As a medical or dental professional, bringing on a qualified CPA or CPA firm can help your practice thrive. A CPA firm that is well-versed in the accounting needs of practices can save you time and money, as well as give you access to a wealth of financial advice and guidance.
Unfortunately, not every CPA firm is going to be the right fit for your business. If you have doubts about your current CPA, it might be time to re-evaluate their role in your practice and to assess whether they’re providing the services you need.
How do you know if it’s time to switch CPA firms? This question isn’t always easy to answer and ultimately depends on your individual needs, the size of your practice, and your goals for the future. Below, we share a few reasons why your current CPA may not be a good fit for your practice’s accounting needs.
Working with a CPA firm that does not specialize in a particular industry is a major pain point for many small businesses, and this is especially true within the medical and dental fields.
General CPA firms are great for end-of-year taxes and basic bookkeeping, but they may not have a strong enough understanding of medical or dental practices to effectively help you. CPA firms that specialize in working with practices can help:
If your current CPA doesn’t provide these services, or not to the extent your practice needs, switching to a CPA firm that specializes in accounting for healthcare may be the right move.
For many dentists and physicians, it's important that their CPA firm provides more than just an annual financial statement. Practices need their CPA to provide a range of services, from business guidance and financial statement insight to regular check-ins to ensure that the practice’s financials are running smoothly.
An experienced healthcare CPA firm would be happy to help with both the practice and personal taxes, business financials, compensation models, and more.
The key is that when your practice needs something related to accounting, your CPA firm should be able to help.
Your practice has a number of compliance requirements, including HIPAA, OSHA, and more. You may also have a number of financial compliance standards to meet that mandate operating procedures like payment systems, and data storage.
With a general CPA firm, you are not guaranteed that the services or practices they provide will meet those standards for compliance. From patient privacy to how data is handled while they’re performing their work, everything they do must be compliant.
Rather than waste time and energy making sure your CPA or CPA firm is abiding by compliance or regulations, choose a CPA firm that knows the ropes and can ensure you all of your accounting needs are met (within regulatory bounds).
Communication breakdown is a major factor when deciding to switch CPA firms. Medical and dental practices need a passionate CPA firm that will be readily available to discuss common accounting problems or issues.
If your CPA doesn’t answer your calls in a reasonable amount of time or has issues keeping the lines of communication open, they might be a bad fit. Consider switching if your current CPA is lacking the availability you need or doesn’t seem invested in your growth.
The right CPA should be focused and available to guide you on financial matters throughout the entire year -- not just during tax season.
When choosing whether or not to stay with your current CPA firm, make sure they are giving you the support you need, not just for what you’re doing now but also for the future. Although switching CPA firms can be intimidating, finding the right CPA who matches your practice, industry, and individual needs is ultimately going to help you achieve your goals more efficiently.
If you’re ready to make the switch, schedule a call with Caudell & Associates today to discuss your practice’s needs and determine whether it’s time to find a new CPA firm that specializes in accounting for medical and dental practices.
At Caudell & Associates, we understand the specific demands of the healthcare industry and can help you manage the financial health of your growing practice. Our accounting, payroll, and tax services keep you informed and organized, no matter the stage your practice is in.