Any dentist worth their salt will tell you that running a dental practice is a lot more than merely signing up patients and fixing their teeth. A successful dental practice is a business like any other, and as such, its finances need to be expertly taken care of. But, when trying to manage patient numbers, operational expenses and employee schedules, this often gets neglected, which can have devastating consequences for the business.
Seeking help from dental accountants can help busy dental practices not only keep track of their finances, but use them to their advantage. The relationship becomes even more fruitful if you can find an outsourcing partner with experience in the dental industry.
Here’s what specialist dental accounting services could offer you:
Specialist expertise
Because they’re designed to work specifically for dental professionals, dental accounting services can offer you tailored guidance and support that encompasses all the nuances of the industry, such as dental insurance reimbursements, equipment depreciation and the cost of overheads to name but a few.
Such specialist expertise helps to keep dental practices in better control of their immediate financial needs, while ensuring that their long-term goals are being worked towards, too.
Tax efficiency
For dental practices, tax season can be particularly daunting and complex. From equipment deductions to ongoing education and training, an expert dental accountant will know just what steps to take to help minimize your taxes, while always being compliant.
Management of cashflow
It’s vital that every dental practice maintain a consistent flow of cash when dealing with the fluctuating cost of insurance reimbursements, or particularly high overheads. Guidance from a dental accountant can help you put strategies in place to better manage your expenses and income, so that unexpected challenges or operational needs don’t leave you high and dry.
Growth guidance
Hiring an associate, investing in the latest equipment and technology, or expanding your practice, all require a certain degree of financial acumen and planning. With the kind of valuable insights dental accounting services offer, you can make financial decisions for the future of your practice that are well informed, and less likely to end in disaster.
More time
No dentist sets up their own practice because they love balancing books and filing taxes; they do it for the love of their profession, and of course, to have a regular, healthy income. When you outsource your accounting needs or use dental accounting services, you get more time to focus on all the aspects of your dental practice that made you set it up in the first place: interacting with patients, providing expert dental care and so on.
Dental practices can be moneymakers, of course – just like any other business – but without expert and specialist accounting guidance, many financial aspects of the business may fall by the wayside, leaving dental practitioners struggling to pay their bills or find the resources to make improvements to the facilities and services they provide for their patients.
So, to keep your dental practice running smoothly and profitably, invest in professional and specialized dental accounting services.
