New PwC Study Highlights Critical Impact of Bookkeeping Professionals on Canada's Economy

TORONTO, ON / ACCESSWIRE / May 2, 2024 / A recent study conducted by PricewaterhouseCoopers LLP (PwC), commissioned by the Certified Professional Bookkeepers of Canada (CPB Canada), reveals the important role and significant impact of bookkeeping professionals on the financial health and economic stability of Canadian businesses and the broader economy.

The comprehensive study, which incorporated extensive secondary research, interviews with industry stakeholders, and a survey of 468 bookkeeping professionals across Canada, provides insights into the evolving role of bookkeepers beyond traditional record-keeping to include strategic financial management, consulting, and technological innovation.

Key Findings of the Study:

Economic Contribution: Bookkeeping professionals contribute and facilitate throughout the supply chain over $15.3 billion to Canada's GDP, with a total employment footprint throughout the supply chain of more than 200,000 jobs.

Strategic Value: Many bookkeepers extend their services beyond basic accounting tasks to include strategic advisory services, thereby significantly enhancing their role in business decision-making and financial planning.

Technological Advancement: The adoption of cutting-edge technologies such as AI, cloud computing, and automation tools has revolutionized the bookkeeping landscape, enabling professionals to provide real-time financial insights and more efficient service delivery.

"Bookkeepers are essential to the Canadian economy, but their contribution is often overlooked. This study highlights the significance of bookkeeping professionals, not just in maintaining financial records but also in shaping business strategy, and their role in supporting economic growth in Canada," explained Rick Johal, CEO of CPB Canada. "It is evident that bookkeeping professionals are key players in the accounting industry and are at the forefront of assisting businesses in navigating complex financial landscapes with expertise and foresight."

The report also underscores the socio-economic benefits provided by bookkeeping professionals, including enhancing financial transparency, aiding regulatory compliance, and supporting small businesses during economic downturns, such as the recent COVID-19 pandemic.

Outlook:

The study predicts continued growth in the demand for skilled bookkeeping professionals, particularly as businesses increasingly recognize the need for robust financial strategies and data-driven decision-making in a volatile economic environment.

CPB Canada is committed to using the insights gained from this report to further support the development of the bookkeeping profession, ensuring it continues to adapt and respond to the changing needs of the Canadian business community.

About Certified Professional Bookkeepers of Canada (CPB Canada):

CPB Canada is the largest bookkeeping association in Canada, offering certification, professional development, and advocacy services to its members to enhance their skills and professional standing.

About PricewaterhouseCoopers LLP (PwC):

PwC Canada provides industry-focused assurance, advisory, and tax services to public, private, and government clients in all markets.

A full copy of the report can be found at: https://cpbcan.ca/about/research.html.

For more information about the study, please contact:

Rick Johal, CAE, MPA, Chief Executive Officer
Certified Professional Bookkeepers of Canada (CPB Canada)
[email protected] 866-616-4722 ext. 601 www.cpbcan.ca

SOURCE: CPB Canada (Certified Professional Bookkeepers of Canada)