In 2023, CapexCPA, a technologically-driven CPA firm based in Mississauga, ON, Canada, continued to redefine the landscape of small business accounting. Embracing innovation and efficiency, they’ve achieved many significant milestones this year, in line with their plans from the previous year. Their belief in the principles of Six Sigma extends not only to their own business but also to enhancing their clients’ operational efficiencies.
2023 has been a remarkable year for CapexCPA in terms of industry recognition. They are honored to have received various awards, which reflect their commitment to excellence and innovation in accounting services. This includes the 2024 ThreeBestRatedⓇ Award along with 2023 Wagepoint Top 100 Growth Partners, 2023 Top 100 ProAdvisor by Insightful Accountant, 2023 Chartered Accountants of the Year, Multi Award Winner by Prestige Awards and 2023 Most Innovative Accounting Firm in Canada by Global Financial Market Review (GFM).
Upon receiving the awards, they mentioned,” These accolades motivate us to continue setting high standards in the accounting industry and striving for excellence in all our endeavors.” Here are some of their important implements and achievements in 2023,
AI & Other Important Upgrades
At CapexCPA, they deeply believe in supporting both their clients and their broader online audience. Their online-focused accounting firm now offers AI chat support, named “Jarvis,” which functions as an AI Accountant. Jarvis trained meticulously on Capex data and regularly updated, enhancing accuracy and relevance. This educational tool is a real-time development project, operating 24/7 for any Capex or tax-related inquiries on their website.
CapexCPA has been spearheading the specialized field of finance and investments by supporting crypto investors and the crypto ecosystem. Their latest offering, the Crypto Elite Tax Plan, is designed to streamline compliance and enhance dashboard reporting for their crypto-focused clientele. They’ve been instrumental in assisting clients with undeclared crypto assets through the CRA’s Voluntary Disclosure Program, merging expertise in both crypto and taxation to deliver greater value.
In line with CPA Canada’s launch of the new Quality Standard, CSQM1 (Canadian Standard Quality Management 1), which requires a risk management system for Compilation CSRS4200 engagements, their team developed a unique system. This innovation is now offered as a service to other accountants, enhancing their quality standards in compliance with CPA Canada’s regulatory standards.
Moves For Client Education
CapexCPA has launched three different offerings to educate their customers and audience. Their website hosts a free resource through their client hub, offering business-focused advice for small business owners. A weekly tax tip newsletter, available for subscription on their website too, delivers a new tax-focused tip every Wednesday directly to subscribers’ mailboxes.
Additionally, starting in 2024, they are introducing their ‘Tax Tips and Traps Newsletter,’ exclusively for clients, to be released five times a year. It will focus on relevant industry changes and best practice strategies for small businesses.
Leverage Technology to Adapt With Changes
A significant industry change occurred after 30 years, with the traditional “Notice to Reader” financial statements being replaced by the new “CSRS4200” standard. This standard demands greater regulatory scrutiny and ethical standards from accounting firms. They quickly adapted to this change, training an AI Chatbot on the entire regulatory standard and building our internal systems to comply in record time. This experience deepened their understanding of AI’s potential within their firm.
Their clients have transitioned from running losses to generating hundreds of thousands of dollars, thanks to their robust reporting systems. By delivering financials on the first of each month through automated bots, they’ve provided clients with clear, concise, and relevant financial information, crucial for small business owners to make informed decisions.
Vision For The Future
CapexCPA is exhilarated by the future prospects of technology, especially AI, which they regard as a pivotal element of 2023. Looking forward, they aim to delve deeper into generative technology through “AI Agents,” exploring the next level of robotics to amplify value for their firm and clients, said the firm.
Address: 120 Traders Boulevard East, Unit 109, Mississauga, ON L4Z 2H7
Email: Hello@capexcpa.com
Phone: +1-416-903-4040
Cloud Accounting, ECommerce, Incorporations, Payroll, Corporate and Personal Tax Return, Financial Statements, Bookkeeping, Tax Audits, Sole Proprietors, Self-employed, Stocks or Crypto Tax & Real Estate Taxation are the important services you can expect from them.
CapexCPA’s journey in 2023 was characterized by resilience, innovation, and unwavering commitment to their clients. They are grateful for the opportunity to serve their community and are excited about the future!
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