
Mark Virgil Lofranco, CPA, CPB
A Journey of Resilience and Dedication in Bookkeeping
Accountant, Accountants-BC Ltd.
Vancouver, British Columbia
Mark Virgil Lofranco’s bookkeeping journey is a testament to resilience, adaptability, and a passion for lifelong learning. Hailing from the Philippines, where he was a Certified Public Accountant (CPA) managing his own firm with a team of ten bookkeepers and CPAs, Mark faced a significant career challenge when his wife decided to pursue opportunities in Canada.
From CPA in the Philippines to Bookkeeper in Canada
Mark’s journey to Canada was filled with uncertainty about his career path. Like many emigrants, he faced the possibility of starting over in a different field. Yet, through perseverance, he landed his first role as an assistant bookkeeper in Vancouver just weeks after his family’s arrival in June 2021.
“I was hysterical but prayerful,” Mark shares. “Luckily, with patience and perseverance, I found my way back into the industry.” Since then, he has worked with various accounting firms, gradually adapting to Canada’s tax laws, accounting standards, and business practices.
Why Bookkeeping?
Mark’s inspiration to pursue bookkeeping stems from his desire to gain international experience in a dynamic and diverse business environment. He values the opportunities Canada offers, from exposure to various industries to navigating the complexities of CRA tax laws.
“Being a bookkeeper here has broadened my career path and strengthened my ability to support clients with their financial challenges,” Mark explains.
Overcoming Challenges with Grace
Mark has faced his share of challenges, including reconciling errors under tight deadlines and navigating Canada’s ever-changing tax regulations. His systematic approach, commitment to learning, and use of tools like QuickBooks and Xero have been instrumental in his success.
He also emphasizes clear communication with clients. “Setting expectations upfront and providing transparent engagement proposals have helped prevent misunderstandings and maintain strong client relationships,” he notes.
Advice for Bookkeepers and Small Businesses
Mark is passionate about mentoring others and sharing his insights. He highlights common bookkeeping mistakes, such as mixing personal and business finances, and advises small businesses to:
- Keep records accurate and up-to-date.
- Separate personal and business expenses.
- Monitor cash flow regularly.
- Maintain a 3-6 month operating expense buffer.
- Seek professional guidance when needed.
For aspiring bookkeepers, Mark emphasizes the importance of continuous learning, leveraging technology, and remaining adaptable to industry changes.
Balancing Work, Family, and Growth
As a father of four, Mark is committed to balancing his professional and personal life. Thoughtful planning, efficient use of technology, and a supportive family have helped him achieve this balance.
“Canada’s focus on work-life balance has allowed me to thrive both at work and at home,” he says.
Looking to the Future
Mark is excited about the potential of emerging technologies like artificial intelligence (AI) in accounting. From automating repetitive tasks to enhancing data security, he believes these advancements will continue to transform the field.
“Staying updated and engaged with new technologies is essential for bookkeepers to remain relevant and provide greater value to clients,” Mark states.
Giving Back to the Community
Mark actively participates in local bookkeeping groups and volunteers his expertise to assist low-income individuals and small business owners. He also mentors colleagues and promotes the value of bookkeeping in his community.
Final Thoughts
Mark Virgil Lofranco’s journey is an inspiring example of determination and adaptability. For him, bookkeeping is more than numbers; it’s about building trust, fostering growth, and making a difference in the lives of his clients and community.