If you’re losing sleep over your practice’s financial health and finding yourself stressed about numbers when you should be focused on running and growing your practice, you should probably consider hiring a dental accountant.
You’ll need to find a good CPA with experience in the industry to organize and present your financial data unless anyone on staff is already a trained dental accountant.
Dental CPAs gather financial reports to help you plan for, evaluate and diagnose your business’s successful future. A good dental accountant will establish your practice’s financial health, find ways to minimize your tax liability, give you expert advice, and help create a plan to generate more revenue — which keeps your business running as smoothly as possible.
[Related: The Importance of Healthcare Accounting]
As you research CPAs, keep in mind these qualities to look for in the best dental accountants.
Hiring someone trustworthy is essential when looking for the best dental accountant. You’ll rely on that person to manage not only your confidential financial information but also your patients’ account balances and records.
Do extensive research into your potential CPA before signing a contract, and contact their professional references for additional credibility.
Current Client Base
A great way to find out whether a CPA is a good match is to check out their current clients. If they work with respected, well-reviewed dental practices similar to yours, then they could be a sound choice for your company.
You can even reach out to current or past clients and ask how happy they are (or were) with their results.
Well-Versed in Your Industry
A knowledgeable CPA will not only understand the basics of tax filing and accounting but also go above and beyond when it comes to the specifics of the industry.
The best dental accountants will know the leading software you should use to reach your business goals and be acutely aware of industry-specific changes regarding tax filing.
A knowledgeable dental accountant can also help you claim deductions and tax credits particular to your practice.
A company’s success is directly tied to organized and accurate financial reporting. These reports outline your practice’s successes and failures, and you can use them to make important changes that’ll help your practice grow and thrive. However, if these reports aren’t cohesive and organized, they’ll be of little help.
A good dental accountant should also have an organized system for reporting and interpreting data, storing information and filing required paperwork.
Well-organized data helps your practice efficiently achieve its business goals.
[Related: 4 Accounting Issues for Dentists We See Again and Again]
When looking for the best dental accountants, you should prioritize those who focus on the details. Dental CPAs must be detail-oriented to accurately and successfully work with financial data and numbers.
Moreover, minor mistakes could end up causing serious damage. Hiring a CPA with a plan for double (and triple) checking their work to catch numerical mistakes is crucial.
Even with modern technological solutions and remote work becoming increasingly prevalent, you may want to prioritize location when hiring a dental accountant. A dental CPA in your area will be familiar with your state’s tax laws and regulations. This also makes it easier to meet for discussions, strategy meetings and one-on-one reviews.
Modern Software and Technology Use
A good dental accountant will embrace ever-evolving technological advancements. These changes influence the way businesses run. They can sometimes mean your practice needs to change to stay on top of its game. Dental CPAs who stay up to speed with the latest bookkeeping and accounting software — and attend accounting conferences and seminars — can give your practice wise advice and know exactly how to organize your finances.
Someone You Can Work With
Even if you find the most skilled dental accountant — one who has a great track record of working in the industry, is located nearby and knows all the latest technology — that may not be enough. Ideally, your dental CPA should treat you with respect, have similar values and be friendly and inquisitive. They should be someone you want to work closely with to grow your business and succeed financially. If things aren’t working out, don’t be afraid to switch and find someone who’s a better fit.
Connect with Martin, Bircher, Thompson, PC Today!
Here at Martin, Bircher, Thompson, PC, we are dedicated to helping physicians and dentists build profitable practices.
Our dental accountant services include the following:
- Accounting services
- Bookkeeping services
- Consulting services
- Financial statement preparation (compilation reports)
- Tax return preparation and tax planning
Learn more about our services for dentists or contact us today to get started.
Featured image via Pexels