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.