Managing a dental practice today is more complex than ever. Procurement of new patients, corporate dentistry competition, equipment financing, innovative marketing and back office operation issues are just a few of the challenges plaguing dentists today.
KPC is built to provide high-caliber support to overcome obstacles and secure your practice goals.
Dental Accounting
Any dental specialist that wants to grow must stay on top of its numbers. Dental practices that don’t have access to accurate financial reporting prevent the practice from reaching its full potential. There’s a lot of work that goes into keeping financial information current and putting all the information into a format that’s actionable. Fortunately, we can help with that.
If you’re in need of a Chartered Accountant who understands the specific issues faced by your organization, we’re the financial experts who can help. Thanks to our experience we have firsthand knowledge of how these organizations function. We also know the most important issues faced by the healthcare industry.
Tax Services for Dentists & Dental Specialists
Most dentists get a lot out of having access to financial information that is accurate and up to date. Having access to a seasoned Chartered Accountant that is focused on tax issues is even better. This type of service can be as simple as ensuring that the proper estimated tax payments are taken care of every quarter.
Having a seasoned chartered accounting firm can be a huge benefit. Most practices pay a substantial amount of taxes, and the help of a knowledgeable professional is the best way to minimize your tax liabilities.
Payroll and Business Advisory Services for Dental Practices
An experienced accountant for dental practices can assist with a variety of business functions. As a practice starts to grow, payroll can become both expensive and time-consuming. Working with a professional who knows the specific regulations to the industry will be a necessary benefit.
Did you know total employee expenses should be between 20-24 percent of revenue? Knowing facts like this is how we keep your business on top of your growth goals.
We provide dental accounting services for healthcare professionals, and dentists in and around Thornhill, Richmond Hill, Vaughan and surrounding Ontario area.
KPC Chartered Professional Accountants have a clear understanding of the issues that professionals face, which makes us an integral part of our clients’ advisory team. Our comprehensive approach includes tax-minimization plans, business management, and strategic advice.
Achieve Your Business and Personal Goals
- Personalized client services
- Preparation of Financial Statements and Tax Returns
- Opening, Buying or Selling Your Practice
- Tax Planning
- Representation before Tax Authorities
- Professional Sources
- Estate and Retirement Planning
KPC offer a complimentary consultation meeting to discuss your current financial situation, goals and concerns and to determine what services are right for you. At the conclusion of this initial meeting, we will present you with a fee estimate for providing the services discussed in the meeting. The complimentary consultation does not obligate you to retain our services.
Personalized Client Services
Our goal is to provide efficient, timely and effective services while developing a strong customer relationship. This philosophy has gained KPC a reputation of excellence, a reputation that our clients have come to rely on.
At KPC, we have built our business by listening to the needs of our clients. By keeping abreast of new tax legislation and tax law changes, anticipating financial trends and understanding the needs of the individual, business, and family, we provide our clients with comprehensive services and personalized attention.
KPC provides financial and tax advice throughout the many different stages of our clients’ business and life cycles. We are aware that circumstances change with time and avail ourselves each step of the way. From when our clients become healthcare professionals to when they acquire their own practice; From when their practice becomes profitable, or its structure becomes more complex to when our client decides to sell their practice or transfer it to a family member; From planning for a family, to planning for retirement; Our clients can depend on KPC to guide them financially and objectively through the multitude of decisions to be made.
Each member of our staff adds their individual knowledge and expertise to create a highly qualified and educated team of experienced professionals.
Preparation of Financial Statements and Tax Returns
KPC prepares financial statements for our clients based upon their reporting requirements and needs. More importantly, KPC explains the results of its preparation in easily understood terms, and identifies opportunities for profit enhancement and efficiency gains. By being regularly involved with our clients throughout the year, KPC can make a difference in our clients’ bottom line. As well, our services include the preparation of federal and provincial returns. We prepare tax projections, estimated tax payment calculations and extensive year-round tax planning to minimize or defer taxes.
Opening, Buying or Selling Your Practice
We advise clients regarding the many issues relating to opening, buying or selling a practice. Some issues include preparation of a business plan, cash flow projections, bank negotiations, negotiations with vendor, purchaser or landlord, lease versus buy, assets versus shares, cost-sharing versus partnership, review of premises lease for tax issues, and establishing identity with various governing authorities, and choice of entity.
There are many considerations in determining the appropriate choice of entity. We provide analysis and recommendations regarding sole proprietorship, professional corporations, technical or hygiene service corporations, and trusts. It is also important to determine if a change in entity choice is warranted during the life of the business.
Tax Planning
KPC is recognized for helping our high net worth clients and businesses minimize their tax liabilities. We provide ideas and advice that help individuals and businesses plan for the lowest possible tax bill. Extensive hands-on experience with our client base enables us to provide our clients with industry-specific information such as comparisons of key ratios, and industry-specific strategies such as income tax minimization through the utilization of professional and/or technical/hygiene service companies.
High net worth individuals and corporations face issues that are generally more complex, such as deferred compensation, tax and estate planning. KPC can assist by designing strategies to meet the objectives of our client within the guidelines of Canada Revenue Agency (CRA).
Representation Before Tax Authorities
KPC represents its clients before Canada Revenue Agency (CRA) and other taxing authorities. Our clients are encouraged to contact us whenever correspondence is sent to them that requires action. KPC welcomes all opportunities to alleviate any distractions related to tax so that our clients can focus on their profession and practice.
Professional Sources
At KPC, we have been helping dentists establish their practices for many years. We will guide your growth from inception through expansion into partnerships and associations. Where other professional services such as banking, real estate, legal counsel and specific industry consultants are required, we can draw upon our professional relationship with respected professionals who will service you well.
Estate and Retirement Planning
We work in conjunction with our clients’ advisors to provide extensive estate and retirement planning. We incorporate various trust vehicles, charitable and individual gifting plans and other structures to satisfy the wishes of our clients in a tax efficient manner.