What Is Dental Practice Accounting?

May 13, 2022

What Is Dental Practice Accounting?

Your business is growing. And so are your books. You’re getting overwhelmed by the sheer number of payments, handling payroll, and managing your cash flow. You need a dental practice accountant like Tooth & Coin. But what is dental practice accounting, and how does it benefit dentists? Let’s get into the basics now.

Dental Practice Accounting Is The Same As Accounting – But For Dentists!

This probably comes as no surprise. Dental practice accounting is a specialization in accounting that focuses on serving dental professionals. Generally speaking, dental practice accounting firms handle all of the same services that another type of accounting firm might handle, such as:

  • Preparing financial statements, such as cash flow statements
  • Handling tax preparation, audits, and related tasks
  • Managing payroll
  • Tracking accounts receivable and payable
  • Applying for loans

And that’s just the tip of the iceberg. Basically, a dental practice accountant handles all the financial tasks associated with your office, from day-to-day bookkeeping to planning for your practice’s financial future.

What Makes Dental Practice Accountants Different?

Industry expertise. Dentistry is different from retail, food service, utilities, and even other types of medical businesses like hospitals and doctor’s offices. So why would you hire a generalist who serves all of these different industries when you can work with a specialist?

When you hire a dental practice accountant from Tooth & Coin, you can trust that we understand your industry as well as you do, and that we can provide the best accounting services at a reasonable price.

How Does Hiring A Dental Practice Accountant Help My Practice?

There are lots of reasons that you should consider hiring a dentist CPA for your business. Here are just a few of them.

  • Frees you up to focus on your business – You’re a dentist. Not a payroll manager, bookkeeper, or tax specialist. So why waste time on these tasks? With an accountant, you can focus on treating patients and growing your practice, not handling busy work or stressing about tax deadlines.
  • Another set of eyes for your books – Dental practice accountants help you understand the financial health of your practice, spot potential errors in your books, and even check for signs of fraud or embezzlement among your employees. It’s always helpful to have another set of eyes on your finances as your practice grows.
  • Manage payments and cash flow – Your accountant can handle all incoming and outgoing payments, track and manage cash flow, and make sure that everything is running smoothly. And if you have any issues like patients who are paying late, you’ll always stay informed.
  • Find tax breaks and hidden efficiencies – Accountants help you identify tax efficiencies and other steps you can take to cut costs, streamline your business, and earn more by doing less.

Don’t Wait – Schedule A Consultation With Tooth & Coin Today

Our dental practice accountants have years of expertise serving dentists of all types, from general dentists to pediatric dentists, oral surgeons, orthodontists, and more. If you’d like to free yourself and your staff from the burden of handling your own bookkeeping, we’re here to help. So don’t wait. Give us a call at (877) 265-2121, or schedule a consultation with Jonathan VanHorn today.

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