Why Dental Practices Need Special Dentist CPA’s & Bookkeepers
There are many different options now available for people to do their accounting. A popular trend has been to outsource accounting duties online, but this method isn’t very suitable for certain businesses or people who have special accounting needs. It is advisable for dentists to get accountants or bookkeepers who are specialised in dental accounting practices. In fact, there are actually accounting firms that are especially dedicated to catering to dental practices only.
Dental CPA’s have knowledge of the dental industry. They keep themselves updated with dental journals and magazines to understand new trends in the industry and keep themselves aware of what matters in your practice. There are several advantages to hiring these specialized accountants such as:
- Specialized tax accounting – dental CPA’s are especially skilled in this field therefore you can be assured you can save the most on your taxes since they are focused on dentistry. They are updated with tax changes and will ensure that your taxes are compliant with new laws.
- Ability to give advice on the purchase of new equipment – they keep themselves familiar with the equipment and technology being utilized by the dental industry. They can help you determine whether the investment will be worthwhile or not.
- Awareness – they are experienced in picking out common problems and mistakes that dental practices are prone to. They can guide you through these issues and help you budget your finances and plan your purchases accordingly.
- Benchmarking – they know the industry standards to compare you with. They’ll know whether your business is doing well or not compared to other dental practices. They can give advice and help you improve your management practices.
- Planning your retirement – many dental practitioners are self-employed and need to plan their own retirement. A good dental CPA will design the most suitable plan given your resources and ambitions.
- Adding partners to your practice – if you want to change your business structure and team up with another practitioner or two, a dental CPA can help you transition with that change, providing valuable advice and guidance.
- Expanding your business – if you want to purchase a property to conduct your business, a specialized dental accounting firm will be able to connect you to banks or loan officers who cater to the dental industry. These special dental-specific loans from a bank can have more favorable terms than normal loans.
Dental CPA’s do more than just perform annual reviews and prepare your taxes. They have the capabilities to give business advice, analyze the financial health of your business, perform long-term financial planning, give input on investments of dental equipment, and guide you in best business practices. A good dental CPA will communicate with you and explain anything you don’t understand about your finances. They have the potential to become people you can trust and build a good business relationship with.
There are many more benefits to hiring a dental CPA such as the added security of having a third-party perform your taxes for you. If you are running a dental practice, one of the best things you can do for yourself and your business, is to a hire a reliable dental CPA to keep your practice running smoothly.