35
Volume3 Issue3
|
I
ssues and
P
eople
Howdo Ichooseanaccountant?
❙➤
Rapport.
Thefirst thing Iwould look for isgoodchemistry; it canhelpensure that your
accountant understands your visionandgoals for taxplanningand tax savings. Here is
the litmus test Iwouldconsider: If Iwasgoing throughadivorceor if someone inmy
familydied,would that accountant beoneof thefirst people Iwouldcall? If theanswer
isno, Imight search for someone that I canbuildacloser relationshipwithandconfide
in. Your accountant shouldhaveafirmunderstandingof your familybackground,
relationships, goals andvision.
❙➤
Stability.
Youwant toensure that if your accountant isunavailableor away, someone
elsewho is familiarwithyour circumstanceswill beavailable tohelpyouandprovide
continuityof service.
❙➤
Experience.
Afirmwitha largeclient base from thedental industryhas its advantages. If
theyarewell connectedwithin the industry, theymaybeable tooffer youother services,
like selling/buyingapractice, practical suggestionson revenuegenerationor basic
practicemanagement advice. Dependingon their client base, your accountant could
alsoconnect youwithother professionals youmight need inbuildingyour practiceand
taking it to thenext level.
❙➤
Success.
Try toassesswhether apotential accountant runs anefficient or profitable
business. Youwant toworkwithanaccountantwho is credibleandhas agood
reputation.
Are there specializedaccounting services to lookout for?
Yes, there is adifferencebetweena tax specialist andonewho isnot specialized. A tax
specialist takesCPA (CharteredProfessional Accountants) Canada’s In-DepthTaxCourse for
anadditional 3years after earning their CPAdesignation. However, a tax specialistmaynot
bebetter thanageneral accountant—it justmeans theyhavemore specialized training in
taxation.
Howare feescharged foraccounting services?
Rates canbeanywhereup to$700/hour. Inother situations, theremaybeablock fee
which includes amenuof services for a specified timeperiod. Thegoal is toensure that the
accountant’s servicesgeneratemorebenefits for your practice than thecosts.
a
DavidChongYen
CPA,CA,CFP
Mr.ChongYen isa
charteredprofessional
accountant, tax specialist
and certifiedfinancial
plannerwithDCY
ProfessionalCorporation
CharteredAccountants in
NorthYork,Ontario.He
advisesdentistsandother
healthprofessionals on
accounting, tax, estateand
financial planning, and
valuations.
What should a dentist look for
WhenChoosinganAccountant?
Your accountant shouldhave a firmunderstanding of your family
background, relationships, goals and vision.
This interviewhasbeencondensedandedited.
Theviewsexpressedarethoseoftheauthorand
donotnecessarilyreflecttheopinionsorofficial
policiesoftheCanadianDentalAssociation.
Tohear the full interviewwith
Mr. ChongYen, visit
oasisdiscussions.ca/
2015/07/06/accountant
