For the past fourteen years, I have worked full time as a management consultant to the dental profession. During that time period, I have interacted with over 500 different dental practices. In all honesty – and it was something I never expected – I have been amazed at how many of these dentists- in my opinion – receive inadequate or the bare minimum of accounting supervision and advice. Here for starters is what you should expect from your accountant.<\/p>\n
1. Quarterly income and expense statements (P & L) that are easily understood and serve as a legitimate business tool to help manage the practice. Observing “what happened” at the end of twelve months is no way to run a business. Controlling or at least understanding your overhead is always important, but it is especially critical in the current difficult business environment.<\/p>\n
2. Aggressive treatment for deductions with a solid understanding of the nuances and miracles of depreciation. You want creativity.<\/p>\n
3. Tax planning and advice. I constantly hear gripes from doctors about being “hit” with huge tax payments come April 15th. If the only service you are receiving from your accountant is the preparation of a tax return, you are not being well served.<\/p>\n
4. Coordination with pension planning, estate planning and wealth management. Everyone has to be on the same page because the rules are constantly changing.<\/p>\n
5. Lots of experience with other dental practices and knowledge of appropriate overhead and profit percentages.<\/p>\n
Working with a bright and knowledgeable accounting professional is one of the most important business decisions you can make. Be sure you have one on your team!<\/p>\n","protected":false},"excerpt":{"rendered":"
For the past fourteen years, I have worked full time as a management consultant to the dental profession. During that time period, I have interacted with over 500 different dental practices. In all honesty – and it was something I never expected – I have been amazed at how many of these dentists- in my […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-183","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n