Update from the CEO – October 2023

Hello, everyone. I’m excited to share the newest edition of MNP Link and provide you with an update on our firm's performance, some areas of focus, as well as a selection of items that you may find interesting from across the Firm.

If we look back at the last 12-24 months, we have dealt with a number of different things. It’s hard to believe that a little over a year ago the COVID restrictions were just starting to unwind! I want to thank each of you for the flexibility you’ve shown and your ability to adapt to constant change. We’ve taken the lessons that we’ve learned through this period and we are stronger today because of them.

Firm performance and priorities

Over the past year, we grew by approximately 15% with 13% being organic growth and the remainder being merger and acquisition. We entered new markets during the year and expanded in existing ones. I think it's safe to say we continue to set ourselves apart as the largest firm in Canada focused on the mid-market.

Our service lines continued to evolve and mature. We saw strong growth in our core areas of assurance and compliance tax, which grew 16% and 23% respectively. We also saw strong growth in our digital as well as our ease Cloud Accounting and Bookkeeping service line which grew by 29% and 39% respectively over the prior year. Our digital service line is seeing broad growth opportunities including the Canada Digital Adoption Program (CDAP) which allows eligible clients to receive $15,000 of government grants to increase their digital readiness. Through our CDAP efforts, we’ve helped 375 clients access over $5.6 million in funds. Connecting our clients to opportunities like this is a great example of delivering quality client service and building stronger client relationships.

Our ease service line continues to see strong client interest to work with our teams and transfer their day-to-day accounting needs to us. Through most of 2023 our insolvency business continued to see a challenging environment as government programs supported individuals and businesses that otherwise would be in need of our services.

To enhance our client experience, we continued to invest in the future of the Firm through a number of initiatives aimed at automating and streamlining certain processes. We have been working on developing data and analytics into some of our reporting to clients for the past couple of years. We have been building platforms around two pilot groups and intend to expand this more broadly across the rest of our client base where it makes sense.

With respect to the environment that we see for the year in front of us (2024), I would say our team is optimistic about the opportunities that we have. At the same time we recognize that there are challenges which we will be faced with; in particular Inflation and the resulting impact from increased (and potentially increasing) interest rates.

Despite any adversity that we experience, we know our entrepreneurial approach and focus on delivering great client service will continue to move us forward.

Our Diversity, Equity & Inclusion journey

At MNP, we believe value follows diversity, equity & inclusion. We have seen first hand the tremendous impact divergent backgrounds and beliefs have in enhancing culture, fostering innovation and developing our business.

To achieve our DE&I vision, MNP has an internal working group comprised of Partners from across the firm which is responsible for advancing and evolving diversity, equity, and inclusion within our firm.

The working group has established a DE&I strategy, complete with a toolkit for how the vast number of regions and groups across the firm can activate activities to support an inclusive workplace. You can learn more about the work we’re doing later in this issue of MNP Link.

Updates from across the country

2023 saw our Toronto team move into a new office. We opened the doors in January and it has received excellent feedback. Located at 1 Adelaide Street East in downtown Toronto, this office has become a vibrant hub for collaboration and innovation, further strengthening our presence in our country's largest city. The new space offers opportunities for our team to connect, share ideas, and foster our culture.

Since entering the province of Quebec in 2011 we have come a long way. We began with a team of 68 and today have a team of 1,100. Over the years we’ve grown through organic growth as well as attracting like-minded Firms and individuals that shared our vision.

As you know, in 2021, we significantly increased our footprint through our decision to expand in the province outside of Montreal and the resulting transaction with Deloitte (which saw a number of new offices and individuals join us). In this edition we’ve provided an update on what we’ve accomplished to date.

In conclusion, I want to express my thanks and appreciation for both the efforts and results that each one of you contributed to over the past year. As in the past, when we work together, prioritize our client needs, and embrace opportunities, we will continue to thrive in the months and years to come.