The Top 5 Topics You Should Discuss With Your Dental CPA
Hiring a dental CPA is a fantastic choice if you want to take control of your business and enhance your practice’s future growth and profitability. With the team from Tooth & Coin on your side, you can put your business on better footing and focus on serving patients, rather than worrying about your finances.
Not sure where to start with your new dental CPA? Here are a few topics that we suggest you discuss with our team after you hire Tooth & Coin.
1. Reviewing Current Assets And Liabilities
This is always a good place to start. Assets are the things that your practice owns, such as dental equipment, computer systems, furniture, and even your office (if you own it and don’t lease the space). This category also includes bank accounts, investment accounts, cash, and other such assets.
Liabilities, on the other hand, are things you owe. This includes payroll, equipment loans, mortgages, lines of credit, credit cards, and other money you owe. With a quick review of your assets and liabilities, your dental CPA can help you get a better understanding of your general financial situation.
2. Budgeting And General Bookkeeping
With a dental CPA on your side, it’s easy to make a budget for your office and to keep better track of your income and expenses. Whether you’re looking to improve profitability, pay off debt, or even buy a new practice, getting your budget under control and reviewing your books with a dental CPA is a good place to start.
3. Tax Planning And Tax Reduction Strategies
Let’s face it. Nobody likes paying taxes! With the help of a dental CPA, you can implement strategies that help reduce your tax burden while ensuring you comply with local, state, and federal tax laws.
Things like properly depreciating dental equipment, reincorporating your business into a different structure like an S Corporation, or increasing retirement plan contributions can all help you reduce the taxes you owe. Your CPA can go into detail about all of these options and more.
4. Growth Forecasting And Business Planning
Once you get your books into shape and your budget under control, it’s time to plan for the future. Dental CPAs can help you create growth forecasts and plan for changes in your business, such as hiring a new dental associate. With a dental CPA on your side, you can be sure that your practice is on solid financial footing before you expand.
5. Dental Practice Startups, Acquisitions, And Divestitures
Expanding to a new office or buying an existing dental practice is a good way to expand your footprint in your community, increase overall operating income, and boost your profits, too. Dental CPAs are invaluable as you explore the idea of starting a new office or buying an existing practice office, since they can assess the profitability and overall health of a potential new dental office.
In the same way, a dental CPA can help you when it’s time to sell a practice you own. Whether you’re thinking about retirement planning or you simply want to pull back and focus on fewer offices, your dental CPA can work with you to plan the sale of a dental office.
Hire A Dental CPA From Tooth & Coin – Get The Help Your Practice Needs!
Obviously, every dentist and every practice is different, so your priorities may not line up exactly with the above topics. But regardless of your business goals, working with a dental CPA from Tooth & Coin has a lot of benefits for your practice. At our office, we focus exclusively on dental accounting, which means we have a deep understanding of the unique challenges facing dentists and dental practices.
With our CPAs on your side, you can get the expert advice and day-to-day support you need to focus on your patients rather than spending hours poring over spreadsheets. Contact us online or give us a call at (877) 265-2121 to schedule your consultation with Jonathan VanHorn today.