How to Maintain the Health of Your Dental Practice: A CPA Perspective

Dentists invest a lot more than money in their practices. Years of highly demanding academic and professional requirements go into them, and setting up a new practice can mean taking on sizeable debt on top of student loans. On top of that, profitable practices face unfriendly tax provisions that can add to the burden.

With so much at stake, it is surprising how many dentists rely solely on an office manager or part-time accounting to help to manage their monthly financials. Unfortunately, the disadvantages of such an arrangement can go unnoticed longer than they should.

The High-Cost of Inadequate Accounting Processes

Eventually, even a profitable business can suffer the effects of inadequate financial visibility and processes. These include:

• No data to compare and track over time makes it difficult to plan or assess profitability.
• Rudimentary accounting processes lead to mistakes in tax filings.
• Missing out on available tax deductions and credits can be an expensive oversight.
• Lack of controls can enable fraud or embezzlement to go undetected.
• An unclear or inflated picture of revenues and profits can make it difficult to bring on a partner or expand.
• Paying too much in taxes or late tax filings leads to penalties, fines and interest.
• Poor financial visibility can make it impossible to know if you can transition to retirement with an adequate income.

Have You Outgrown Your Accounting Processes?

Sometimes a surprise tax bill makes it clear that it is time for a change. The best time to upgrade your accounting processes, however, is before things begin to go wrong.

Holistic accounting support puts the full financial picture of your dental practice into focus, for better decision-making, less waste, and the ability to chart your own path to market domination, a comfortable retirement, or whatever your picture of success looks like.

You can’t get there with accounting support that your business has outgrown. Signs that you need to level up your accounting processes include:

• You are struggling to keep your financial records up to date.
• You are filing your taxes late.
• Your accounting software records are wrong or unreliable.
• You don’t know the value of your business.
• Your revenue is growing but profits are not.

Holistic Accounting Support for Dental Practices

When you partner with an experienced, holistic CPA firm, you don’t have to worry about whether you’re paying too much in taxes or saving too little for retirement. Holistic accounting looks at the entire picture, from your goals to your daily accounting, and provides the financial visibility you need to chart a path to success.

From monthly accounting support to strategic tax planning and preparation, to business advisory services, payroll and succession planning, Kirsch CPA Group provides the structure, reliability and accountability you need to grow, thrive and take advantage of opportunities that move you closer to your goals.

Learn more about our accounting, tax, and advisory services for dental practices by contacting a member of our team.

Schedule an appointment to learn how we can support you

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