If your dental practice requires accounting services, wouldn’t you prefer to work with accountants who know the dental industry inside out?
Like any skilled accountant, a dental accountant is a number-crunching tax expert. However, unlike most accountants, dental accountants know their canines from their incisors. More importantly, they bring an entirely dentist-oriented approach to tax prep, business growth, and financial planning.
Dentists most often turn to accountants for assistance with tax filing. However, there are often a number of areas in which some outside financial expertise could benefit a practice. This guidance is especially useful when it comes from an accounting and advisory team that’s dedicated entirely to the dental industry.
If you’re in need of Dental Practice Accounting services for your dental practice, here are a few reasons to consider teaming up with an accounting team that works exclusively with dentists.
Understanding The Unique Financial Challenges Faced By Dentists
When an accountant dedicates their entire career to working with dental practices, they commit to learning the ins and outs of the industry. Your dental accountant understands what it takes to build and sustain a successful practice, including:
- Managing various incurred debts to establish a new practice
- Navigating reimbursement challenges
- Cash flow tracking and planning
- Risk management planning for issues like accidents or malpractice claims
Dental accountants have seen every financial obstacle that the industry presents and they’re used to navigating tough times en route to calmer waters.
Dental accountants are also adept at finding and approaching opportunities for growth and investment. They have established relationships with lenders and experience with dental practice transactions.
These advantages equip dental accountants for advising dentists on cost estimates, timelines, and strategies for major operations such as moving or expanding a practice.
Dental Industry-Specific Tax Planning
Working with a dental accountant on tax prep is especially important for new dentists, but advisable for any dentist who wants to make sure they’re getting the best possible results from their tax filings.
Your dental accountant will help you make sure that all of your financial transactions in the prior year are accounted for prior to tax filing. These include receipts, payroll, real estate transactions, equipment purchases, and retirement account activities.
To help you keep as much of your hard-earned revenue as possible, dental accountants look for every applicable deduction, such as:
- Costs of equipment and supplies
- Depreciation of assets
- Business travel expenses
- Continuing education and board certification exam expenses
- Computer equipment and software
- Rent and lease expenses
- Professional indemnity insurance
- For new dentists, expenses incurred during the completion of dental school
Every tax situation is unique, but dental accountants understand the tax challenges and opportunities that occur during each phase of a dentist’s career.
Strategies for Investment and Growth
Dental accountants speak with authority on topics like average staff salaries, typical practice growth rates, and office space real estate prices. This expertise informs the financial forecasting that helps clients plan for sustained success.
Having worked alongside countless growing practices, dental accountants and advisors can confidently assist dentists in the development of a business growth plan. Together, you’ll develop strategies based on business fundamentals as well as industry-specific best practices.
Investing for dental practice owners involves standard investing and budgeting strategies along with planning for business growth. This may include the creation of new revenue streams as well as strategizing for improved performance against the other practices in the local market.
When it’s time to make a bold move such as relocating your practice or buying out another practice, your accounting team can help you evaluate your options, plan for negotiations, and carry out the transaction logistics.
Get Accounting Services for Your Dental Practice Today
At Duckett Ladd, we work exclusively with the dental industry. Our team of CPAs provide comprehensive and customizable accounting services for dentists.
We get to know you and your practice, learning the scope of your goals and which challenges keep you up at night. Together, we help you develop a treatment plan for growth. Then you can leave the “business side” of things to us and get back to doing what you do best.
Duckett Ladd’s accounting and advisory services include:
- Tax strategy, planning, and filing
- Strategic planning
- Growth and profitability consulting
- Continuing education resources
- Back office automation
To learn more about the difference you’ll enjoy with a dental accounting team in your corner, contact Duckett Ladd today.