Hiring A Dental CPA
Hiring A Dental CPA
Hiring A Dental CPA | Dental CPAs offer a wide range of services from basic accounting and bookkeeping to dental practice consultation and tax planning.
Let us discuss what are the key benefits of hiring a dental CPA for your dental practice.
Who is a Dental CPA?
A dental certified public accountant (CPA) is a professional with a license awarded by the AICPA. They are qualified accountants that come with the highest professional qualification.
On top of their educational qualification, CPAs also need to maintain their expertise in the practical world.
Hiring A Dental CPA comes with the industry specialization of working in the dental industry. Therefore, they offer combined benefits of accounting and business consultancy at the same time to your dental practice.
Hiring A Dental CPA? What You Should Know
Small businesses can cope with the accounting and taxation requirements themselves. Most small business owners can do the job through an ordinary tax preparer as well.
However, the dental industry requires in-depth knowledge of the industry as well as the tax regulatory environment to maximize tax benefits for your dental practice.
A dental CPA is the one that goes beyond the conventional role of accounting, bookkeeping, and payroll tasks. You can expect a wider role from a dental CPA for your dental practice.
Put simply, where an accountant can produce accounting reports a dental CPA would turn these reports into useful insights and help you make informed decisions.
Benefits of Hiring a Dental CPA
Now that you have understood the role of a dental CPA, let us elaborate a bit on the benefits of hiring a dental CPA for you.
Tax planning requires careful evaluation of your income, expenses, and assets. It is not a one-time task that you can perform once a year.
Therefore, the foremost benefit of working with a professional dental CPA is to bring tax planning to your dental practice.
Effective tax planning involves minimizing the tax burden for your dental practice. At the same time, it means ensuring compliance with the tax regulators.
In short, a professional dental CPA will help you find the best tax savings without getting an IRS audit and penalties.
Accounting and Financial Planning
A key role that dental CPAs can play is to help you set up strong accounting and financial records. The process can begin with the setup of a complete bookkeeping and accounting system planning.
Accounting records form the basis of the financial statements of any business. These statements then provide the basis for key business decisions and planning.
For example, a professional dental CPA can help you keep accurate records of employee travels, transportation, and insurance costs that are often overlooked and missed by ordinary tax preparers.
Business Consultation and Decision-Making
Running a dental practice is a challenging task anyway. On top of that, if you have to manage the taxes and financials of your practice, you wouldn’t be able to concentrate much.
Hiring A Dental CPA would help you free up time and energy to focus on the core of your business. You’ll be able to make informed decisions and focus on the growth of your dental practice rather than number-crunching all the time.
With the experience and qualification of a dental CPA, you’ll always find a business consultation at your disposal at any time.
Audit and Assurance Help
Running and managing a dental practice may require special assistance sometimes. For instance, you may need help in audit and assurance tasks from a professional dental CPA.
Although audits are not mandatory for private firms, you may need one for internal control purposes. Also, you may require forensic audits and assurance activities to ensure the implementation of internal controls.
A dental CPA can make sure your internal controls are in place and working the right way as you intended.
IRS Audit Representation
Continuing with our point above, if you have an effective governance model and internal controls in place, you are unlikely to get an IRS audit.
However, if you do get an IRS audit call, you’ll need a CPA to represent you before the IRS.
A dental CPA is qualified to represent your dental practice with unlimited rights before the IRS whenever you need.