Having a good advisor by your side as a business owner is extremely important. It can not only increase the profitability of the practice but can also help eliminate bad decisions and reduce the headaches of business ownership.
Range of Support
Do It Yourself
In an attempt to reduce overhead cost some practice owners attempt to keep their own books. Whether they purchase a check writing software or keep manual records, they simply hand off their records at the end of the year to a tax preparer. While this may save money it may end up costing you much more in the long run.
One step up from doing it yourself is to hire a competent bookkeeper. This person will begin to make your life easier by eliminating the practice owner’s need to learn an accounting system. Financials begin to become better organized. However, a bookkeeper doesn’t typically complete the tax return and is limited on the guidance he or she could give.
A better step for a practice owner is to hire a Dental CPA. This person will typically be able to provide full bookkeeping services as well as complete the company’s tax return. A good Dental CPA will also be able to provide tax planning advice and will have a good understanding of the dental industry since most, if not all of their clients are dentists.
One of the best steps you can take is to hire a Dental CFO (Chief Financial Officer). A qualified Dental CFO is not only well versed in the most effective accounting procedures and tax strategies but is able to work with a practice owner on a much greater level. Making sense of the numbers, comparing them to statistical norms, monitoring KPI’s(link to blog What you Thought About Overhead…), and educating the practice owner are just a few of the benefits. The greatest benefit of hiring a qualified Dental CFO is that it simply makes your life better. You make better business decisions, experience greater profit, and you enjoy practice ownership on a whole new level.
How Does a Dental CPA Compare to The Dental CFO™?
As stated earlier, hiring a Dental CPA can be a great step towards making your practice better. CPA’s are well respected and well known in the dental field. What does The Dental CFO™ do differently from what a typical Dental CPA can offer?
The Dental CFO™ is a firm that is obsessively focused on improving the lives of Dentists by simplifying Practice Success. We do this by employing expert Dental CPA’s, Enrolled Agents, staff accountants, HR Professionals, Certified Healthcare Business Consultants and Certified Financial Planning Professionals all of which are nice people and fun to work with. Our basic Core service includes an individually assigned Dental CFO. This CFO acts as a quarterback reviewing the practice’s financials, coordinating sophisticated tax strategies and helping the dental practice owner make wise business decisions. Here are some of ways The Dental CFO™ can improve your life and your profit.
CFO Core: This is perhaps the biggest differentiator from what most other firms provide. CFO Core provides a proprietary monthly dashboard giving the practice owner a full picture of the financial condition of the practice. In addition a dedicated Dental CFO meets quarterly via video conference to discuss financial condition, tax strategies and help the practice owner make wish business decisions.
CFO Tax Reduction Optimizer: We don’t just prepare your tax returns. We use a proprietary matrix to ensure you are taking advantage of the best tax reduction strategies available. We don’t like surprises and we bet you don’t either – especially come April 15th! We prepare detailed projections throughout the year to ensure there are no tax surprises.
Start-Up Assistance: Are you looking to start a new practice? We have the tools and the expertise to help you do this efficiently and effectively as possible. We quarterback the whole process to ensure nothing gets dropped.
Strategic Direction Program: What do you want your practice to accomplish? We facilitate a 2-session process to help clarify where you want to go. The end result of this program is a detailed action plan with accountability and time commitments built in.
Practice Management Consulting: Want a deeper dive into improving your practice? With this consulting service, it is possible to refine operations and find ways to improve profits. This is done with specialized solutions like case acceptance, hygiene production, and staff training. It even helps to improve phone procedures to ensure better results.
Additional Consulting Services: The Dental CFO™ offers a wide range of additional supportive services such as Buy-Ins and Buy-Outs, Practice Assessments, and PPP projects. These additional resources are more than what a Dental CPA offers, even when they specialize.
How Can The Dental CFO™ Help My Dental Practice?
The Dental CFO™ provides a range of resources to help your dental practice.
- Finally know how your practice compares to other practices. With the help of your dedicated Dental CFO, you simply get smarter, your practice becomes more profitable, and you find ownership to be much more fun. Each of our Dental CFO’s have an average experience of 22 years.
- Have assurance that you are paying the least taxes possible and you have no surprises on April 15th.
- Have confidence that you have a solid growth plan for your practice.
- Have comfort that we have you covered. Regardless of the expertise you need we are ready and able to help you. With one phone call we can take the worry away.
The Dental CFO™ is the resource your organization needs to achieve more. Learn more about how you can benefit from our services by giving our professionals a call today.