Dental CPA: Your Dental Practice Consultant
Dental Practice Consultant
Dental Practice Consultant | All businesses require timely and accurate financial information to make key decisions. Financial information is key to understand and manage the business’s financial performance. Likewise, running a dental practice is challenging in itself. Managing the accounting and finance function of a dental practice can be challenging and time-consuming for a dental practice.
Fortunately, you can leverage the facility of accounting outsourcing to a professional such as a CPA. Consequently, there are pros and cons of outsourcing the accounting function. One key question around the decision is to think of a dental CPA as your dental practice consultant.
Role of a Dental CPA
A dental CPA can provide a wide range of accounting and consultation services. The foremost and primary role of a CPA is to offer accounting and bookkeeping services. These services form the basis of the finance function for any business. Accurate accounting records lead to accurate financial decisions.
The accounting and bookkeeping services of a CPA include:
- Accounting setup and selection
- Record-keeping and creation of accounts
- Financial statements
- Accounts payable and accounts receivable
- Budgeting and forecasting
- Tax preparation and filing
- IRS Audit Representation
Experienced CPAs can stretch their services beyond the basic accounting and bookkeeping function though. You can expect dental practice consultation and management advisory services from a skilled CPA.
A dental CPA can offer advisory services that can benefit your practice management. For instance, professional CPAs turn data into valuable financial information. You can leverage the power of data and insights to make informed decisions.
For example, you can get valuable reports on outstanding balances from regular clients that mount up the accounts receivables. You can then decide to ramp up on the receivables or outsource the balance as discounting to a specialist collection agency.
Why Choose a Dental CPA? Accountant v Software
You can hire an in-house accountant or choose to do it by yourself with the help of accounting software. Then what’s the purpose of outsourcing the services to a dental CPA?
An in-house accountant would increase the employee payroll budget for you. In the long run, you may incur higher costs such as employee benefits, payroll taxes, administrative expenses, and overheads.
Accounting software can be a useful option for your dental practice in the early days. You can fully utilize the data insights from the accounting software as well. But then, it wouldn’t speak to you when you want to ask a question.
How a Dental CPA is your Dental Practice Consultant?
Partnering with a dental CPA offers the right balance between a costs and benefits. Further, you can partner with a dental CPA to avail consultation services.
Business consultation services can prove pivotal in your dental practice management. A good dental CPA will educate and train you about the key aspects of running a successful dental practice. It will enable you to make informed decisions at every stage. Thus, a dental CPA will ensure you become powerful to make key financial decisions.
Here are some key CPA services that you can expect from a dental practice consultant.
Dental Practice Incorporation
Dental practice incorporation is a key decision that affects your practice’s profitability in the long run. In other words, you can consult with a dental CPA to choose the right entity type to minimize the tax liability. Thus, it will ensure that you stay organized and keep control over practice if you have partners.
Outsourced CFO Services
A dental CPA can offer virtual CFO services to your practice as well. Therefore, you can consult a professional for accounting and finance decisions at any stage. These key decisions include budgeting, forecasting, profitability analysis, tax planning, risk management, and so on.
Management and Consultation
These services include every financial decision that affects your practice’s operational efficiency. For instance, management and consultation topics include overhead analysis, equipment buy v lease, tax structuring, payroll management, capital acquisition, debt restructuring, and so on.
Tax Planning and Compliance
Effective tax planning requires strategic planning that bears fruits in the long term. Moreover, an expert dental CPA would ensure minimization of tax obligation yet remaining compliant with regulatory requirements.
Transaction Advisory Services
Certainly, you’ll need the transaction advisory services. Perhaps, you may need to sell the business for relocation or a new venture. Otherwise, you may just require valuation services for debt restructuring. In addition, these services always require the help of a professional broker such as a CPA.
Wealth planning can be a complex task for many dental practices. It starts with choosing the right entity type to maximize the tax benefits. Wealth management services include retirement plans and contributions, employee benefits, investments, health benefit plans, business exit planning, estate planning, etc.