Why Dentists Need a Specialized Accountant

When it comes to accounting for your dental office, you can’t count on just anybody. Dentists need a specialized accountant who knows the ins and outs of what happens every day as it pertains to finances and how to comply with the IRS tax code.

Your top priority is your patients’ care, and it should be. With Schultz & Associates as a part of your team, you can focus on what’s most important to you.

18 Undeniable Reasons Why Dentists Need a Specialized Accountant

1. You chose dentistry as your career, not accounting.

2. Countless payments from uninsured patients go through your office daily.

3. Countless payments from insured patients go through your office daily.

4.  A professional dental accountant will take the stress off your mind and the weight off your shoulders.

5. You can focus on what you prefer to do rather than drowning in numbers.

6. Tax laws change frequently. We keep up-to-date with them, so you don’t have to. (Of course, you can if you want.)

7. Flexible spending accounts must be accounted for.

8. Don’t forget about your basic annual taxes. Whether or not you own the building, the land, or both will make a difference in how your business taxes are processed. You may even be leasing or renting the property, which is a different factor that must be addressed.

9. You must account for your existing employees’ salaries, health benefits, retirement plans, and so on.

10. Your own personal taxes and accounting details may merge with that of your practice. It can get complicated, so a specialized dental accountant with expertise in Michigan tax laws can get it all straightened out for you.

11. The accounting firm may also offer payroll processing assistance, either through the firm itself or through a partner. When you take advantage of both, it can simplify your accounting and bookkeeping needs.

12. Timing matters too! You have to get your accounting and business taxes processed in time. An experienced dental accountant will know how to avoid stumbling blocks that could lead to delays.

13. Mistakes can cost you big.

14. Any equipment and tools that were purchased must be taken into account.

15. Any charitable donations you made throughout the year will make a difference.

16. A specialized dental accountant may recognize financially beneficial factors that a less experienced accountant might overlook.

17. Beyond organizing and processing documents, the dental accountants can serve as your accounting advisers in many regards.

18. You always have someone to reach out to if you have related questions.

On that note, to learn more about our specialized accounting services, send us a message online! We would be happy to tell you more about what a partnership with our Schultz & Associates accounting firm can do for your dental practice.