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dental bookkeeping

7 Reasons A Dentist Should Hire A Professional Bookkeeper

Dental practices require extensive accounting and bookkeeping to keep the practice running smoothly. Many dentists ignore accounting, auditing, and bookkeeping for their dental practice until the end moment, which often results in chaos during the filing season. You may think, why do I need a professional bookkeeper when I can have my spouse, assistant, or a friend do it? Well, this blog will answer your question and many others. So let’s begin

What Do Dental Accountants And Bookkeepers Do?

The job of a professional bookkeeper may look simple, but it is often a lot more complex than it seems. A dental bookkeeper requires proper knowledge and understanding of the law, the tax code, and various accounting standards. A bookkeeper usually handles all the financial transitions for any dentists or medical practitioners, records your purchases, sales and expenses, develops systems, and much more.

Experienced bookkeepers like the team at Sigma also helps dental practices get a holistic snapshot and overview of their businesses’ finances, projected growth forecasts, and more. The value of data and information that you get access to by working with a professional dental bookkeeper is immeasurable, which is why we always recommend small businesses hire an experienced dental bookkeeper.

Top Reasons Why You Need A Professional Accountant For Dental Office Bookkeeping?

A novice may get the job done, but would they do it well? The answer to that can only be found when you hire a professional dental CPA for your dental practice.

Reason 1 – You Can Focus On Your Core Competency

You chose the noble profession of helping your patients get better. Why not focus on doing that while allowing professionals to help you manage your businesses’ finances? A professional dental bookkeeper will enable you to focus on your core competency by taking over all the hassles of dental taxation, bookkeeping, accounting, auditing, and more.

Reason 2 – You Are Always Aware Of Any Potential Cash Flow Issues

Running a small dental business or a medical practice is hectic. Some invoices or dues may slip your mind, which can end up putting you in a sticky situation. A professional dental bookkeeper is tasked with keeping track of all your income and expenses and can inform you of any potential cash flow problems they may predict coming and even make necessary provisions for it.

Reason 3 – The Tax Season Isn’t Chaotic Anymore For You

A professional virtual bookkeeper for dentists works with your accountant and tax consultant to ensure that all your tax liabilities are cared for while ensuring that you don’t pay a dime more than you owe. The taxes saved will far outweigh the costs of hiring a professional bookkeeper for your dental practice.

A bookkeeper will also provide you with a year-end financial statement which will help you plan the following year for your small business and prepare for any expansions based on your growth and forecasts.

Would you like to hire an experienced team for dental bookkeeping service at an affordable price? Look no further! Sigma is here to help you. Get in touch with one of our expert medical and dental CPAs today.

Reason 4 – You’re Always Prepared For An Audit

It is natural to apply for grants, loans, and programs offered by the government in the current environment. In the unfortunate scenario that your small business or dental practice is audited by the IRS or state, having up-to-date records of transitions will help you navigate the complex maze of compliances.

We at Sigma expect to see an uptick in the number of audits conducted by the government agencies for small businesses that have availed Covid-19 schemes and benefits. Is your dental practice prepared for an audit? Contact our CPA for dentists in Maryland to ensure your books are maintained to the tee, so you’re always prepared for an audit.

Reason 5 – You Can Secure Additional Funding And Finances Through Loans With Ease

If you’re ambitious and looking to expand your dental practice, having your books in place is vital. Investors and creditors such as banks often require detailed financial records, forecasts, analysis reports, and more which can be a chore. A professional dental bookkeeper ensures all your documents are updated at all times, which makes it extremely easy for you to secure funding.

If you’re a veteran and plan on retiring anytime soon, accurate financial records make it easy for you to sell your business when the time comes. Is it time to start planning your retirement? Get in touch with one of our expert dental CPAs from Maryland today!

Reason 6 – Improved Work-life Balance

Spending all your time working on your business means missing out on the finer things in life. Hiring a professional dental bookkeeper helps you free up your time to spend time with your family and friends while your business works for you and not the other way around.

Reason 7 – You Ensure Everything Is Paid On Time

Dentists always pay their debts! And paying them on time ensures that you don’t end up paying hefty fines or interests. A bookkeeper ensures bills are always paid on time to keep you debt-free.

