How Do Dental CPA Audit Firms Benefit My Practice?
Dental CPA Audit Firms
The dental practices and the healthcare industry has seen some recent shifts in practices. The world is moving towards normalization. However, the customer behaviors and clinical practices both wouldn’t be the same again. For the new challenges, there are newer strategies. Thus, reviewing and adhering to these policies can become a make or break decision for your dental practice.
CPA audit firms have been the facilitators of industry changes earlier too. Businesses expect them to be full-time advisors these days. Dental CPAs are no exception to that. Moreover, dental CPA audit firms are in a unique position to drive the change and make your practice stand out from the competition.
One of the key areas served by dental CPA firms is audit and assurance. Often dental practices link the CPA firm’s role to the IRS audit representations only. However, CPA audit firms can offer broader services than IRS representation.
Internal Controls with CPA Audit Firms – Policies and Procedures
As a dental CPA firm, we acutely understand the inside out of the dental practices. We make it easier for our clients to put in place effective internal controls. Internal controls relate to the best practices in every aspect of the business. From financial controls to staffing policies, billing, and credit policies, effective internal controls ensure the smooth operations of your dental practice.
You get an IRS audit call, why did it happen in the first place? There was an internal controls’ lapse in your financial reporting somewhere.
You went for a clinical audit or a peer review, which results in the review committee’s observation of notes on quality controls. It indicates the staff either became complacent, or you didn’t have up-to-date internal controls in place.
Dental CPA audit firms can provide valuable guidelines on non-financial controls. Industry practices can be understood well by specialists only not the generalists.
Some key internal control benefits for your dental practices:
- Selection of financial and accounting methods
- Record retention policy
- Employee benefits, compensation, and fringe benefit policies
- Financial management procedures
- Quality control procedures
- Conflict of interest policy
- Equipment procurement and purchase policies
Quality Improvements with Dental CPA Audit Firms
Continuous improvements and quality controls lead to enhanced business performance. Dental practices must adapt to the rule of continuous quality improvements as well. Dental CPA audit firms ensure the effective implementation of internal controls.
Unless the devised internal controls are put into practice, they don’t yield the desired results. CPA audit firms can arrange project audits, one-time reviews, or system reviews for your dental practices. Adhering to the quality practices will ensure continuous improvements beyond an individual’s presence. In other words, quality controls are put in place to make the institution stronger than individuals.
A key step in achieving quality controls is to remain proactive. For example, it will take time to restore clients’ confidence after the coronavirus shocks. That holds particular importance in oral healthcare businesses such as dentistry. Thus, a dental CPA firm that keeps up with the industry trends can best advise you on such critical plans.
Financial Controls with Dental CPA Audit Firms
Financial controls are the most sought after assignment from the CPA firms. Loopholes in accounting and financial records can lead to severe audit penalties. Local and State laws require strict adherence to the highest financial controls too. Furthermore, IRS audits are difficult to handle than adhering to financial controls in the first place though.
Create an effective financial controls plan with the help of a dental CPA audit firm. For example, reduce and minimize your financial risk such as:
- Risk of IRS audits
- Financial record manipulations
- Eliminate the insurance fraud
- Financial embezzlements and fraudulent activities
- Staff theft and conflict of interest
- Tax penalties
Likewise, do not take the traditional route of emotional toll with long-serving employees. Instead, let the practices be handled by the experts in your field.
Review of Business Strategy – Benchmarking
Benchmarking against the best in dentistry will optimize your dental practices. In other words, take a holistic approach with industry benchmarking that can lead you to the best services on offer for your clients.
For instance, a dental CPA audit firm with expertise and specialization in the field can formulate an effective business consultation. In addition, a generalist in CPA can best advise you on financial controls only. Thus, this is where the difference of specialists like a dental CPA firm will make your dental practice stand out.
Managing Tax Obligations with Dental CPA Audit Firms
In short, audits and reviews do not mean you should be catching up all the time. Managing tax compliance and other statutory requirements requires having effective controls in place. Therefore, skillful and professionals can do it right, without leaving any loopholes in your tax returns.