5 Reasons Why Dentists Should Choose a Dental CPA
July 9, 2021
At a glance
There are five reasons to choose a dental CPA to guide your practice:
- Proven practice growth and transition strategies
- Access to dental-specific timely, accurate financial and peer KPI’s (key performance indicators)
- CARES Act program and PRF compliance expertise
- Understanding dental practice value drives better personal financial advice
- Connections to dental industry players to facilitate growth
In this article, we will expand on these reasons and explain why dental CPAs drive better financial results for their clients. For more information, contact Aprio’s National Dental Team today.
The full story
1. Proven practice growth and transition strategies
Dental CPAs have first-hand experience maximizing practice growth opportunities and safeguarding investments for startups, single practitioners and multilocation practices. A good dental CPA will provide best practices for managing facility, equipment and vendor costs. They can also help you attract and retain top talent through smart benefit and compensation strategies.
Having an experienced dental CPA is essential to successfully navigate business transitions. They will have practical experience in planning, executing and negotiating the terms of dental exit strategies that can help you achieve professional goals and financial freedom.
2. Better data and analytics capabilities to boost profitability
Dental CPAs understand the metrics that matter most to your business and can help you track the key performance indicators (KPIs) that drive practice profitability. Fast access to timely, accurate financial and peer data is essential to effective budgeting, projections and decision-making in good times and bad.
Many dental CPAs have also developed proprietary technology to help clients track performance by procedure, location, season and more. For instance, Aprio’s Dental Insights service provides practices with affordable, actionable business intelligence solutions, including managed reporting and real-time financial dashboards.
3. CARES Act program and PRF compliance expertise
A dental CPA has deep experience helping dentists navigate these programs to maximize benefits and avoid the severe consequences of noncompliance. They will continually monitor new regulatory guidance to keep you abreast of changes and how they affect you.
4. Understanding dental practice value drives better personal financial advice
The investment you make in your practice is perhaps the largest investment you will make in life and it comes with its own inherent risks and rewards. Personal investment and financial planning should be informed by a solid understanding of practice value as your business matures. A dental CPA will understand the projected returns you can expect from transitions to provide better contextual investment, financial and tax planning advice that considers all aspects of your personal wealth.
5. Connections to dental industry players to facilitate growth
It’s not always what you know; it’s who you know. Relationships with dental-specific lenders, investors, attorneys, technology and equipment vendors, and peers play a pivotal role in your success. Don’t underestimate their value. A dental CPA will have a strong network that can help you make introductions to resources to facilitate growth.
The bottom line
Partnering with a dental CPA is just good business. The expertise, processes, tools and relationships they provide will help maximize the value of your practice and allow you to achieve your financial goals.
Aprio has helped dental practices attain profitable growth since 1961. On average, our clients achieve a net operating margin of 41.3%. Working with an experienced dental CPA helps you safeguard your career investments and maximize practice value from startup to exit.
To connect with a dental CPA that can help you achieve your financial objectives, contact Aprio’s National Dental Team today.
About the Author
As partner-in-charge of Aprio’s National Dental Industry Practice, Brad McKeiver arms dentists with real-time financial data about their practices. He has helped numerous dental practitioners make informed business decisions that focus on driving increased practice profitability, growth and value.