In today’s world of specialization, more and more dentists are hiring specialists to help them with legal matters, financial matters, insurance, practice brokerage and even real estate.
Dental Law Firms
Dental CPA Firms
Dental Practice Insurance
Dental Practice Brokerage
Dental Practice Real Estate
Dental Practice Valuations
In each of these cases, there are local generalists to provide these services and are located close to your place of business. Typically, a local generalist handles everyone from retail businesses to construction to whatever walks in the door. However, most savvy dentists will trade off location in return for a higher level of dental industry knowledge and expertise so they make the best decision relative to their competitors and minimize risk.
Whether you are a new dental practitioner or a seasoned practitioner, there are law firms who are dedicated to the dental industry who can save you tons of time and money by focusing on the dental industry. The same is true for dental practice real estate, insurance and accounting/tax. There are huge advantages to be gained by hiring a specialist who understands the nuances of the dental industry.
For example, if you own a dental practice and suspect an employee is stealing cash, a generalist accountant would probably miss this and would not have a clue who to recommend as a forensic specialist. However, a CPA dedicated to the dental industry knows a couple experts to recommend. This kind of advice is priceless rather than letting the crime continue.
Here are several other ways a dental industry CPA can provide a higher level of service to you:
- Specialized tax planning techniques – The United States tax code is 67,204 pages long and there are 1,638 different forms. And as you make more money with your practice, the complexity increases dramatically which is why the US GAO says that taxpayers overpay $1 billion per year in taxes. To simplify this, dental CPA’s focus on aspects of the US tax code that are most advantageous to dental practices and share techniques that can be harnessed to lower your effective tax rate. There are huge tax savings to be gained by specializing on dental practice taxes.
- Purchase new equipment cost effectively – Dental CPA’s understand how to finance equipment and expense it better. And they know which dental lenders are in the best position to complete the loan.
- Cost comparisons – Dental CPA’s have the ability to compare your costs versus similar practices your size so you can understand areas to save money. This covers labor, overhead, fees for services, production, accounts receivable, and more.
- Due diligence on buying a practice – Most dental CPAs can help you avoid buying an overpriced or problematic dental practice.
If you are looking to make the best business decisions for your dental practice, hire a specialist that understands the dental industry and has a network of experts to recommend as well. Hiring a specialist saves tons of time and money in the long run.
Dental Accounting Association
All members of the Dental Accounting Association are licensed CPA’s and have been vetted. Each firm attends at least one national dental show (e.g., ADA, AAO, AAPD, AAOMS, etc.) along with some regional dental shows. In addition, each firm is provided with advanced training in proactive tax planning which is well beyond the state requirements for being a licensed CPA. This advanced training is designed to find loopholes, credits, deductions and strategies to lower your effective tax rate. While these methods are perfectly legal, they often require extra work that a local generalist would never consider to offset the incremental time demands.
If you’d like to hear from a Dental CPA who is best suited for your practice, complete this form today.