Dental bookkeeping will only take your practice so far. Without a specially trained dental CPA to inform and support your practice, you will waste money, miss critical tax breaks, and miss important opportunities for growth and development. Certified Public Accountants with this unique understanding of the dental industry provide more benefits to dental practices than the most experienced bookkeeper ever could. Not only do dental CPAs understand the business, but they proactively use their licensed skills to boost performance and trim tax costs.
Dental CPAs Know Your Business
A regular accountant understands finances, but a dental CPA knows dental finances. It’s the difference between knowing how to avoid tax problems and knowing how dentists, in particular, can get the most back from the taxes. Dental CPAs’ specialized knowledge supports your business beyond dental bookkeeping. Their knowledge of the market, similar practices, and upcoming changes to laws and regulations can actually inform major business decisions.
Proactive vs. Reactive
An accountant or bookkeeper simply manages the funds that result from a practice’s hard work. Neither an accountant nor a bookkeeper will involve themselves with increasing revenue or streamline business practices. While they do their best to trim taxes as much as they can, their knowledge is often spread across many fields. Their understanding of unique dental practice opportunities is shallow at best. They react to situations after they occur.
Dental CPAs are much more proactive. Rather than learning the basic framework of many different industries, they dedicate themselves to the dental field. Their knowledge benefits dental professionals beyond tax season. Their expertise gives them the necessary insight to advise and support major business decisions. Specialist dental accountants know how similar practices go about minimizing taxes, but also recognize and appreciate practical differences. A dental CPA is also the best person to regularly analyze and assess the health of your practice financially.
CPAs have Licensing
As any medical professional knows, official testing and licensing is a simple, secure way to check the quality of an individual’s qualifications. Handing your booking tasks to someone who doesn’t meet industry standards is a risky business decision. By seeking out licensed, specialist dental accountants, you narrow the talent pool to those with the best mix of bookkeeping skills and dental practice knowledge. As licensed accountants, they can do more than mere bookkeeping. As industry professionals, they can wield their continuing education classes and professional contacts to your advantage.
By seeking an experienced dental CPA, rather than a regular accountant or bookkeeper, you automatically narrow your talent pool down to the best possible candidates. These professionals demonstrate their knowledge and expertise, not only through their licensing but also through their knowledge of current issues in the dental industry. Utilized well, a dental CPA’s continued education and independent study can offer new solutions to age-old problems, even those that aren’t strictly financial. A dental CPA is the only good option for a dental practice. They are not only the most qualified but the most driven.