Accounting for Dentists: How to Make Sure You Have the Right One for the Job
Throughout the United States, true dental accounting specialists are few and far between. Many firms profess that they “do” dental accounting, but finding an accountant that truly understands your operation and the orthodontics industry could be a difficult task. You’re seeking out the option that is best for business. Opting for anything less simply will not do. That is why we, at Holbrook & Manter, have taken an in-depth look at the qualities, characteristics and areas of expertise that make up a great CPA for dentist offices – one suitable for your organization.
Managing Assets, Liabilities and Equities
The main motivation for hiring an external accountant to manage your internal finances is to help promote a sense of organization. With a dedicated financing professional at your fingertips, you will be able to see a well-structured statement regarding your operation’s assets, liabilities and equities.
The most common components to report on are as follows:
- Prepaid Items
- Dental Equipment (takes into account accumulated depreciation)
- Patient Records
- 401k Plans
- Retirement Plans
- Accounts Payable
- Income Taxes
Is your dental office ready for a major interior shape up? If so, speaking with a certified public accounting is an important step in properly handling the finances of this upgrade. Are you in need of new medical technologies? Are you looking to go “Green?” A good dental CPA is well-versed in the tax benefits that can be achieved through these changes. Your dedicated accounting professional will also help organize internal cash flow as to manage these new, previously unforeseen construction and capital costs.
More Than Just Your Basic Working Knowledge
The dental accounting niche is certainly a unique one. To best tackle the needs of firms across the nation, accountants have to both understand the industry and always be willing to learn more. Will your financing manager attend a seminar if formally invited? Will he or she do independent research to help guide the prosperity of your company? To best suit your office, the outsourced accountant should have a solid understanding of how insurance policies play into dental surgeries. They should also help establish an optimal balance between the production of hygiene and dental work. This expertise, coupled with a willingness to learn, is an element all dental accounting professionals should posses.
For more information regarding our dental accounting services, contact Holbrook & Manter’s Business Services and Solutions Team today!