BDO Driving Growth in First Nations Communities
January 2005, First Nations Yearbook
First Nations have experienced dramatic changes in the past decade, and nowhere more so than in the financial sphere. Each day economic development priorities and accounting issues grow more and more complex. BDO Dunwoody LLP understands the unique challenges and opportunities these communities face.
As one of Canada’s foremost accounting and advisory firms, BDO has developed one of the country’s largest Aboriginal Services practices through our specialty group of professionals who work hard to keep abreast of legislative, taxation, financial, economic and other related First Nations’ issues.
In this highly important and vital industry sector, no one can match BDO for passion and commitment. We believe it’s about giving it our all – having the determination, the dedication, and the energy to drive your organization forward and achieve new success. Like you, we understand the power of potential – how the spark of imagination can ignite the biggest opportunities and bring the greatest rewards.
At BDO we live and work by these five guiding principles:
- Accessibility. Our professionals are always accessible. But they're also a lot more. They are your partners, working with you to understand your organization and develop new strategies for efficiency whenever and wherever you need them.
- Commitment. There's strength in numbers. And there's strength in relationships, too. We believe that our commitment to supporting, understanding, and building your organization can often have much more meaning than the numbers themselves.
- Teamwork. We work together to combine the strongest resources and the best expertise to meet your needs. Then we team up with you, your staff, and your goals to create and exceed new expectations.
- Involvement. We promise to know your business, to understand it and its potential, and to offer new strategies and clever ideas to help you grow it. We jump in. We get involved. Because at the end of the day, your business is our business.
- Expertise. When it comes right down to it, you need in-depth services you can count on to take your business further. We offer full service support from assurance and accounting to taxation and strategic business advice. We're always there when you need us. Whatever you need us for.
BDO Resources for First Nations
Because First Nations represent a unique and complex industry, our professionals work with you to come up with practical approaches and solutions. While as an accounting firm our core services remain as audit, accounting and taxation services, we also have extensive experience in strategic planning, economic development, management and human resource development. In addition, due to the wide-ranging diversity of First Nations we also have regional specialization in land development, contract management and treaty negotiations.
The strength of BDO Dunwoody is our focus on mid-size clients – ones often ignored by big city accounting firms – while at the same time drawing on the resources of a national firm with 93 offices and over 1,300 staff across Canada. Our Partners understand your needs because they live and work in your community – a special relationship that gives us a clear vision of your operating environment so to better understand your needs and objectives.
Moreover, BOD knows your challenges extend beyond the Band and Council and into other areas of businesses. Indeed, economic development is crucial for First Nations communities as they continue on the path to self-government and self-sufficiency. Our professionals are not just Chartered Accountants, but also seasoned specialists in many disciplines and industries, including hospitality and tourism, forestry, mining, hydro-power generation, credit unions, farming and gaming operations. Through our years of experience, BDO can offer the best advice to suit your own particular situation.
Audit Services
Auditing is more than just the preparation of financial statements – more than just an opinion of raw fiscal data. BDO helps Bands, Band Management, Chiefs, Councils and Boards of Directors sift through the numbers and pull out the information you need. Knowledge gained by our auditors during the verification of your accounting systems provides valuable insight into the workings of your organization. From this, we can offer independent recommendations to show you how best to reach your goals and objectives.
Management Advisory Services
Aboriginal leaders today face the twin challenges of soaring population and economic growth. Each year the punishing pace of change put more and more pressure on First Nations’ financial systems, management processes and staff – often leading to inefficient use of precious resources. Problems often mount due to such inefficiencies as outdated job descriptions, performance appraisals and remuneration packages.
BDO's Aboriginal Services Group can help. Our professionals assist Councils and management with specialized training modules in contract management, help in understanding financials statements, establishing effective governance practices and budgeting – to name just a few. Our specialists review organizational structures and recommend strategies, such as how to improve communications with employees.
As well, we can design and re-engineer financial reporting systems, develop business plans and budgets and cash-flow projections, as well as cash management plans. For economic development, we help First Nations to structure and access financing, develop feasibility studies and market research, draft regional economic development strategies, and provide financial advisory and business valuation services.
We help our clients maximize the efficiency of their organization to deliver the required government services, drive effective economic development and create greater wealth for all.
Taxation Services
Over the past decade First Nations have witnessed the Canadian tax regime evolve from a broad exemption originating in the Indian Act to a narrowly defined right as interpreted by the courts. BDO Dunwoody professionals work hard to stay on top of recent amendments to the laws so to maximize any tax benefits available to our Aboriginal clients and minimize liability.
To further help our clients we have prepared the “Aboriginal Tax Planning Guide,” an overview of the tax environment First Nations face, which covers all areas from employment income to government exemptions.
To have us assist you in Driving Growth for your organization, please contact us at info@bdo.ca.
This material is general in nature and should not be relied upon to replace the requirement for specific professional advice.
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