Looking for ways to skyrocket your dental practice's success in 2023? Today, we're going to tell you why hiring a dental CPA could be just the thing you need to do so. In fact, hiring a CPA for your dental clinic can be one of the greatest gifts you'll give yourself and your practice. Today, we'll cover three steps to finding the right fit for you.
A healthy smile is a key to confidence, and you love helping people feel comfortable in their own skin.
As you teach your patients how to care for their teeth, you’re teaching them how to live better, how to live longer. In the grand scheme of things, business financials may seem like mere technicalities. To the average person, perhaps they are.
But when you're running a dental practice, they are fundamental.
By hiring a qualified Certified Public Accountant (CPA) for your dental practice, not only will you have a better financial system with clear financial records and reports, but you’ll also have a sounding board for making business decisions.
(The truth is, there can be a high cost to doing your bookkeeping in-house. Learn more about it here.)
A CPA will provide you with the tools you need to run your practice smoothly and efficiently, making business ownership more profitable and stress-free.
Are you interested in outsourcing your dental practice’s bookkeeping and accounting responsibilities?
Here are three basic steps you should make when hiring a dental CPA:
The first step in hiring the best CPA for your dental practice is nailing down your reasons for hiring a financial professional.
In other words, ask yourself why you want to hire a dental CPA.
Would you like someone to analyze your financial business strategy and make recommendations?
Do you want to outsource your bookkeeping?
Or are you having trouble with filing your taxes?
Your level of need will help you determine what kind of dental CPA you want to hire. Keep in mind that more complex jobs will require a greater level of expertise.
After you determine your need for hiring a CPA for your dental clinic, you can begin your search.
Start by asking your colleagues, your banker, and even your insurance agent about their CPA preferences, and then do your own research.
As you browse bookkeeping and accounting companies, make a list of CPAs you think will meet your needs best. Include in that list how much they charge for their services (hourly, fixed-rate, contract, etc.).
Next, ask yourself these questions:
How much experience do they have handling your determined need (financial advising, payroll, general bookkeeping, taxes, etc.)?
Are they generally knowledgeable? Do they operate with current information?
What kind of accounting software do they use? (Read about the best accounting software for categorizing expenses here)
What is their average response time?
Are they local? If not, will this affect your business relationship? This doesn't need to be a dealbreaker, but it's a question worth asking.
Do they currently represent other respectable dental practices?
When you’ve filtered your list down to two or three prospective accounting practices, it’s time to get in touch with them and find out more!
Hiring a CPA who is reliable is one of the most important financial decisions you can make for your dental practice.
Because of this, you’ll want to choose a CPA you can wholeheartedly trust with your dental practice financials. You need a CPA who can get the job done and do it right.
Good communication is fundamental to a compatible relationship with anyone. But in the business world, it's crucial to a company’s profitability.
So, make sure you ask a lot of questions and give clear feedback. If you’re not confident in your CPA after three months, think about shopping for a new one.
(Don't miss these five non-negotiable qualities for a good bookkeeper next!)
Two Roads understand dentists and your passion for quality patient care to everyone who comes through the doors of your practice.
We also know the technical side of running a successful dental practice can be overwhelming. By partnering with us for your bookkeeping needs, we can help you manage your finances better. That way, you can focus on growing your business and continuing to provide the best care.
For more information on how you’re losing money by crunching numbers, contact us at 865-212-0063.
If you learned a lot from this post about hiring a CPA for your dental practice, you'll also want to check these out:
This article was originally published in 2015, but has been updated in 2023 just for you!