Choosing a dental accountant to work with is crucial to Dentists in Toronto and here are a few things that the Dentist should keep in mind when making the choice…

Experience

It is important to with with a dental accountant that has experience working with Dentists and medical professional services in general. There is specific knowledge that is required with certain aspects of dental accounting, such as HST requirements, exceptions to the rules, and knowledge about allowable investors and shareholders, which the college in Ontario has specific rules about (in addition to the CRA income splitting rules)

Explanation

The dental accountant should be willing to explain the process of completing the Dentist’s year-end accounting, the related requirements, adjustments, etc. as well as any tax planning scenarios. A good dental accountant will provide information and guidance to their client, to ensure they have a good understanding of their own books and filings.

Time

It is important for the dental accounting firm in Toronto to provide as much time and attention as required by the Dentist. As accounting and tax are not the specialty of the Dentist, they may require time to review, and have additional meetings for discussion; the importance of the accountant being able to provide enough time to their Dentist client is very high.