Oftentimes when people think about small business owners, they think about a family restaurant, or maybe a salon, or even a cleaning business. Most people don’t consider dentists as small business owners, but they definitely qualify. Recent dental school graduates often have to go through the work and hassle of starting their own practice. This includes buying an office, hiring employees, and getting clients (otherwise known as patients). This is not far different from someone starting their own restaurant or salon.
As a small business owner, you need to be very cautious of your finances. One of the greatest ways to ensure you are treating your money right is with the help of an accountant. There are accountants that are specifically trained to help dental practices and have industry specific knowledge.
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What Dental Accountants Do
Dental accountants tailor their services to you and your business goals. An Idaho Based accounting firm, Cooper Norman, has a qualified Dental Accounting team that can do just that. These services come in many forms.
Tax Planning and Preparation
All businesses need to consider taxes and dental practices are no different. A dental accountant will help you minimize the impact of taxes on your business. They will have an effective knowledge of federal and state taxes. Through this knowledge, they will be able to predict the burden of taxes and find the best planning techniques for your business. They will also engage in finding tax breaks and tax incentives to help minimize your practice’s tax burden.
Your dental accountant will stay up to date on any Tax code that will affect your business and will help you plan accordingly for it. Prevention is always better than reaction.
Whether you are just starting your own practice, you have been in the practice for a few years, or you are entering another practice, an accountant will be able to help guide you to make the right decision for you.
Common topics of consultation:
- Starting your own business
- Tax planning
- Overhead Analysis
- Analyzing benefits of leasing or buying a dental practice.
Dental Practice Benchmarking
Benchmarking is an important step to improving and growing your business. An accountant will help you make goals for yourself and your business to become what you want it to be. Align your business to your financial and personal goals early on to help yourself in the long run. Your accountant will continue to help evaluate how your business is going in relation to the goals you set out. Together you can make corrections and new goals to continue on the path you choose.
It can be easy to get bogged down under the weight of filing taxes, reporting, and processing payroll on your own as you juggle the other responsibilities that come with being a practicing Dentist. These are just some of the ways a dental accountant can help you with your dental practice payroll.
Let A Dental Accountant Help Your Business
Not every business owner is the same, just like every dentist has different goals and visions for their practice. Your business doesn’t need a cookie-cutter solution to its finances. You need someone you can trust, who will help you with a customized solution. Let a professional help you by taking off some of the financial burden that comes with owning your own business.