Is Your CPA the Best For Your Practice?

On: August 21, 2020

Read Time:2 Minute, 47 Second

For every business, excellent financial management is a requirement for growth and development. As a dentist, you should strive to get the best accountant to oversee the finances of your practice. For this reason, several dentists work with Certified Public Accountants (CPAs). Generally, CPAs are more trusted than regular accountants as they are regulated and licensed by the state. They have very well informed and adequately trained on how to manage in-depth accounting problems and giving valuable business insights. A Certified public accountant can work across several industries, from individual start-ups to large corporations. Most of these types of accountants are generalists.

Although you’ll find CPAs that work with medical clients, they don’t generally focus on one industry or the other. For this reason, it’s not unusual to find dental practices with generalist CPAs handling their accounts. However, is generalist CPA good for your practice?

Truthfully, they don’t necessarily have the expertise to handle the practice coaching and benchmarking needed in a dental practice. An everyday CPA wouldn’t know the difference between the different aspects of dentistry, or the peculiarities in dental tax filing. As such, your CPA may not be able to advise you adequately if he/she isn’t well versed in the dental industry. However, some accountants have gathered knowledge about the ins and outs of the dental industry. Working with these specialized dental CPAs may be better for your practice.

Why a Dental CPA Is Best For You

When you work with a dental CPA Kansas City, you’ll have a seasoned professional that’ll give you proper reports on your finances. Much more than just reporting, your dental CPA gives you advice and helps you make better business decisions for your practice. For instance, a good CPA can advise you against getting that latest machine that may not improve productivity but only increase overhead.

Another reason why this type of accountant is better for your practice is the connections and links it comes with. A dental CPA, especially an experienced one, will have different contacts across different dental niches. Anytime you need something out of reach for your CPA, you’d get connected with someone to perform your needs. CPAs that are well versed in the dentistry industry can also help you secure a stable base when starting out your business. Also, using the right dental CPA in Kansas City, you’ll get the best tips on tax credits and tax reduction credits. Your dental benchmarking is done more easily with the right person in your corner.

Some crucial stages during business growth that specialist CPAs really come in handy include:

Start-up Stage

You’ll need the best advice and pointers when entering the dental practice industry. Your CPA provides you with all that.

Growth Stage

They help you make the right decisions in terms of improving cash flow, productivity, client engagement, employee management, debt repayment, and so much more.

Exit Stage

They help you make good exit plans and strategies for retirement.

Summary

There’s no harm in using generalist CPAs for your practice. However, they might not be best for your business growth. For a better level of expertise to guide you through crucial stages in your dental career, it’s best to go with an excellent dental CPA in Kansas City.