Choosing the right clients to focus on makes all the difference to the success of any business. An accounting firm’s client base could be as wide as you like or you could do what many businesses have to do to survive today, find a niche. A great example of targeting niche clients and being successful at it is Bokhaut Chartered Accountant Inc. located in Winnipeg, Manitoba.
As their website notes, they are “…a boutique public accounting practice that is licensed to practice in Manitoba, Alberta, British Columbia and Ontario. The firm has specific expertise and experience in catering to the needs of physicians, medical corporations, and medical clinics.”
Sounds like a good business to be an accountant for physicians. Physicians have been the primary focus of the firm since 1998 and they now service over 600 physicians across the provinces.
The firm believes that physicians have specific needs over and above “statement preparation, tax return preparation and tax planning”. Like any accountant working for physicians, taking the burden of financial administration off the individual doctor, items like strategic long term tax planning, the preparation and minimization of the physicians’ tax obligations allows them to focus on their patients. Bokhaut.ca also states that by working within the rules and deadlines of the Canada Revenue Agency, verification is minimized and defensible practices help mitigate the chance of reassessment and penalties. Protecting the physician from overzealous CRA agents looking for reasons to audit is always a good idea.
The man behind the business is Brad Bokhaut. Brad graduated with a B. Comm. with honours and later became a chartered account in 1990 when he joined the tax group of Price Water House Coopers. It wasn’t until 1998 the he decided to specialize as an account for physicians and medical clinic.
Finally, has the business of providing accounting service to doctors and medical clinics been profitable? Well, in the last 4 years I have watched his website www.Bokhaut.ca go from stating they had some 500 physicians to over 600 physicians as client. You tell me if that level of business growth is good? I definitely think so!