Several years ago, a friend of mine told me this story. There was a small but thriving dental practice owner in the tri-state area who lost $350,000 over the course of 24 months. Surely you wonder why he lost the money? The simple answer – Employee theft. Their trusted administrative assistant was quietly embezzling money out of business and into their own pockets.
So, how did you come to know about this? By meeting a professional dental accountant. The local CPA they had hired was unable to spot this nefarious activity because they didn’t specialize in dental accounting and didn’t consider the possibility that the funds were being misappropriated.
What can we learn from this story? The need for specialized dental practice accounting. That’s correct. So to answer your question, Yes, a dentist does indeed need a specialized dental accountant.
The Need For A Dedicated CPA For Dentists
The job of a dental account is not just keeping track of your books or maintaining your accounts but also ensuring that you avail of all the schemes and programs run by the government to help small businesses. They also monitor that you’re always compliant with the policies. Tax preparation and optimization is another vital task of any professional dental CPA.
Several experienced CPAs in Columbia, Maryland, provide virtual CFO services aimed at helping dentists scale their practice with the help of budgeting, forecasting, planning, and strategic implementation of financial decisions. For ambitious dentists looking to expand and scale their dental practices, the guidance and mentorship of a virtual CFO are invaluable.
What Should You Consider When Choosing A Dental Accountant
Many small business owners and dentists tend to overlook some crucial elements when selecting a professional dental accountant for their business which can end up costing them a lot in the long run. Here are some factors you should consider when hiring an experienced dental CPA for your dentistry practice.
1. Range Of Services
There are CPAs who are generalists, and then there are CPAs who specialize in serving a particular segment of the industry. During your next meeting with your CPA, ask them about their range of services and how any additional services that they recommend may have an impact on your revenue. If your CPA offers only a few services, then it may be time to switch. Call our expert dental accountants today to schedule a free consultation.
Common Dental CPA Services Include –
- Payroll Services
- Compliance Assistance
- Corporate And Personal Tax Management
- Helping With Fundraising
- Financial Advice And Planning
- Strategic Mentorship And Guidance
2. Level Of Experience And Expertise In The Dental Accounting Field
CPAs serve a vast array of customers and clients across industries which is why you must look at the level of experience and expertise they bring to the table when looking for your next dental CPA.
An experienced dental accountant will help you optimize your tax position, claim necessary deductions, avail specific governmental programs, and save money. Dental accountants can often act as the jack of all trades and help you achieve your business goals quickly while ensuring accounting compliance.
3. Communication And Transparency
Accounting is a complex field, and many dental accountants don’t transparently disclose their activities and strategies. An accountant who isn’t openly communicating, guiding, and mentoring you may not be a good fit for your business. Therefore, it’s vital to look at the level of transparency and the quality of communication they offer.
4. Value For Money
Businesses function on two essential components, revenues, and costs. The value you derive from incurring the cost of hiring a professional dental CPA should be more than the cost itself for it to be a valuable investment.
Choosing the best option doesn’t mean choosing the cheapest one. It would help if you weighed the benefits of your investment with the costs. We at Sigma offer packages built for small dental practices to help them grow with ease. Contact us today to learn more about our offerings.
5. Clarity And Transparency Of Fee
For you to plan your dental expenses effectively, dental bookkeeping and accounting costs must be transparent and clear. You don’t want any unpleasant surprises down the line, do you? Ensure that the dental accountant you hire offers transparent pricing and is open to discussing all the costs involved in hiring them upfront before signing you on as a client.
6. Ability to Answer Complex Questions
You depend on your dental account for all kinds of things that have to do with your money and finances. Would you want to work with someone who isn’t able to answer complex questions you may have from time to time? No, you wouldn’t. As someone who has a background in accounting, you’d expect your dental CPA to answer any type of money-related question you may have openly and transparently.
The best people to work with are those who can always provide you with the correct answers whenever you have a question. They can only do that if they have a firm grasp of what they must do and what dental practices need from their accountants.
So, there we have it! We hope you understand why we believe that dentists need specialized dental accountants. Do you need help finding a good dental CPA? Not anymore! Get in touch with the best dental accountant in Maryland today and schedule a consultation.