In this episode of On the Books, hosts Ted Callahan and Jessica McCracken head north to explore the global accounting landscape, starting with the Canadian market. They are joined by Mike Libbey, partner and COO at YBL (formerly Your Bottom Line) and co-founder of Edgeflow.
Mike shares his journey of scaling a 26-year-old family-run firm in Oshawa to a team of 33, while navigating the rapid technological shifts currently transforming the industry. From the nuances of Canadian capital gains tax to the "vibe coding" revolution, Mike provides a high-energy look at how firms can stay human in an increasingly automated world.
In this episode, we discuss:
- The Canadian vs. US market: Mike breaks down the similarities and key differences between the two markets, specifically regarding app availability and tax complexities.
- Scaling a family business: Insights into working alongside parents and siblings, and the professional maturity required to grow a family firm without losing the personal touch.
- Navigating regulatory uncertainty: How YBL is managing tariff uncertainty and impending changes to Canadian capital gains inclusion rates.
- The power of "I Don't Know:” Why radical candor and fact-checking are more important than ever in the age of AI.
- Vibe coding and custom apps: Mike explains how he is building custom tools such as Stash (in beta) to solve internal inefficiencies, and why "vibe coding" is the most transformative thing to happen to his firm.
- The human differentiator: Why the future of accounting isn't just about compliance, but about being an integrated business partner that provides the human interaction AI can't replicate.
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