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 CPA for dentists 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.