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Business Advisory

Should I Incorporate My Practice?

Should I Incorporate My Practice?

AUTHOR: APRIL WHEELER (CPA, CGA), PAUL SPARE (CPA, CA)

Should I incorporate my practice? This is a common question for medical and dental professionals and it is one that has become increasingly more relevant since the new tax on split income (“TOSI”) rules were introduced in 2017.  Determining whether or not incorporation is right for your practice is not straightforward and can be costly if you make the wrong decision.

To begin the process of determining whether or not you should incorporate, consider the following questions:

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Accounts Receivable - Bill early, bill often, be vigilant

Accounts Receivable - Bill early, bill often, be vigilant

AUTHOR: DIANNA LARKIN - CPA, CA

Not every business owner has the luxury of owning a business where customers/clients pay at the same time that the service/product is delivered.

While this may be the case for restaurants, retail stores, auto repair shops and so forth, the majority of businesses have to wait for payment. Managing credit risk and collections is a critical aspect of running their business successfully. A key thing to remember is that a sale is not a sale until you have the money in the bank. When customers do not pay on a timely basis, it can cause serious cash flow issues. This article outlines key considerations for managing credit risk and accounts receivable collections.

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