Cautionary Tales: What Not to Look For in an Accountant

Don Keough, the late former CEO of Coca-Cola, was once asked why so many businesses in the United States failed in the first half of the 20th century, and what companies could do to succeed. His reply was classic: he couldn’t offer a guaranteed formula for creating winners, but he could promise that if you followed his advice, you’d be guaranteed to lose and become a highly successful loser.

That off-the-cuff response eventually became the basis for the only book he ever wrote: The Ten Commandments of Business Failure. In the same spirit, let’s bring that idea into your world as a new physician: if you notice these traits in your accountant, take them as cautionary tales.

10 Cautionary Tales Every New Doctor Should Know About Accountants

Starting your career as a physician is exciting, but it also comes with major financial decisions. The right accountant can be a trusted partner who helps you manage debt, minimize taxes, and lead you on your path to prosperity. The wrong one can create stress, confusion, and costly mistakes.

Watch for these red flags in your accounting relationship:

1.Missed deadlines. Staying ahead of filing dates is non-negotiable. If you’re worried your

accountant isn’t on top of this, that’s a problem.

2. Lack of clarity. Richard Feynman once said, “If you can’t explain something simply, you

don’t understand it well enough.” If your accountant leaves you more confused after

meetings than before, you’re not getting the guidance you need.

3. CRA late fees. Regular penalties are a dealbreaker. Even if small ones are reimbursed by

your CPA, eventually you’ll be left holding the bill for a significant fee.

4. Hesitation to reach out. You should never feel like asking a question will be too costly or

take too long to answer. If you hesitate to call, the relationship isn’t working.

5. Constant turnover. Some staff changes are normal, but if you’re always training a new

person on your file, you’re paying too much for their learning curve instead of receiving real

value.

6. Misaligned goals. A strong accountant does more than keep you compliant. They help you lower taxes, plan for the future, and build long-term financial success.

7. No coordination with other advisors. Your accountant should work seamlessly with your

lawyer, banker, and financial planner. If they operate in isolation, you’re missing integrated

advice.

8. Lack of education. A good accountant helps you understand the “why” behind their

recommendations. If you’re left dependent without learning, you’re not building confidence

in your own finances.

9. Avoiding tough conversations. Sometimes your accountant needs to play the tough role. If your spending habits are pushing you toward financial trouble, they should speak up - not

just nod along.

10. No peace of mind. At the end of the day, your accountant should reduce your stress, not

add to it. If you feel uneasy about your taxes, finances, or their advice, it’s time to

reconsider the relationship.

Flipping the Script – You Have Skin in the Game Too

As a new doctor, you’ll quickly learn that managing your finances can feel almost as demanding as managing patient care when you first start out. It’s natural to focus on what you want from your accountant: clear advice, timely responses, and help easing the stress of taxes and debt. But here’s the overlooked part: you have skin in the game, too. The strength of this relationship depends just as much on how you show up as a client.

Being a good client doesn’t mean knowing how to calculate corporate taxes or dissecting the

Income Tax Act. It means caring enough to stay compliant, listening to advice, and getting your information in on time. If you don’t, even the best accountant will struggle to serve you well. The truth is, you have every opportunity to be an “A” client - and the best accountants are quietly grading you, too.

So what makes a good client?

• Respond in a timely manner. Whether it’s income slips, loan documents, or incorporation details, quick replies keep things moving and prevent last-minute stress.

• Build a trusted relationship. Let your accountant get to know you beyond the numbers - your career path, your goals for practice, and your lifestyle. Strong relationships lead to

  tailored, more effective advice.

• Help alleviate stress. Stay organized and proactive. By giving your accountant what they need, you allow them to focus on reducing your stress, not chasing paperwork.

Building a True Partnership

When both sides show up, the relationship becomes far more than transactional. It evolves into a true partnership, one that not only keeps you compliant but also empowers you to build lasting wealth, financial independence, and peace of mind throughout your medical career.

Like any great partnership, when you hold up your end and your accountant does the same, the results compound. The right accountant can have a magnitude of impact equal to 10x, 20x, or even 50x greater than simply filing forms or crunching numbers. They can free you from financial stress, open doors to opportunities you didn’t know existed, and provide clarity so you can focus fully on what matters most: caring for patients and building a meaningful life.

In short, a great accountant is not just an expense - they are one of the most valuable investments you can make in your career and your future.