Like any other industry, the dental industry possesses its very own set of accounting and tax rules that need to be complied with. If your plan is to start a career in dentistry or are already providing healthcare services as a professional dentist, it is best to search for the services of a professional accounting firm.
As a practitioner of dental services, taking care of the patients should be the first priority but, managing the accounting and bookkeeping can also intervene sometimes and can be considered a priority as well. Due to this, it is imperative to choose the appropriate dental CPA firm. A good accounting firm should provide dental practice accounting services to free hardworking dental practitioners from back-office duties in order fot them to be able to concentrate on working with patients.
An experienced CPA organization offers reliable accounting services tax reduction planning to sustain all kinds of dental practices, such as family dentistry, as well as oral surgeons and also orthodontists. A good service will take care of the responsibility of maintaining the accounts meticulous and precise. Nevertheless, the client should also make sure to always be in control when it comes to finances. The detailed financial reports a good accounting firm offers should empower its clients to effortlessly supervise matters such as cash flow and accurately trail expenses in order for the practice to function smoothly and maximize revenues. Another important aspect that should be taken into consideration is employing benchmarking to evaluate the client’s practice by comparing it to others and shed light on the point where improvements need to be made in order to bring more value to the business in question.
When talking about taxes, a good accounting service recognizes that less is more so it creates a comprehensive tax planning strategy in order to lower tax liabilities for the dental practice. Additionally, at tax time, the firm should also use every deduction available to be certain that the clients acquit the lowest amount of tax allowed by current regulations.
What expenses can be claimed by dentists for tax-related purposes?
• The costs of goods purchased for reselling or consumption purposes (such as filling materials, vaccinations, or even mouthwash)
• Staff costs such as wages and salaries
• Rent, rates, power, and insurance costs
• Travel costs inquired for business purposes
• Repair and maintenance of property and equipment
• Phone, fax, stationery, and other office costs
• Advertising and business entertainment costs
• Bank interest and other loans
• Bank, credit card, and other financial charges
• Accountancy, legal, and other professional fees
• Other business expenses
• Trading and property allowance
The qualities of good dental accounting services
• Availability-A good accounting service understands the significance of a client’s time
• Knowledge and expertise- A good accounting service is picked based on experience in the domain of expertise
• Online facilities- A good accounting service implements an online portal in order to enable the clients to upload and complete accounting details
• Transparency- A good accounting service offers transparency in its fee structure