-exempt estate worth $10 million, there are no sudden tax implications on the recipient (Bonvie 106).

Latent Gains, Losses, and Conditions

The conditions necessary for this transfer necessitate a lender’s permit if the property is on the mortgage (Bonvie 108). The gains involved are obviation of immediate levies while the losses include future drastic tax complications and mortgage acceleration clauses (Hilton and Herauf 266).

What Makes Salaries and Dividends More or Less Attractive

Factors to Help Choose between Salaries and Dividends

Hilton and Herauf (268) disclose that National Insurance costs, personal tax allowance, and the National Minimum Wage, are major determinants in selecting between wages or bonuses for payment. For example, the National Insurance (NI) applies to earnings, hence the decision of high profits and low salaries to salvage on NI (Hilton and Herauf 277).

The After-Tax Cost of Hiring Contractors and Employees

Employee hourly remuneration amounts to $29.71, with 69.6% and 30.4%, accounting for wages and benefits respectively (Hilton and Herauf 271). By contrast, contractor costs do not include payroll taxes, pension, and vacations and only 15.3% of their wages go to Social Security (Bonvie 122).

Information Technology

As with all other enterprises, Information Technology is an increasingly prerequisite component of any accounting entity. The assimilation and integration of IT helps make headway for progressive growth and tactical development of an enterprise (Hilton and Herauf 331). Joly Heinzlmeir acknowledges the gravity of technological evolution in the business world and brings it into service. The Company utilizes IT solutions to realize its business goals and needs in this aggressive environment.

Ways in Which IT Solutions Can Streamline Processes and Expand Services

Streamlining Strategies of IT Solutions

Business technology modernizes operations by facilitating instant communication channels, thus expanding services (Hilton and Herauf 336). Further, it eases recruiting processes, eliminates time and space, and provides for efficient data management. It also improves the overall working quality and productivity (Fulcher 6).

The Level of IT Knowledge Within the Department or Organization

The level of IT knowledge within the accounting business is high and demands expertise in spreadsheet formulas, ADP payroll setup, and general ledger software (Hilton and Herauf 346). A good grasp of QuickBooks and ERP suites for creating a Chart of Accounts is of the essence as well (Fulcher 6).

The Features and Purpose of New Software

The Features and Purpose

New accounting software divides tasks into modules such as payroll, inventory management, accounts payable and accounts receivable (Hilton and Herauf 350). The purpose is to store income and expense statistics as well as payroll costs to eliminate redundancy. Additionally, it boosts efficiency and cost savings (Fulcher 6).

Optional Software Capable of Meeting the Business Needs

The best available options include QuickBooks, KashFlow and Peachtree (Hilton and Herauf 188). They accommodate customized functions such as client billing, debt collection, and tax transactions. There is also a market for amortization software to observe borrowings and investments (Fulcher 6).

Opportunities to Use IT Solutions and Ultimately Achieve Strategic Goals

Strategic Opportunities

Golden openings identified include counter- fraud problems inclusive of investigative and forensic accounting procedures (Hilton and Herauf 355). Others are performance management, online invoicing and accounting. Ernst and Young enroll IT measures to help achieve its Vision 2020 goal of technological transformation (Bonvie 44).

Systems That Monitor and Report on Departmental Performance

The best IT systems that monitor and report performances are CA (Continuous Auditing) enabled systems as they report cases of inefficiencies, errors, and fraud (Hilton and Herauf 367). Meanwhile, others like Asset Management Software audit the movement of capital assets (Fulcher 6).

The Advances in Technology That Might Influence the Department

Potential Impacts or Opportunities of Technology

Technological innovations predicted to modify the accounting function consist of big data, cyber-security, artificial intelligence, mobile, and robotics (Hilton and Herauf 372). Cloud computing, payment systems, digital service delivery, virtual and augmented reality add to the list of these innovations (Hilton and Herauf 375).

How the New Technologies May Impact the Organization

The advent technologies will leverage the acquisition of cyber security and significant data by the department (Hilton and Herauf 389). New progress will necessitate accountants to train adequately and obtain expertise to operate new developments while also budget planning may be essential to purchase these new introductions.

System Requirements That Meet the Financial Information Needs

A Checklist for the Essentials

Features to fish for in the new technologies include friendly user interface, budget reporting, payroll processing, statement accounts, and inventory management (Hilton and Herauf 400). Other vital modules are accounts payable, accounts receivable, asset management, financial reporting, and tax withholding functions (Bonvie 20).

