Bookkeeper or an Accountant? What does your Dental Practice need?

The debate on whether dental practices should hire a bookkeeper or a CPA accountant, along with questions about their compensation and the services they offer, is a significant topic. Let's delve into these queries as we kick off this blog.

While both bookkeepers and accountants share the common goal of contributing to the financial success of a business, their roles are distinct. Bookkeepers primarily focus on maintaining financial records, handling bank statement reconciliations, and preparing month-end financial statements. On the other hand, accountants provide comprehensive financial advice and tax guidance. The decision to hire a bookkeeper or an accountant and determining their compensation should be based on the specific services a dental practice requires. But what services should they opt in for? Let’s discuss.

In our survey of several dental practices, we discovered that these practices were paying between $3,000 to $20,000 to their bookkeepers/CPA accountants. Their services ranged from bookkeeping to tax lodgment, depending upon the fee that they were paying. Some practices opted for internal bookkeepers on a full-time salary basis. 

Being the owner of a dental practice, the question that you need to ask yourself is whether you are getting monthly reports, financial statements & variance analysis, or being guided on how to manage cash, reduce expenses and improve the company’s profitability on a monthly cadence? And most importantly, how do you know if your books are compliant with IRS?

Recognizing these needs, dental practices require a combination of a bookkeeper, accountant, and financial consultant. A bookkeeper maintains books, an accountant handles tax services, and a financial consultant analyzes your business financials to enhance profitability by reducing costs.

The next logical concern is that dental practices don’t want to shell out an extra penny to get these additional services. But would you spend an extra $200 that can save you $2,000?  Addressing the concern of cost, we, at Money Molar, offer cost-effective bookkeeping and financial consulting services. Moreover, we collaborate with CPAs to provide tax services, ensuring IRS compliance for your business.

Finance is a crucial pillar for any organization, and our services aim to fortify and optimize it. Book a complimentary consultation with Money Molar and strengthen your financial foundation and ensure business compliance.