Dental Accounting & Business Plans
Our Dental CPAs and accountants are experts in accounting, payroll, financial modeling, and bank financing support.
Our Dental CPAs and accountants are experts in accounting, payroll, financial modeling, and bank financing support.
Our Dental CPAs and accountants are experts in accounting, payroll, financial modeling, and bank financing support. DPA’s Certified QuickBooks® Pro-Advisors will help you optimize QuickBooks® to become as independent as possible on your routine accounting tasks. Our dentalized chart of accounts and profit center reporting will transform your financial statements into a management tool that will help you interpret operating results and improve profitability. When important investment decisions demand more advanced financial modeling, projections or bank financing support, we can provide that too.
When we began working with dentists in the mid-1990s, we were shocked to find that most dentists did not know how to read their financial statements, and therefore never looked at them! As a result, they had no idea what to change or how to change in order to improve their businesses. It was then that we established our goal: that all of our clients will develop an excellent working knowledge of their underlying cost and revenue drivers to properly monitor and proactively improve their financial results.
DPA’s dental management accounting approach is unique. We focus on five important principles: matching expenses to revenues; capturing all assets and liabilities; categorizing expenses according to the nature of their behavior; reporting actual results against plan and prior year; and relating operational activities captured in your practice management software to your financial results. Unlike most dental office financial statements, which serve a cash-basis tax compliance need, our approach delivers financial statements and statistics that actually help you manage your business!
A well-organized and efficient back-office accounting system is absolutely essential for the timely and accurate financial information you need to proactively manage your practice and make sound business decisions. QuickBooks® is a robust and easy-to-use software system that will complement your practice management software and help you efficiently manage your accounting and financial transactions.
DPA has helped scores of dental practices install and optimize QuickBooks®. We’ll help you establish sound systems and processes so you can maximize the capabilities of the software and become as self-reliant as you desire. Most importantly, we’ll turn what historically has been a tax compliance tool into a management tool that helps you understand your business so you can improve your financial results.
Your dental practice is a living, breathing entity that requires support and nurturing to be successful long-term. Business planning is a key part of that process. Think of it as a roadmap that can take on a variety of forms such as an annual plan to facilitate profit improvement, a business plan to secure bank financing, or a long-term financial projection to support a new facility or new associate.
DPA’s approach is designed to support whichever type of business roadmap you need. Your business plan will include achievable goals that you and your team fully embrace – based on specific and measurable targets that promote accountability and that keep your team focused on continuous improvement. Timely and accurate measurement of progress toward your goals will provide opportunities for positive reinforcement or proactive adjustments as soon as unfavorable variances are identified.
As a business owner, you make many decisions – some of which have significant implications on people, practice resources and the practice’s financial condition. Major decisions include the purchase of a new facility or a large piece of technology, the addition of key staff, or the acceptance of an insurance plan. Typically, there is little objective data to go on except what the vendors provide to you. That is why it is important for you to perform your own detailed analysis of your specific situation.
DPA’s financial modeling experts will help you develop the key decision criteria – subjective as well as objective – and develop best-case and worst-case scenarios to help you arrive at your final conclusion. Once your decision is made, you will be able to track results and modify related activities to ensure you achieve the results you planned.
We want to work with you to help your business succeed now and plan ahead to meet your future goals. Contact our experienced team at Dental Practice Advisors to get started!