As demanding as managing the clinical side of a dental practice may be, managing the financial side can often be just as challenging, with overheads to manage and tax regulations to navigate. Doing this alone is pretty much out of the question for most dentists, as they neither have the time or knowledge to fulfil the tasks necessary to operate a successful practice. But while they may seek professional help from a bookkeeper, accountant, or both, they often don’t appreciate why a specialist professional with industry knowledge, is the better choice.
Specialist dental office accounting can tackle the many nuances specific to the dental industry, and help you handle your books with ease.
To help you find the right dental accountant for your practice, here are some questions you should be asking:
Q: How will you provide your services?
Find out how often they will engage with you, and whether they provide financial statements on a monthly or quarterly basis. Leaks in a budget can’t be fixed if you’re only seeing the numbers once a year.
Q: How will cashflow be handled?
Every practice needs cashflow to be managed effectively, so you must find out how your expenses and cashflow will be managed.
Q: What is your preferred accounting software?
Cloud-based accounting solutions are essential nowadays, and if an accounting service isn’t using one, they may not be efficient enough to help your practice.
Q: Do you offer tax planning strategies?
Your taxes should be planned strategically throughout the year; a proactive approach can help practice owners save more of their hard-earned money.
Q: Can you help with business strategy?
Whether you’re seeking to form a new business, or expand into another location, you need an accounting professional capable of helping you form a data-driven business strategy.
Q: How do you handle payroll and issues with the IRS?
Tax compliance within payroll is a common challenge for most within the dental industry, so you’ll want to find a company who can resolve tax problems with payroll and be confident dealing with the IRS.
Q: Do you offer forensic services?
For many dental practices, employee fraud is a reality owner’s must deal with. Forensic accounting can help you protect your assets with internal controls.
Q: Can you help with my personal financial planning?
It’s often the case for dental practice owners, that their business and personal finances are closely intertwined. If this is the case for you, you’ll need a service that can assist you with financial, retirement and estate planning; that way you can preserve the wealth generated by your practice for the future.
Q: How up-to-date are you with trends in the dental industry?
The best accountants for dental practices will ensure that they’re always up-to-date with the latest shifts in the industry and dental techniques, both of which can have an impact on your bottom line.
Viewing your dental accountant as a strategic advisor throughout the year, instead of someone you only deal with during tax season, can help you better manage your cashflow, cope with compliance, and secure a healthier financial future for your practice. By asking the right questions while hiring, you can set yourself and your practice up for long-term success.