Would you let your family doctor operate on your knee? Would you let a general dentist put on your child’s braces? Probably not. You would prefer a specialist in those areas. So wouldn’t you also prefer to work with a CPA firm that specializes in dental practices?
A potential client recently asked me why a dental CPA would be better to work with. This person had first met with a generalist, but then found the Bright Dental CPAs website.
A dental CPA has his or her fingers on the pulse of the dental industry – which adds value to your relationship with them. They read publications like Dental Economics and Dentaltown Magazine. Simply put, they understand your practice and how it runs better than a CPA without a dental specialty.
If you only use your CPA for simply preparing a tax return once a year, then a dental CPA probably isn’t able to add much value. Instead, a dental CPA will help develop and grow your dental practice. They will develop a relationship with you so they can better understand your wants and needs.
Benefits of a Dental CPA
- You need help understanding an article you just read about accounting or taxes. . Your dental CPA can help…in fact, they have probably just read the same article. They understand your practice and can help you understand and interpret the article.
- You need to know what issues you may face in the coming months or years. Your dental CPA talks to many other practices. He or she can pick out trends and common issues that many practices face. You’ll also receive guidance on how to combat the issue.
- You need to evaluate your retirement plan – or create a new one. Your dental CPA understands retirement plans and knows what kind of designs work best given your employee demographics. The most favorable design for a 75 employee company is significantly different than a design for your office of five to 10 employees.
- You’re trying to analyze whether or not to purchase equipment (such as a CEREC). A dental CPA knows what a CEREC is and what’s important in analyzing whether or not it’s a financially prudent investment.
- You have a partner in your practice and you need to implement or adjust the compensation model. Your dental CPA has seen and done this type of project.
- You’re thinking about adding an associate. Your dental CPA understands the issues surrounding this decision and how to structure the compensation.
- You are buying or building an office. Your dental CPA knows loan officers and banks that specialize with the dental industry, and is able to immediately contact them to get estimated loan terms. In most cases, a loan from that type of bank can be better than a bank that doesn’t have a dental-specific lending department.
- You want to compare your practice to other practices like it. Your dental CPA knows industry stats and benchmarks for you to compare against. They consult with you on how to manage and improve your practice.
Dental CPA for your Dental Practice
These are just a few examples of the benefits of working with a Dental CPA. A dental CPA specializes in the dental industry, just like a surgeon specializes in surgery. When looking for more than just tax compliance/filing help, contact Rea & Associates. Our team of specialized and knowledgeable dental CPAs can help you develop ways to improve your dental practice, reduce taxes, and save for retirement.