Why You Need a CPA for Dentists
CPA for Dentists Framingham MA
Many people view a dental practice as only related to offering service to patients. However, a dental practice is a business, just like any other. Although the initial goal of the dentist is to offer service, help you maintain a healthy and beautiful smile, the dentist also needs to make a profit from their profession.
The dental office is set up just like any other business entity. There are expenses to incur and other legal and statutory regulations to maintain. Like any other business, the financial and accounts department is vital to the success of the dental clinic as a business entity. Handling the finances of the company without the requisite accounts and financial knowledge can be disastrous. To avert the crisis of business failure, it is, therefore, crucial for the dentist contract the services of a certified public accountant.
Attributes of a CPA
As a dentist, before settling on any particular certified public account, ensure that they are certified, licensed and registered with the relevant regulatory bodies within your locale. The CPA for dentists should also exhibit all the necessary attributes of a profession, with a successful track record from their previous business engagements. Likewise, the professional should have knowledge of current trends in the dental industry. Finally, the CPA should affirm their commitment, dedication and focus on their role in the business organization.
Importance of a CPA for Dentists
The Certified Public Accountant for dentists pays an essential and vital role in the success of the entire business entity that is the dental clinic. The three main reasons why you need a CPA for dentists are as follows;
- Bookkeeping role- this is the primary function of a CPA. This role includes collecting, analyzing, assessing, and storage of all financial data and information. Responsible for financial management, the CPA for dentists puts in measures to cut in excess expenditure, plans for all expenses in advance and ensures that you can account for all costs. The costs include buying of necessary equipment and items, payment of bills, staff remuneration and any other expense the business may incur. Cutting down on expenditure and planning in advance will ensure the company is successful. The CPA is also in charge of preparing and delivering financial statements when called upon by the organization.
- Advisory role- the CPA for dentists has the knowledge, skills, and experience in matters related to finance. The advisory role includes creating awareness to the dentist and the entire management team on proper financial practices that will steer the business to success. The CPA’s advisory role extends to the purchase of equipment and items, ensuring that equipment purchased is of good quality and at the correct price.
- Legal role- every business entity is required to adhere to the statutory laws and regulations within the state or country within the business location. Rules and regulations are governing the dentistry industry, and a CPA for a dentist will ensure that the company operates within the confines of such laws. This role also involves the payment of required taxes and filing of tax returns of the dental business entity.
Contact Ash Dental CPA to learn more about operating a successful dental practice. Ash Wasillidas, CPA has over 20 years servicing dentists and medical professionals. Call (508) 458-6789 or book online. Moreover, you may also visit us at 945 Concord Street #100A Framingham, MA 0170.