There’s a reason why dental businesses are valued at an estimated $128 billion in the United States. Whether you require a new smile or a serious medical operation, dentists play a vital role in ensuring that our dental health remains on track.
Unfortunately, it’s hard for many dental practices to juggle patient care with the administrative responsibilities that are required from these types of businesses. More often than not, when dentists try to provide both of these services themselves one of them suffers as a result.
So what’s the solution? Simple: outsource your dental bookkeeping service. However, finding the right dental CPA services is often easier said than done. So, how do you find one that you know you can trust? Easy: by looking for these five qualities that every good dental bookkeeping service has. Let’s get started!
1. Known Within Your Dental Network
The first quality you should look for in dental bookkeeping service is respect amongst your peers. If they’re well-known by other dental practices in the area, then this is a good sign that they’re a financial service that you can trust.
So, how do you find out if they’re well known in your dental network? Ask around! Contact your acquaintances in the field and see what type of bookkeeping services you go with. In some cases, you can even find good options by asking your friends and family.
If they let you know that they’ve had a negative experience with the CPA business you’re interested in, then this should be a clear red flag. If your network isn’t able to provide you with any helpful information, then don’t panic.
You can still find helpful information online. Check reviews of the CPA service online and see if they live up to your expectations. A huge amount of negative online reviews is another clear warning sign that you should consider a different dental bookkeeping service.
2. Wide Variety of Bookkeeping and CPA Services
Different dental practices have different needs when it comes to their financial requirements. Some companies simply want a basic bookkeeping service. Generally, this entails simple financial organization for your tax returns.
If you want this type of bookkeeping, then make sure you find a CPA that offers services like account reconciliation. In essence, this service helps you keep track of where all your money goes.
Financial reporting is also important because it allows you to see the bigger picture in terms of profit/loss. Payroll is also a vital bookkeeping service. If you do this wrong, then the consequences can be severe.
Finally, most bookkeeping services will also handle paying your bills. This service isn’t essential, but it certainly takes a big load off your mind.
For most people, these types of standard bookkeeping services are adequate. However, other practices might prefer more hands-on administrative services. If you fall in this category, then we recommend looking for a CFO that can play a larger role in crafting your budget.
3. Experience In the Dental Industry
One common mistake many dental practices make is hiring a general bookkeeping service that works in a variety of industries. While these general-focus CPAs might have a broad knowledge of tax codes, they often have serious blind spots when it comes to specific industries.
As a result, they can often make serious mistakes that result in loss of money, or worse, serious legal trouble. As such, we recommend finding a dental CPA that works specifically for dental practices.
These certified public accountants have specific knowledge of this branch of the medical industry. As such, they know all the ins and outs of the finances related to dental practices.
This expertise often goes beyond tax season too. It can extend to advisory roles that help you save money while optimizing your financial information.
4. Dedication and Commitment to Your Practice
You deserve to be a priority through whichever dental accounting service you go through. As such, you want to find a business that prioritizes your customer service whenever you need advice or help.
If you can’t get in touch with your CPA at a moment’s notice, then they might not be right for you. They should also be committed to helping your practice. It should come as no surprise that a lot of bookkeeping services can be fairly monotonous and boring.
Despite this, your dental CPA should approach these tasks with enthusiasm and commitment. After all, even if their jobs aren’t thrilling, they are essential to properly running a business.
5. Organized and Ethical Dental Bookkeeping Services
If you’ve ever tried to handle the financial aspects of your dental business, then you know that things can get very messy very quickly if you aren’t careful. The only way to prevent this is to stay organized.
As such, you want a dental bookkeeping service that can stay organized even when they’re handling multiple jobs. On top of that, you should also avoid unethical bookkeeping services.
These types of businesses often cut corners to save a buck or two. However, this type of unethical practice can have serious repercussions for you, including license revocation. As such, find a dental CPA that follows all the rules and regulations that have been laid down.
Want More Content? Keep Reading
We hope this article helped you learn more about the qualities you should look for in a dental bookkeeping service. Sadly, many dental practices will often hire the first CPA service that they come across.
However, if you aren’t careful with your vetting process, then it can have serious consequences for your business. As such, it always pays off to do your research and look for a company that displays these qualities.
That way, you know for sure that you can trust them with your financial information. Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep exploring to find more topics that you’re sure to love.