Why Hire a CPA for Your Dental Practice?

May 3, 2021

Why Hire a CPA for Your Dental Practice?

Now that you’re a practice owner, you’ve already spent years in dental school, completing a residency, and even keeping up with continuing education courses. If you pursued this conventional way of obtaining your qualifications and schooling, you likely did not acquire extensive knowledge of bookkeeping or accounting. Practice ownership can be a shock to the system when a dentist finds that the “business side” of dental work is overwhelming. That’s where a Dental CPA comes in.

Here are just a few benefits of having a knowledgeable CPA in your corner who understands the inner workings of owning a dental practice:

It’s More Than Just Help Filing Taxes

Dental CPA’s are especially skilled in specialized tax accounting, so you can rest assured that you’ll save the most on your taxes. CPAs with an understanding of the dental field stay updated with any tax changes specific to your industry and will ensure that your taxes are compliant with any new laws. Not only that but dental CPAs are experienced in picking out common problems and mistakes that dental practices often walk into. They can guide you through these issues, help you budget your finances, and plan your purchases accordingly.

Make Better Business Decisions

Planning on buying new dental technology for the office? How is the financial health of your practice? What can you do now to minimize taxes next April? Is your team working smart — or just working hard — to generate revenue? With a dental CPA by your side, you can tackle these questions and come up with a stellar business plan to increase your bottom line - year over year. With an informed perspective of how your business operates behind the scenes, a dental CPA can help you tweak small parts of your business operations that will lead to big gains.

Focus Your Time & Energy on Your Expertise

With a dental CPA as part of your trusted team, the time you currently devote to bookkeeping and other tasks to keep your business finances in order can be put toward enhancing tending to patient needs. Think of all the time you’ll get back when you have a specialist tackling these tasks:

  • Preparation of Financial Statements 
  • Analysis of Operational Costs 
  • Preparation of Tax Returns 
  • Competitive Pricing of Services

Partner with Tooth & Coin for Honest Financial Advice

Dental CPAs do more than just perform annual reviews and prepare your taxes. They have the capabilities to give business advice, analyze the financial health of your business, perform long-term financial planning, give input on investments of dental equipment, and guide you in best business practices. At Tooth & Coin, our team will communicate with you and explain anything you don’t understand about your business finances.

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