You may be wondering why you need to hire a specialist dental accountant at all; surely any reputable professional accountant will be able to help? The fact is that you need an accountant who has specific knowledge of the legal and financial implications of owning a dental practice and/or practising as a dentist.
It’s vital that you hire an accountant who has significant expertise in the area of dental accountancy. Only an accountant who has this expertise can optimise your financial and tax position. However, simply having experience as a dental accountant does not make an accountant a good choice for you and your practice. There are several factors that you need to consider when choosing a dental accountant.
These are the 10 things we thing all good dental accountants need.
Level of competence in the dental finance and tax arena
This is a consideration that is paramount. You need to make sure that your tax position is optimised. This is why it’s so important for the dental accountants you hire to have extensive knowledge of the tax rules that govern the dental industry, and how to use this knowledge to make sure you get the best possible outcome.
In addition to this tax knowledge, any dental accountant you hire needs to have experience of handling the complexities of finance in the dental industry.
Not all industries are the same. Being a great accountant in one sphere doesn’t necessarily translate into a great dental accountant. A great dental accountant as a wealth of knowledge and experience in the market.
Range of services available
You want your relationship with your dental accountant to be as productive as possible. For this reason, it’s useful if the dental accountants you choose can provide a range of different services. The services that you may require include:
- Dental practice payroll services
- Dental industry compliance assistance
- Corporate and personal tax returns
- Help with NHS tenders
- Helping with raising finance
- Financial advice and planning
It’s easier to deal with the same provider for all of this help, so choosing a dental accountant who offers a range of services makes sense.
Level of communication skills
There is little point in receiving advice about your tax and financial position if you do not understand it. Your dental accountant needs to be able to explain advice and information to you in a way that you can easily understand, so they need to have highly developed communication skills.
You need to have a defined and dedicated point of contact on whom you can rely at all times.
Effectiveness of planning
Financial and tax planning is one of the most important aspects of running a successful dental practice. If this planning is not in place, you could end up with a large tax bill that comes as a nasty surprise!
You need to be able to rely on the accountant you hire to help with your budgeting and planning, so they need to be able to demonstrate this attribute.
Level of accessibility and responsiveness
You need to be able to get information and support from your accountant quickly and easily. Your dental accountant should always have the same day or next day service for responding to clients’ queries.
It’s also useful to look out for special arrangements made that take into account clients’ availability and provide access to out of hours support. Our team are happy to discuss clients needs after hours as long as it has been pre-arranged.
Value for money
Choosing the best dental accountant for your practice does not mean choosing the lowest cost option. – after all, cheapest rarely means best! You need to take into account factors such as experience, reputation and services provided when establishing which dental accountant provides you with the best value for money.
The last thing you want to do is be attracted by a great price, only to find that the accountants you have chosen are out of their depth, should you ever decide to take a major step such as buying or selling a dental practice!
Reputation and proven performance
Research is an important part of any decision you make regarding the hiring of a dental accountant. Look for any success stories that an accountant has. These stories can help to show you how the dental accountant you choose can help your business to be successful. You should also look for independent reviews of accountants before you make your final choice.
Ethos and principals
It’s vital that any dental accountant displays an ethos and principles that are aligned with helping you and your business to succeed. Important principles include:
- Provision of clear and accurate advice.
- Guarantee of up to date industry knowledge.
- Easy contact facilities.
- Honest and approachable manner.
Make sure that you are fully aware of the ethos and principles of the dental accountants that you hire.
Clarity of fees
You need to understand what the cost of your dental accountant’s services will be. These costs should be detailed upfront, so that you do not have any nasty surprises down the line. Make sure that the accountants you hire have a fully transparent pricing schedule and that they are happy to discuss costs for their services from the start.
Experience with dental practice purchases and sales
There may come a time when you are looking to acquire new or further premises, or when you want to sell your dental practice. This may not be the case when you first hire a dental accountant, but you have to be prepared for needs that you may have in the future. This is why it’s so vital to make sure that the professionals you choose have experience in successful dental practices purchases and sales.
Choosing a dental accountant is not a task that should be undertaken lightly. You need to make sure that you do not regret the decision that you make. The factors mentioned in this article should play an important role in your decision making process. The dental accountant you hire should be able to provide a range of services and be available when you need them. They should provide you with excellent value for money and their pricing structure should be transparent.
At Samera, we recognise the importance of a valuable relationship with our customers. We put our years of experience and expertise to use providing a range of vital dental accountant services to clients. Contact us about the dental accountant services we can provide for your dental practice.
Choosing a Dental Accountant – Further Information
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