Benefits of a specialist dental accounting partner
5 Characteristics to Look for in Your Dental Accounting Partner
If you’re considering working with a dental accounting partner, you’ve probably decided that the time you spend on your dental practice’s accounting and business management is detracting from what matters most. Maybe it’s patient care, maybe it’s time with family—likely both—and you are ready for help. Finding an accounting partner is a great step to improve your finances and reach your goals, but finding the right one for your practice isn’t always easy.
How do you choose the right accounting partner for your practice? Do you need a bookkeeper, or a full-service dental accounting partner and business advisor? What are the signs of an experienced accounting partner for a dental practice? As you seek out a firm to work with, we recommend looking for the following characteristics:
- Does your accounting partner specialize in dentistry?
There are plenty of generalized accounting partners out there that might think they can jump on board the accounting for your dental practice. However, dental practices face unique challenges and have a complex accounting model—particularly orthodontics, oral and maxillofacial surgeons, periodontists and other specialized practices. Rather than hiring a firm with accounting experience, make sure you find accountants that understand the ins and outs of dentistry. Then you won’t need to spend a bunch of time explaining patient billing, dental metrics or wondering if they truly understand your priorities for your practice.
- Is your accounting partner interested in your long-term vision?
Any accounting partner should show an interest in more than just your finances. Accounting and financial health are important, but they should always be working to help you achieve your goals. From the start, your partner should ask you about your vision, your goals, and your ideal growth patterns within the business.
- Does your accounting partner have an organized transition process?
A good accounting partner should be able to tell you their methodology for transitioning new clients. This demonstrates good communication, proper organization, and experience on their part. It shows they have an appropriate level of expertise, and is a good sign they’ll continue to communicate well rather than leaving you in the dark when it comes to your own finances.
- Will your accounting partner also offer strategic advisory?
You will want to rely on your accounting partner for more than tactical bookkeeping services. Once they understand your goals and have assessed your current business processes and finances, they should also play a role as strategic business advisors. After all, they have a wide context of experience in working with other dental practices, and they can provide an objective perspective into yours and what might help you most.
- Does your accounting partner use modern technology?
One thing you are probably wanting to get away from in the first place is disconnected data, inefficient processes and outdated reports. That’s why it’s important to find an accounting partner who uses the latest accounting software and technology. They should make it easy for you to have visibility into your practice and automate the time-consuming processes weighing you down. If your partner doesn’t invest in the best technology, will they really invest in you as a client?
Your accounting partner should be knowledgeable in all aspects of dental accounting, organized, timely, and focused on helping you meet your goals. Contact us today if you’d like to know more about Performance Business Analytics and our own process for working with clients. Founded in 1990, we’ve helped numerous businesses simplify their lives and achieve success.
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We can help you transform your practice and simplify your life. Your partnership with us begins with an introductory meeting to work with you to determine if our services are a good fit and—if they are—set up an accounting assessment.