Recommendations to Ensure a Sufficient Control Environment

A comprehensive constitution of a satisfactory control environment entails regular communication updates, policy reminders, high integrity, and discrepancy investigation (Hilton and Herauf 410). Preventive authorization and documentation exercises, also boost the suitability of a control framework within the accounting organization.

Business Environment

A business environment covers all the internal and external elements involved in a company’s operations (Hilton and Herauf 455). The accounting context embodies clients, suppliers, competitors, management, workforce, regulations, market trends, and technological innovations (Hilton and Herauf 37). The Company’s business hub concentrates on its clients, serving them diligently and helping to fulfill their fiscal goals (Fulcher 6).

Relevant Economic Data

Itemize Financial Datasets

The company engages financial datasets such as balance sheets, national accounts, Gross Domestic Product (GDP), capital stock, product accounts, and primary household income (Fulcher 7). In addition, business plans, unemployment rate, and national wealth add to the list (Hilton and Herauf 77).

The Purpose and Intended Audience of a Business Plan

A business plan endears to cross-examine a business proposal to ascertain its feasibility and acquire start-up capital from potential investors (Hilton and Herauf 485). The intended audience includes venture capitalists, banks, clients, employees, and auditors. The Firm engages business plans with an aim of weighing the client’s financial state (Fulcher 8).

External Forces Impact on Business Strategies

The Impacts of Economic and Geopolitical Issues

Terrorism, corruption, maritime piracy, weak law enforcement, and cybercrime- geopolitical issues- generate fragmentation and disrupt business supply chains. Moreover, adverse economic trends such as inflation, interest rates, consumer confidence, and unemployment significantly impair entrepreneurship (Hilton and Herauf 493).

Early Warning Signs That Indicate Financial Shifts

Economists warn of the budding carbon bubble signs that are likely to cause near- future economic crisis (Hilton and Herauf 530). These indications arise from the over-valuation of fossil fuels by the stock markets. Any financial crisis will have harsh results for the accounting profession (Hilton and Herauf 66).

Critical Factors in the Accounting Industry

The Critical State of Affairs

So far, the company has discerned the following hostile conditions affecting the profession: Inadequate adoption of new technologies, inefficient governance, and lack of talent acquisition (Hilton and Herauf 225). Additionally, leading CEOs and CFOs have singled out political and economic instability as another source of setbacks (Hilton and Herauf 227).

How the Department is Adapting to the Changed Conditions

Hilton and Herauf (230) declare that the expansion of economic diversification and financial talent at subordinate levels has helped subdue the situation. Another equally important step is to address the economic and political instability to stabilize activities (Hilton and Herauf 266).

Accounting Rules and Regulations

The Company’s Observation of Rules and Regulations

Indeed, Joly Heinzlmeir has a standard of conduct, which ensures that its financial officers exercise honesty, confidentiality and avoid falsification of documents (Fulcher 7). This code of ethics ensures adherence to the set international standards, without limitation, the Sarbanes-Oxley Act of 2002 (Hilton and Herauf 109).

Unique Aspects of the Accounting Regulatory Environment

The core protocol of the Sarbanes-Oxley Act works towards enhancing the authenticity of corporate disclosures by reporting entities to protect investors (Bonvie 130). Joly Heinzlmeir executes this by producing accurate, timely, and intelligible disclosures to the Securities and Exchange Commission (SEC).


Accounting is the mainstay of all business enterprises, and we should treat it as so. No business in the liberal world can prosper without commissioning the help and due services of a CPA. The present-day business environment across the globe is very competitive and harsh, hence, the call for standardization and profitable aspirations. The company, Joly Heinzlmeir, serves as an intercultural representative of all the public accounting firms while Ernst and Young LLP (Canada) acts as a subsidiary for the provision of supporting information. All the subsets of the department, namely accounting, tax experience, Information Technology, and business environment, exhibit adept skills and responsibilities of accounting firm experience (Hilton and Herauf 11). They also reveal the sensitive nature of the discipline, which the IFRS religiously supervises to ascertain overall transparency and authenticity (Bonvie 133).

Works Cited

Bonvie, Allan. Ernst &Young’s Guide to Capital Cost Allowance, Toronto: CICA, 2009. Print.

Fulcher, Richard. “Tax Tips for 2013.” Business Matters. 27. 2 (2013):6-8. Joly Heinzlmeir. Web.

Hilton, Murray, and Darell Herauf. Modern Advanced Accounting in Canada, Whitby, Ont.: McGraw-Hill Ryerson, 2013. Print.

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