Accounting for professional services
Running a practice means serving clients and managing a business at the same time. Billing, owner pay and tax planning are often left until month-end.
Common challenges we solve
Unbilled time and slow collections
Unbilled work-in-progress and overdue receivables tie up cash. We track both so invoices go out on time and payments come in steadily.
Paying the owners
Salary, dividends or a mix. We plan owner and partner pay to keep personal and corporate tax as low as the rules allow.
Growing without visibility
Profit by client, service or partner, so you can see which work is most profitable.
Frequently asked questions
Should my practice incorporate?
Incorporating usually pays off when you can leave profit in the company. In Alberta, a Canadian-controlled private corporation pays a combined 11% on its first $500,000 of active business income, versus much higher personal rates. We run your numbers before you decide.
Salary or dividends?
Salary creates RRSP room and CPP contributions; dividends don't. Dividends can mean less tax overall in some years. Most owners do best with a planned mix, which we work out each year.
Free consultation, no obligation