We hope by now you understand the importance of hiring a dental bookkeeper for your dental business. These reasons make the benefits of hiring a professional CPA for dentist and dental accountant for your small business or dental practice abundantly clear. If you’re looking for the best dental accountants and dental CPA in the United States, then you can pause your search. You’ve found them! Contact our team of professionals at Sigma today to schedule a meeting with one of our expert dental CPA to learn how we can help you get top-notch accounting and bookkeeping services while keeping your costs on the down-low

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Dental CPA Cost

Want To Cut Your Dental CPA Costs? Here Are Secrets You Should Know

Accounting terms like deductions, subsidies, Roth IRA, capital gains, IRS audit, and returns may sound alien to you as a doctor. As a business owner, you have to understand these things to make sense of your finances. An excellent dental CPA from Maryland helps you understand your books and maintain proper records while helping you reduce your dental CPA costs and grow your revenue.

We understand that accounting isn’t exciting. We help you make it easy and simplify your finances with the help of our industry-leading accounting and bookkeeping services for dentists. One of the major costs in running any dental practice is the fee you pay for bookkeeping and accounting. In this blog today, let’s look at ways you can cut your dental accounting costs, so you take home more.

Easy Ways To Save Money On Your Dental Accounting Costs

If you follow these suggestions, you’re sure to save up on your dental accounting costs.

1. Go Paperless

The easiest way to cut your dental CPA costs is to save up on stationary and go paperless. Sending physical documents to your dental accountants in Maryland is a big no-no. All physical documents you send over to your accountant usually get scanned and turned into PDF at your account’s office, which costs a lot of time, energy, and money. So, by going paperless, you save up on your accounting costs.

2. Use A Payroll Software

A payroll software helps you streamline your record-keeping and payments at your medical or dental practice. These payroll softwares help your accountant claim deductions and subsidies as required and process salaries and expenses to your employees and partners efficiently. There are various payroll softwares you can use.

3. Use Softwares To Simplify Your Accounting

Gone are the days when businesses did accounting with pen and paper. If you still maintain printed records of your accounts, it’s time to move to virtual solutions for the maintenance of your financial statements, bookkeeping, analytics, and more. We recommend softwares like Xero, LivePlan, QuickBooks, etc.

4. Stay Organized

Staying organized can have a significant impact on your dental accounting and bookkeeping costs. If you want your accountant to spend less time scanning through your documents, so they bill you less for the hours, you can start naming your documents and the data you send to your accountant appropriately. Instead of sending files called image1, PDF5, send clearly labelled documents with names like BOA_statements_July or Salaries 15-12-21. Clubbing multiple files in a single email instead of sending numerous individual emails is another great way to stay organized.

5. Hire A Professional Dental CPA And Bookkeeper

A professional dental accountants in Maryland, like Sigma, can help you significantly improve your profits with the help of on-demand advice, financial mentorship, and experienced guidance. If you’ve optimized your costs well but still aren’t happy with your finances, then growing your profits is a great way to take home more money.

Contact Sigma today to get financial advice, dental bookkeeping, and accounting services and avail our exclusive dental virtual CFO services in Maryland.

How Much Does A Dental CPA Cost?

The cost for dental CPAs differs from practice to practice. At Sigma, our packages start around $600 and go up from there. These packages usually include bookkeeping, accounting, taxation, compliances etc.

If you’re wondering what you should be paying your dental accountant, there’s no straight answer for that. The general cost of an experienced dental accountant ranges from $600 to $1000.

If you’re paying more than that, you should probably ask yourself. Am I paying too much for dental accounting?

6. Hire A Virtual CFO As A Financial Mentor

A virtual CFO takes over all your financial growth duties and provides you with excellent results at affordable prices. The primary goal of a virtual CFO is to add value to your equity and free your time so you can focus on growing your dental practice or medical practice while experienced professionals handle your finances.

Why Choose Virtual CFOs From Sigma?

  • Licensed CPAs
  • Experienced In Public Accounting
  • Experienced In Corporate And Government Accounting
  • Holders Of Masters Degree In Business Management
  • Quickbooks Proadvisor Certification Holder
  • Certified LivePlan Expert Adviser

How Can Professional Dental Accountants Help You Reduce Costs?

A professional Dental CPA can help you save costs in various ways. Some of these ways are –

1. An Dental Accountant Can Forecast And Predict Trends

A professional dental accountant is experienced in forecasting dental financials and predicting trends. This data can help you make better, well-informed decisions for your dental practice and help you predict when an influx of customers may arrive so that you can be well prepared for it.

2. An Accountant Provides Business Advisory Services

A seasoned accountant has seen multiple businesses go through various phases in their business life cycle. This experience gives them the unique ability to provide accurate advice to help your business excel and grow.

3. An Accountant Provides Appropriate Tax Advice

Savings on taxes can add up over time and help you save a good chunk of change to re-invest in your business. Dental accountants can also help you avoid any tax penalties by ensuring your taxes are always in order.

