Summer Special
Get a 10% discount on our Sunshine package or one month free on any of our monthly plans*!* The promotion applies only to the corporations with May 31 - October 31 fiscal year ends

Candor Psychology & Psychotherapy

https://www.candorpsych.com

Candor Psychology & Psychotherapy (Candor) facilitates a range of mental health services, including individual therapy, cognitive-behavioural therapy (CBT), couples therapy, and sex therapy. Services are available in person and virtually. Through Candor, a team of certified professionals offers delicate attention and dedication to understanding each client’s unique experiences and needs to help them achieve their therapeutic goals.

Sector

Psychology & Psychotherapy / Practice Management Corporation (PMC)

Unique Challenges

As mandated by the College of Psychologists of Ontario (CPO), as well as College of Registered Psychotherapists of Ontario (CRPO), a Professional Corporation licensed by either of those governing bodies can only offer services that fall under those Colleges’ jurisdictions. Should a practitioner decide to offer services outside of the CPO’s or CRPO’s scopes, a different corporate structure needs to be considered. Specifically, an entity called Practice Management Corporation (PMC) should be introduced to facilitate multidisciplinary services governed by different regulators.

Given the complexity and a unique set of skills required, setting up the legal, accounting, and tax compliance aspects of the PMC entails several challenges; revenue recognition, segregation of funds held on behalf of practitioners, accurate expense classification, up-to-date record-keeping, and multi-way transparency. Without exception, Candor (PMC) must address these challenges by collecting and tracking funds on behalf of its practitioner-clients, updating ‘trust-account’ ledgers, disbursing the funds, and timely recognizing revenue. Multi-disciplinary practice and compliance with different licence providers add an additional layer of complexity.

AZ Accounting Solution

AZ Accounting implemented a multi-step solution to establish an efficient workflow for the PMC utilizing the team of accountants, consultants, tax researchers, administrative support, and the network of lawyers. The steps to timely compliance involve thorough information handling, data analysis, ‘trust account’ maintenance, and inter-company reconciliations. This streamlined process allows Management to focus on their core purpose of holistically helping their patients and growing the company while delegating the entire accounting cycle to us. In addition to accounting procedures, we leverage our knowledge and continuous research of the sector and regulatory changes to deliver comprehensive advisory solutions. AZ Accounting frequently collaborates with legal teams and professional associations to maintain regulatory compliance and up-to-date expertise.

Success Factors

  • Customized accounting procedures to efficiently manage financial data
  • Close working relationship with the Management
  • Regulatory compliance and thorough sector research
  • Technology and innovation
  • Management’s receptiveness to our recommendations
  • Effective collaboration and document management solutions

What the Client Said

The team at AZAccounting were patient and informed as they guided me through transforming my accounting process. It was challenging to navigate but the team helped guide me each step of the way and answered all my questions

Trusted By Our Clients

Companies of all sizes and industries rely on 
AZ Accounting to help solve their most complex accounting challenges.

Let's Simplify Your Finances

Discover the difference AZ Accounting can make for your business needs. Book a no-obligation call with one of our experts.

Back