Dental Accounting: A Practical Guide For Dentists

As a dentist, you can figure out why a patient’s bottom front tooth hurts, when it’s time to pull wisdom teeth, and the best way to fill a cavity. But your expertise may not extend to a thorough knowledge of accounting or finances. 

For that reason, many dentists turn to professional dental accountants for their accounting and bookkeeping needs.

What Is A dental Accountant?

Like other CPAs, a dental accountant can help you manage your bookkeeping and finances, including: 

• Preparing financial statements 
• Handling tax preparations and audits
• Managing your payroll 
• Tracking your accounts receivable and payable 
• Applying for loans 

But that’s where the similarities end. A dental practice is different from any other type of small business. While any accountant can help you manage your finances, CPAs that are experts in dental accounting have extensive industry knowledge and years of experience partnering with all types of dentists and practices. They understand more about the needs of a dental practice, which means they can provide more specialized services.

Why Hire a dental accountant?

Read on for some practical reasons why you should hire a dental accountant to handle your financials:

1. Connections with financial professionals who work with dentists

Relationships count in most businesses, and dentistry is no exception. CPAs who specialize in dental practice accounting have established relationships with banking professionals, loan officers, or other financial professionals. That means you don’t have to search for “accounting services near me,” because your dental accountant knows where to go to seek help if you want to create a partnership agreement, purchase or rent a new facility, or undertake any other financial endeavor.

2. Help with planning for the long term

In any small business, it is best to take a long view. There are many variables to consider, such as whether you should lease or buy equipment or dental software, if you should expand or hire an associate, and fee schedules. A dental accountant can help you create a financial plan to ensure your practice grows and thrives.

3. Bookkeeping and cash flow Management

As a dentist, you might be too busy to handle payments. A dental CPA can ensure your outgoing payments are made on time and track and manage cash flow. This frees you up to handle your patients and allows other in-office professionals to focus on more critical tasks. In addition, another set of eyes can help give you peace of mind that errors don’t fall through the cracks. 

4. Save you money on taxes

CPAs specializing in dental accounting help you take advantage of money-saving tax breaks. They may also be able to identify other hidden efficiencies that enable you to earn more. 

Chaliff + Associates: Your Dental Accountant In Memphis

As one of the best Memphis accounting firms, the Chaliff + Associates team provides experienced, sound financial management for dental practices. Because we are dental accounting experts, we understand the ins and outs of the industry and work to ensure you reach your practice goals while protecting your business interests. Don’t be caught searching for “CPA firms near me.” Trust the experts at Chaliff + Associates. Ready to learn more? Request a consultation with one of our dental accounting experts today!