We hope by now you understand the importance of an excellent dental CPA for your dental practice. This guide will definitely help you save up on your dental CPA costs and add more value to your businesses’ equity.

Do you want to grow your dental practice with the help of professional dental bookkeeping and accounting services from a Maryland-based Dental CPA? Are you looking for holistic reporting and growth for your dental business? Get in touch with Sigma today to talk about how we can help you grow your dental business.

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dental practice accounting

Not Every Dental Firm Hires The Right Dental Accountant

Not every dental firm hires the right dental accountant. And if you hire the wrong accountant, not only will they make a mess of your finances -­ they’ll cause your business to literally bleed cash!

But how do you know when you have the wrong Dental CPA on your team? What red flags do you look for in an accountant that should make you run in the opposite direction?

 

What do you look for in the RIGHT Dental accountant?

1 -They Don’t Understand Your Business

Not all businesses are created equal, and the accounting methods and practices that work for one company will fall flat with another.
A skilled Dental CPA will design specialized reports that they can use just as you use a patient’s radiographs for evaluation, diagnosis, and treatment planning.

The Dental CPA analyzes such questions as:

  • How is the financial health of your practice?
  • What can you do now to minimize taxes next April?
  • Is the office using “best practices” based on the CPA’s knowledge of other successful offices?
  • Is the dentist working smart or just working hard to generate revenue?
  • Is the production appropriate for the number of personnel?
  • Is it time to add another dentist?

2 – They Do The Bare Minimum… And That’s About It

Some dental accountants want to get the job done with quickly and will cut corners, others just want to do the bare minimum.

When you hire a dental accountant that only does the bare minimum, you’re losing out on an opportunity to both save and make money -­ which will hurt your company’s profitability in the long run.

Part of the value of hiring a dental CPA is the expertise they bring to the table in finding innovative ways to save your business money. The right dental accounting firm can help you find grants and government funding that can decrease the amount of money you need to spend in order to conduct your business activities. They should also be able to find creative dental tax relief options that put more money back into your pocket come tax season.

3 – They Can’t Explain Your Financials In A Way That Makes Sense To You

As a dentalpreneur, you need to keep your finger on the pulse of what’s going on in your practice -­ including your financials. And it’s your accountant’s job to explain your financials and break them down in a way that makes sense to you -­ free of confusing statistics or impossible-­to-­understand financial jargon.

If your accountant gives you the run around whenever you ask about your finances and can’t explain the state of your financial affairs in a way that makes sense, chances are they’re draining your money.

If your dental accounting firm talks circles around financial issues and can’t explain the current financial state of your business, it’s time to find a new accountant.

4 – They Don’t Know The Meaning Of The Word “Organized”

With so many things to manage -­ like managing the books, filing your dental taxes, generating financial reports, and looking for money-­saving opportunities for your business -­ you need to work with a professional dental CPA who’s on point, organized, and doesn’t allow anything to go unnoticed. Because if your dental accountant is disorganized, you WILL lose money. When you work with a disorganized accountant, things can and do fall through the cracks. Important tax documents will be filed late (or not at all). Reports will be inaccurate. Your books will be balanced incorrectly.

All of which costs you money. If you want to protect your money -­ and your dental business -­ you need to work with a specialist dental accountants at the top of their game. The kind of accountant so organized, the thought of a single number out of place keeps them up at night!

Ask your accountant the systems they use to stay on top of their clients’ finances. An organized accountant will have highly structured systems for ensuring their client work is managed properly.

Is Your Current Accountant Bleeding Your Money? Don’t Worry Sigma Accountants Is Here To Help

Sigma Accountants is a full-­service Dental CPA firm that specializes in dental accounting, taxation, and financial services for dental practices. We offer the highest level of dental CPA services to our clients to take the stress out of financial management with dental accounting services tailored to your specific needs.

Our job is to make managing your dental finances as easy and simple as possible while offering creative solutions to put money in your pocket -­ not drain it.

When you work with us, you don’t have to worry about all those money-­murdering mistakes that bleed money from your business.

Our dental accounting firm offer:

• Financial reports that are easy to understand -­ even if finances aren’t your strong point (and if you don’t understand them, we’ll work with you until you do)
• A firm that’s dedicated to understanding your business -­ and overcoming the unique financial challenges your business faces in today’s market

We will work tirelessly to offer you the financial solutions you need to elevate your dental business and sleep easy at night, knowing the financials of your business are in the best possible hands.

Ready to stop working with dental CPA Firm that bleed your money and partner with the best team in the business? Get in touch with Sigma Accountants today for a no-­obligation consultation and learn more about how we can help take your dental business to the next level.

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