Top 5 Reasons to Hire an Accounting Firm for Your Dental Practice
Dental practice accounting focuses on serving dental professionals. We know how experienced you are at performing an extraction or identifying a cavity, but accounting may not be the most exciting part of your day-to-day at your practice.
At CPA by Choice, we understand your industry, many of our clients own/manage dental practices. There are many reasons why you should hire an accounting firm, here are the Top 5:
You Have an Entire Team Managing your Finances
We understand the unique demands of your practice, we can provide bookkeeping services that are tailored for your industry. In addition to bookkeeping, we have CPAs available for you who can perform many services including submitting and declaring taxes properly before established deadlines. You do not have to have all your accounting needs and solutions figured out, we have years of experience to guide strategic initiatives for your business and assess projects. Moreover, we are another set of eyes for your books, we can spot potential errors in your books and even audit for signs of fraud.
Accounting Firms Manage Payroll
Payroll management is essentially the calculation, management, recording, and analysis of employees’ compensation. In addition, payroll management also includes reconciling for benefits, and withholding taxes and deductions related to compensation. Allow your accounting firm to process your payroll, pay your employees, generate payroll reports, and take care of your payroll taxes. Calculating payroll wages and taxes can be tricky, we do all the work for you while ensuring your practice remains compliant.
Professional Advice
An accountant can help you grow your practice. When a business expands too fast without research, strategy, and planning, the financial drain of the expansion can deteriorate the whole enterprise. While most decisions you make in business are a risk, you can take calculated risks by consulting with an accountant. Furthermore, as your business grows, this growth may increase your chances of being audited and an accountant can help you prepare for a successful audit.
Focus on Your Practice While We Focus on Your Numbers
Outsourcing accounting services is a way of freeing up your time to focus on growing your practice. One of the main reasons dental practices outsource accounting functions is to save money. Some of the services you can outsource include accounting and finance consulting, CFO and controllership services, bookkeeping, and tax accounting. An accountant can also help you get your practice off the ground, can help you mitigate the risk of financial mistake, and can help you prepare for your exit strategy.
Exit Strategy
One day you may decide to sell your business or retire. Whether you decide to merge, sell, or allow someone else to take over, you will have an entire accounting team to support your exit strategy. An accountant can assist you in maximizing the business value if you decide to sell. As for retirement, and accountant can advise you on the best retirement plans, pension plans, and/or investments.
We know you already manage many responsibilities in your practice, allow us to take on the accounting responsibilities. Find out how our professionals and personalized services can save you time, money, and frustration with managing your accounting and tax needs. We are available to answer your questions, feel free to call us or send us a message.
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