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Dennis Domazet is an experienced tax accountant and financial consultant based in Toronto, Ontario. With more than two decades of experience in his chosen field, Dennis runs his own accounting practice, focusing on helping small business owners and professionals like dentists, lawyers, realtors, and landscapers. He is a Certified Public Accountant (CPA), a member of the Institute of Chartered Accountants of Ontario (ICAO), and a graduate of the University of Toronto with degrees in Commerce and Economics, specializing in accounting and finance.
Before starting his own practice, Dennis was a senior partner at Deloitte, where he held executive roles such as Chief Strategy Officer and Leader of the National Tax and Legal Corporate Development Office. He is known within Toronto accounting circles for his reliability, ethical standards, and diligence in tax planning and bookkeeping.
We were fortunate enough to sit down with Dennis Domazet to discuss his career, his business practices, and his professional philosophy.
Q: What initially inspired you to pursue a career in accounting and financial consulting?
Dennis Domazet: I was always good with numbers throughout public school and high school, and I enjoyed mathematics and business class. So, when the time came to graduate and move on to the University of Toronto, studying commerce and economics was an organic choice for me. Within those programs, I concentrated on the specialties of accounting and finance, so becoming an accountant—and later a financial consultant—was really the culmination of all my formal training.
Beyond that, I love helping people. When you think about it, as a financial consultant, my role in the lives of my clients is to help them capture their dreams. Whether that be buying their first property, growing their small business, or sending their children to a good college, I advise them on how best to put their money to use so that they can realize these things they desire. It’s very fulfilling.
Q: What challenges do small business owners face when it comes to accounting, and how do you help them overcome these challenges?
Dennis Domazet: Small business owners often struggle with keeping their financial records organized and up to date. They sometimes also find it hard to understand complicated tax laws and financial regulations. In order to help them, I offer a slew of personalized services that simplify these processes. I try to provide clear explanations and practical solutions, making sure that they stay compliant. All of this is so they can focus on what’s really important: running their businesses.
Q: Can you share some strategies that you find effective in helping businesses manage their finances more efficiently?
Dennis Domazet: One important strategy is to establish a solid bookkeeping system right from the start. This should include keeping all receipts, invoices, and financial documents organized for easy reference. I also recommend setting a budget and sticking to it and regularly reviewing statements to spot any issues early. Another effective strategy is to plan for taxes throughout the year rather than scrambling at the last minute. Finally, using accounting software can automate a lot of otherwise tedious tasks, as well as reducing human error. These may seem like simple and obvious pieces of advice, but in my experience, they are very effective steps to take.
Q: How do you tailor your services to meet the unique needs of different professional practices, such as dentists, lawyers, and realtors?
Dennis Domazet: Each profession has its own financial needs and challenges. For example, dentists might need help managing large equipment purchases and insurance billing, while lawyers might need help with trust accounts and client billing. On the other hand, realtors often deal with fluctuating incomes and need guidance on managing cash flow. I always take the time to understand the unique aspects of each profession and try to customize my services accordingly. I think my clients appreciate that.
Q: What advice would you give to someone interested in starting their own accounting firm in the future?
Dennis Domazet: My first piece of advice would be to gain as much experience as possible working for established firms before going out on your own. I did this myself at Deloitte, and the years I spent at that firm helped me to cultivate many of the skills I now use in the day-to-day operations of my practice. It’s also critical to stay updated with the latest tax laws and financial regulations. These are the rules of the game, and being intimately familiar with the rules of the game is the only real way to use them to your and your clients’ advantage. Finally, always prioritize ethics and reliability. Your reputation is absolutely everything in this field, so delivering honest, high-quality service should be your top priority. So, to anyone thinking about starting their own accounting practice, I say good luck. The world can always use more good accountants.
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