Why Should a Dental Practice Outsource Accounting Services?
Some of the best accounting work is done in-house, but that’s not always a viable option for many dental practices. For those that can’t quite afford a full-time accountant, outsourcing services is an excellent solution. Learn more about the advantages of outsourced accounting for dental practices.
Lower Overhead Costs for Your Dental Practice
In a perfect world, an in-house accountant would handle all of your finance needs. You would have an accounting professional in the office next to yours and running a fiscal report would be as simple as clicking the intercom button. However, many dental practices – namely practices in their early stages – lack the capital to afford an additional full-time employee. By outsourcing these tasks to an esteemed local accounting firm, you can save on overhead costs while getting a high level of service.
These Are The Accounting Experts – & They’re Accountable!
Think about how well you know dental health. Throughout your career, you’ve been put through the wringer. You’ve completed all the official training and schooling. You have a wealth of knowledge you’ve accumulated from anecdotal and personal experiences. This is how well dental CPAs know the financial industry. To the same extent that you leverage your knowledge and resources to assist a patient, these professionals use all tools available to ensure your compliance.
And at the end of the day, if something goes awry, it’s on the accounting firm – not you. They work for you and, should they slip up, they are held liable and you can fire them. Just because they’re not located under your roof doesn’t mean they’re not motivated to keep the position.
Focus On What You Love & What You Do Best
An outsourced accountant will take on as many or as few of the duties as you want to give them. They are hired to make your life easier and to ensure you remain compliant with all major financial institutions. You only have so much time and energy. You can only be stretched so far and your industry isn’t slowing down. There are always new technologies being introduced and new techniques to learn. So while you’re focusing on the demands of your clients, these financial professionals will take care of the retirement plans, bookkeeping, expense tracking, payroll and tax planning for your dental practice.
What to Look for In An Outsourced Accountant
First, determine the needs of your practice. Are you currently struggling with the accounting workload or are you wearing it well? Then, create a list of tasks that you would like to unload from your shoulders. Don’t want to handle any of it any longer? Perfect. Most dental accounting firms will be able to manage whatever you have to throw at them.
- Create a list of 4-5 different companies you have in mind.
- Take note of how long it takes for them to respond to your first inquiry. 24-hour turnaround time is serviceable, but 2-hour turnaround is fantastic.
- Use their website messaging and the initial phone call to determine which company aligns with your business model and values.
- Ask about their experience in the medical and dental finance realm.
- It’s not vital, but pay attention to their proximity to your business location. Sure, you may not have them undertow or in-house, but that doesn’t mean you can’t routinely shake hands with the organization that is managing your finances. There’s value in that human connection.
- In addition to being able to shake hands with your new accounting partner, the firm may actually be able to come to your office and work on-site with you. Our Business Services & Solutions Team offers this services to its partners.
For more information regarding dental accounting & the advantages of outsourced accounting services, contact Holbrook & Manter today!