If you own a dental clinic and manage your practice independently, there might be various things to operate simultaneously. You have to manage your practice, consider patients’ better experience, and consider your accounts. Multitasking makes your work challenging, so it is better to outsource some duties that will help you deal with your tasks efficiently.
Dentists often need help dealing with the accounts of their practice, and therefore, it is better to outsource the accounting duties. Consider consulting a qualified CPA to deal with your accounts and have experience in dealing with dental accounts. However, before handling bookkeeping for dentists, you must discuss a few questions or topics with your CPA to get clarification about the services and how they can help you.
What are Important Topics to Discuss with your Dental CPA?
- Reviewing Current Assets and Liabilities: This is the first topic to discuss with your CPA to understand the present status of your firm. The assets are the things that you own in your practice. Some crucial assets would be dental equipment, furniture, computer equipment, and other such things. It also includes bank accounts, investments, and other financial assets. On the other hand, liabilities include payroll, equipment loans, mortgages, lines of credit, credit cards, and additional money you owe. Discussing these assets and liabilities will help you understand the financial status of your firm in the market.
- Budgeting and General Bookkeeping: CPAs can help you make an adequate budget; therefore, you must discuss how to create a budget for your practice and help you improve your financial status. Budgeting will help you keep track of your income and expenses. So, with the help of your CPA, you must control and review your budget for the dental practice.
- Tax Planning and Reduction Strategies: It is a fact that nobody loves to pay taxes, and therefore, it is essential to have strategies that can help you get tax benefits. Implementing strategies for getting tax deductions or tax credits will help you reduce the tax burden while ensuring that you comply with local, state, and federal tax laws. Your CPA can help you in detail about how to minimize your taxes and get tax benefits.
- Growth Forecasting and Strategy for Business Planning: You must also ask your CPA how they can help you shape your business plan for substantial financial security. Dental CPAs can help you create a growth forecast and plan for changes in your business.
