Why should you invest in a business accountant? Have you used online accounting services in the past that have ultimately cost you more money and time?
Numbers can be tricky, even for someone experienced, and especially for someone new. If you are running a Canadian private practice, consider hiring someone professional to take care of your numbers so that you can focus on what you do best: your clinical work!
In this podcast episode, I discuss everything accounting with Heather Peters for a quick 101 lesson on the staples, and how you can set up your accounting system so that your sleep-at-night factor is secure and comfortable.
MEET HEATHER PETERS
Heather Peters worked as a Controller/Accounting Manager and post-secondary educator for almost 20 years before founding her business - Brightside Accounting Services. Her experiences include leading high-performing accounting teams; budgeting and forecasting; process improvement and teaching and training. Heather works with start-ups, small and medium-sized businesses who need part-time accounting services, controller-for-hire experience, and/or training in accounting to help their workflow better. Heather has an MBA from Saint Mary's University and holds a CPA designation.
Learn more about Heater on her LinkedIn profile and company website.
In this episode:
Why you should consider a business accountant
Having an accountant is like having a doctor for your business. When you go to the doctor, you will most likely see a specialist if you have particular questions or concerns. The same goes for your Canadian private practice!
A business accountant is a specialist that can help you in more subtle and fundamental ways than any general business financial consultant.
What you need to know about income tax and sales tax
If you don't actively keep track of your sales tax, you may get a fright at the end of the tax year. Avoid this by actively sorting it when you receive your monthly income.
You have to be disciplined and proactive. Take the initiative and put your taxable income (including sales tax) into an account whenever you are paid so that you have the right funds for when it's time.
Sole proprietor or incorporate?
The main reason why people incorporate is due to liability. If you are incorporated, the responsibility falls on the business, and not on you personally.
Additionally, when you start hiring clinicians and admin staff, consider incorporating because it's a lot of work and the incorporation pays taxes based on income.
Some good tax habits Canadian private practitioners can develop
Connect with me:
Resources mentioned and useful links:
Ep 56: Why You Should Create a Private Practice Podcast
Learn more about the tools and deals that I love and use for my Canadian private practice
Sign up for my free e-course on How to Start an Online Canadian Private Practice
Jane App (use code FEARLESS for one month free)
Learn more about Heather on her LinkedIn profile and website
Listen to my podcast CCPA episode!
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