An orthodontic practice is a unique and challenging business to run, requiring aptitude and skill. Keeping up with technological advancements in equipment, along with growing the revenue of the practice can be very time-consuming. Throw in the effort of patient gain and retention and it is easy to see why professional assistance with dental accounting is a logical choice.
Why an Orthodontist Needs an Accountant
A good orthodontic accountant has a great deal of experience in the dental field. They understand and can provide solutions to your concerns surrounding accounting procedures. They provide expert advice on business decisions to overcome challenges that you may face and answers to any questions you may have.
There are several areas where an orthodontic accountant can assist your business. Chief among these are:
ALLOWING THE ORTHODONTIST TO CONCENTRATE ON THEIR CORE COMPETENCY
You studied orthodontics to be able to do just that. Why use up precious time with patients on ensuring your finances and tax responsibilities are up to date? Concentrate on your core competency and let your orthodontic accountant concentrate on theirs. Not only will this improve your business, your work-life balance will also become more favorable.
ASSISTING IN THE PREPARATION FOR AN AUDIT
Preparing for an audit can be a very stressful time, where shortcuts taken in paperwork previously can come back to haunt you. Your orthodontic accountant will ensure all records are kept up to date and easily available when required. They can also complete the actual audit for you with minimal input required.
MANAGING THE PAYROLL
Allowing your orthodontic accountant to manage your payroll requirements will free up considerable time that can be more productively spent building your business. Along with pays, your accountant will also assure tax compliance and will be able to highlight potential cash flow issues before they occur.
IMPROVING THE CHANCES OF SECURING FUNDING AND FINANCE
As they have knowledge of and experience in the dental industry, an orthodontic accountant knows what type of information is required by lenders when finance is needed. They will help you correctly fill out the required paperwork and provide advice when something needs attention.
What Services are Offered by Cooper Norman?
Accounting is a complex and time-consuming necessity for all businesses. This is particularly so for an orthodontic practice. Cooper Norman has experts who can help maximize your business efficiency.
The services provided by Cooper Norman will help position your practice for higher level growth and profitability. Orthodontic accounting services offered by Cooper Norman include the following:
TAX PLANNING AND PREPARATION
The payment of taxes can be a burden when trying to grow a business. An experienced orthodontic accountant can assist in legally minimizing the effect of tax on your business.
Reducing the amount of tax payable frees up more money for reinvestment into the business. A knowledgeable orthodontic accountant can assist by:
- Applying effective tax planning techniques
- Having an intimate knowledge of state and federal laws
- Awareness of available tax breaks and incentives
- Keeping up to date with changes to the applicable tax code
Concentrating on building your practice is a full time job in itself, which can result in management of the actual business sometimes being not as up to scratch as it could be.
Orthodontic accounting specialists can provide assistance with business management principles to allow you to concentrate more on patient care. Management consulting services include:
- Analysis of overheads
- Implementation of tax planning strategies
- Review of lease or buy options
- Consultation for start up of a business
ORTHODONTIC PRACTICE BENCHMARKING
Comparing your processes and performance to industry best practice metrics is an ideal way to gauge the health or otherwise of your orthodontic business.
Orthodontic accounting services can assist by measuring performance with industry specific indicators. Particular areas include:
- Providing help with strategic business planning
- Determining cost benefit of current office operations
- Reviewing profitability of potential mergers or acquisitions
- Advising on equitable revenue share for practices involving partners
Keeping up with payroll requirements is a job that can take up a significant amount of time for dental professionals. Spending this time away from patient care can detract from the overall performance of the business.
Using the services of the orthodontic accounting experts at Cooper Norman will free up your time to do what you do best which is looking after your patients. They can help with:
- Preparation and review of 1099 forms
- Providing personalized reports on your payroll
- Assist with unemployment claims
- Preparation of W-2 and W-3 forms
Why Should You Choose Cooper Norman?
Outsourcing your accounting requirements is a logical step to ensure your practice continues to provide a quality service. Utilizing accounting experts from companies such as Cooper Norman will enable you to allocate more time to the growth of your practice.
By combining up to date tax preparation procedures and accounting services with industry experience, your Cooper Norman representative will be able to provide a prompt, legally compliant service. This will ensure there are no nasty surprises from the tax department.
There is a full-service accounting team at Cooper Norman to provide a customized service for your business. They use the best software for your company to deliver consistent financial information and also provide a consulting service. CFO services can be offered either full time or part-time to suit your needs.
Cooper Norman is one of the largest accounting firms in Idaho, with over 65 years of experience. Exceptional client service forms the backbone of their business, and they are ready to assist you with all of your dental accounting needs.