There is a lot more that goes into a successful dentist practice beyond caring for teeth. In fact, running a dental practice requires a certain level of understanding about accounting, tax, and financial situations to ensure the business stays afloat, grows, and becomes profitable. Of course, you completed years of education to excel at dentistry, not accounting.
That’s why working with a CPA that specializes in dental practices can help practice owners understand whether they are on the right track or not. Our CPA firm works with many great practice owners throughout the Greater Houston area. Consider these three benefits of working with a specialized dental CPA to help you meet your goals.
Why Work with a Dental CPA?
1. A dental CPA can help broaden your view beyond running the dental practice to see financial performance. Our team will help you understand the financial health of your practice. We will work with you to support critical areas:
- Analyze how the business is operated on a day-to-day basis.
- Determine how your practice can work smarter and not harder.
- How to minimize the tax burden for your practice.
We do more than taxes, though. We meet you where you are managing the practice. Then, we apply our experience and follow our intuition to stay laser-focused on what it will take for your practice to succeed.
2. A dental CPA can help you identify the right timing to incur expenses. How do you know when it’s the right time to buy new equipment, add new chairs, or expand headcount? If you don’t have a firm grasp of your financial situation, then you won’t be able to make timely and informed decisions.
We stay on top of every aspect of your business. We analyze your financial position to let you know when — and if — you can afford to make a big investment to support your practice. All of this is tied back to growing your practice on the path to profitability.
That’s why we like to start dental practices on our 6-month Practice Made Profitable plan. Through this regimented approach, we’ll help you implement a reliable system to keep track of financial performance and assess your results. Then, you have clarity about key decisions to support your growth.
3. A dental CPA can positively affect your tax situation. We work with dental practice owners to implement tax-savings strategies through an informed tax planning approach.
Reducing your tax burden is of the utmost importance. It protects your business from underpayments and overpayments. Also, an intelligent tax plan enables your practice to have additional funds available for expansion, upgrades, and things like employee bonuses.
Our team will thoroughly check each facet of your practice to take advantage of tax savings opportunities. By presenting you with a great tax plan to keep as much profit as possible in your practice.
Call Our Dental CPA Firm — We Can Help
We are here to help your practice thrive. Whether your goals are to expand the practice or to free up more of your time to spend with family, we will meet you where you are and help you get where you want to be.
We help dentists in the Greater Houston area that are just starting their practice all the way up to seasoned practice owners that have been around for decades. No matter your experience, Caudell & Associates is here to provide support for your dental practice.
Give us a call today to discuss our kickstart program, Practice Made Profitable, that we developed specifically for practice owners. We’ll tailor our program to your specific needs so that you get the most out of a relationship with our firm. We’re here to help!