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Does Your Dental Practice Need a Professional CPA?

Does Your Dental Practice Need a Professional CPA?

A certified public accountant (CPA) is a pro that every company can invest in. These professionals are essential, and it’s a position that is growing at a 7% rate today.

When you run a dental practice, you need to be particularly mindful of the CPA services that you put to use. There are plenty of benefits that you’ll appreciate, which we’ll be more than happy to explain.

Keep reading to learn more about working with a professional CPA that can help you out.

Your Financial Management Will Be Stellar

When you have the help of CPA services, you can count on your financial management to be stellar across the board. The dental industry is worth roughly $160 billion, and it’s growing at about 3%. You are leaving money on the table when you’re not managing your revenue as effectively as you can.

Here are some critical points of financial management that these pros can provide:

  • Professional bookkeeping services
  • Tracking your patient accounts
  • Setting a quarterly and annual budget for your practice
  • Managing the financing and upkeep of the real estate property
  • Keep track of expenditures for your dental supplies and equipment

A dental practice CPA specifically understands the ins and outs of these businesses and can help you remain several steps ahead of the competition.

They Can Increase Cash Flow

About 82% of businesses fail because of a lack of cash flow. If your dental practice is liquid, you will be better able to stay afloat, manage debts, and keep your doors open. Whenever you don’t have professional accounting that bolsters your practice, it’s difficult to survive, pay your employees, and handle your assets and liabilities.

When your company lacks cash flow, you are steps closer to having to dip into the coffers, take out loans, and get financing that will help you manage your practice to the fullest. CPAs can help you find areas of overspending so that you free up space to allocate money where it matters the most.

Medical Billing Is Essential

A professional accountant will assist you with areas that are specific to your dental practice. Medical billing is an industry that recently experienced more than 9% year-over-year growth.

It’s an essential piece of the puzzle because you are able to make sure you’re paid in full by your patients and able to get the money that you’re due. Many medical professionals offer services that take a long time to recover compensation for. When you hire the help of a dental office CPA, they’ll understand the ins and outs of medical billing, and you’ll be detail-oriented and better able to stay organized and fix issues as they come along.

Staff and Employees Will Be Paid on Time

The last thing you want to do is make it difficult for your employees and staff to get paid. This is the quickest way to derail morale in the practice, and you will have more turnover. By paying your staff what they deserve and always finding ways to increase salaries, you will keep people in-house and develop their careers with you.

Bolstering your staff will build continuity in your practice, and you will have an easier time leaving your mark in the community.

The more organized your practice is, the easier it’ll be to allocate room for everyone’s checks to get cut. You’ll have more wiggle room for other expenditures while keeping your staff happy.

A CPA Can Handle Taxes

You never want to run into tax problems with your business. A credible CPA will help you make sure that you’re not just handling your end-of-the-year taxes but also taking advantage of estimated taxes each quarter.

These professionals will also assist you in finding tax breaks whenever possible so that you can reduce your tax bills and find more money at the end of the year. They are trained to look into new areas of tax law so that you’re never out of the loop, and not subject to penalties.

Having the help of both a quality CPA and a business lawyer will assist you in growing and expanding your practice, while also getting a solid grasp on the basics.

Your Decision Making Will Be Sound

By having the help of a quality CPA, you’ll be in a better position to make decisions that you believe in. Business owners need to always have sound information in order to steer the future of the company. When you don’t have a CPA, you’re moving blindly, and won’t have a real plan for growth and expansion.

A quality CPA will go over your books regularly and will hold meetings and issue reports that will keep you abreast of every detail. You and your practice leadership will remain on one accord, and you’ll have an easier time lowering operating costs and managing your practice details to the fullest.

You Can Plan for Retirement and an Out Plan

Finally, you’ll need the assistance of a CPA for long-term planning. Their planning will help you with your personal finance so that you’re able to retire on your terms. An accountant can also help your practice pivot once you’re ready to eventually close your doors, rebrand, sell the practice, or any other plan that suits you.

Check here to learn more about the services that a CPA can do for you:

Hire a Professional CPA

These tips will assist you when you’re trying to hire a professional CPA that can look out for you. Do your due diligence and hire a licensed and insured CPA that understands their craft, in addition to the dental industry as a whole.

Begin with these tips and use our blog when you’d like to learn more about running the best practice possible.

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