Christopher Veach, CPA, is a prominent early-adopter of cloud-based accounting, giving him a leg up on serving clients throughout his home province of Nova Scotia and beyond. His firm, Christopher Veach, CPA Inc., is a rural yet tech-savvy practice capable of providing top-notch accounting services for the public, private, and even nonprofit sectors. Veach brings more than 20 years of experience gained through roles such as auditor, controller, director of finance, and now, CEO of his own accounting firm. He has also studied Lean Systems with Toyota engineers and earned a Data Analytics Certificate from Google, giving him a rare combination of financial, technical, and process-improvement expertise.
Q: What first led you to adopt cloud-based systems in your accounting practice?
CHRISTOPHER VEACH, CPA: I’ve always taken a lot of pride in learning about and mastering new technology, especially when it comes to improving how I do business and how I serve my clients. When cloud services first became available in the early 2000s, I saw their potential and knew the right tools could revolutionize our industry. I hadn’t yet founded Christopher Veach, CPA Inc., but knowing how these tools could be applied was a huge influence on my thinking and planning at that time. So when I did finally get up and running, I had the advantage of integrating cloud-based systems into the DNA of the business, and it led to a lot of success.
Q: How does a cloud-based model make things easier for clients compared to traditional accounting?
CHRISTOPHER VEACH, CPA: There are so many benefits to the new cloud-based model. Everything from enhanced security to automatic backups to real-time updates. It saves me a lot of time without having to deal with multiple systems, and it’s easily scalable. It’s also environmentally friendly, eliminating virtually all paperwork from the firm. My clients log in from their end, share their pertinent information via the cloud, and we can do business much more efficiently. The best advantage is being able to serve clients wherever they are, whether it’s a farm in rural Saskatchewan or a restaurant in Vancouver.
Q: What benefits does adopting a cloud-based model provide from the standpoint of scaling your own business?
CHRISTOPHER VEACH, CPA: A cloud-based model saves so much time, as I mentioned, and that means I can take on many more customers than if I had gone with a traditional model for Christopher Veach, CPA Inc. My practice is far more flexible and agile because of the cloud, not to mention the fact that it greatly reduces my overhead expenses. All of this allows me to serve a larger volume of clients—commercial businesses, individuals and families, as well as nonprofits—no matter where they are in Canada. In fact, right now, my firm is actively taking on new clients of all types while continuing to deliver the high-quality, cloud-based accounting services to our current clients. In short, the cloud-based model has given my practice the room to grow exponentially.
Q: You work with nonprofits in addition to individuals and businesses. Is that common for an accounting practice?
CHRISTOPHER VEACH, CPA: Every organization needs the services of a capable accountant. Just because they work in the charitable sector doesn’t mean that money isn’t flowing in and out—quite the opposite. They take in donations and dispense them where needed at a rate roughly comparable with private enterprise. That being said, not every accounting firm has nonprofit clients. For my part, yes, I do take them on professionally. I believe the work they do is invaluable. I do a lot of volunteer work with local Nova Scotia-based charities. There’s Crosbie House, which is a drug and alcohol rehabilitation facility, where I’m honored to serve as a board member. There’s also the Deanery Project, an environmental and arts learning center, which is an organization I gladly do pro bono accounting work for as another way of giving back.
Q: Considering your breadth of experience with nonprofits, what guidance would you offer to any that might be unsure how to manage their accounting effectively?
CHRISTOPHER VEACH, CPA: One thing I’ve discovered over the course of my career is that nonprofits are sort of special cases when it comes to accounting. Many are primarily staffed by volunteers who don’t necessarily have a background in business, let alone the specialty of accounting. Because of that, properly documenting and managing donations and receipts can sometimes feel overwhelming.
One of the most important components that nonprofits need to understand in this respect is Non-Taxable Receipts, or NTRs. These documents enable donors to claim the proper tax credits for their contributions, and they are a fundamental part of running a charitable organization or a nonprofit. For starters, timely issuance and accurate tracking of these receipts is a regulatory requirement, so that’s a big deal. But it’s also a trust-building practice that encourages continued financial support. I suppose that’s the long way of saying my advice is to invest in clear, organized accounting processes, ideally with cloud-based systems, so that every donation taken in is recorded correctly, receipts are issued promptly, and the organization can focus on its core mission rather than worrying about compliance issues.
