Often simple bookkeeping mistakes can cause a ripple effect that results in severe financial problems. The tax and business side of dentistry is a very specialized area, and nothing will cripple a growing dental practice faster than having cash flow trouble.

At Exceptional Accounting Services, we work with a lot of dentists and found that while dentists are experts at their craft, they lack adequate knowledge of dental accounting and tend to make some costly mistakes. If you’re a dentist, we want to help you avoid these mistakes, which is why we have compiled a list of the most common mistakes dentists make while managing their finances.

1. Neglecting profit and loss.

We have found that many dentists we work with don’t look at their profit and loss on a regular basis, but rely solely on cash flow to determine what money can be spent and drawn from the business. Profit and loss are equally crucial to a dentist’s clinic. 

2. Not reviewing accounts receivable.

Many dentists fail to review their accounts receivable on a consistent basis which causes their collection rate to dip below the average, resulting in a shortage of cash and income.

3. Using your admin staff as accountants. An admin is hired to handle the smooth running of the dental clinic, taking appointments, handling patients’ inquiries, etc. Dentists forget that their admin is not officially trained or qualified to manage accounts and get them to handle bookkeeping although they don't have the accounting background required to provide accurate accounting services.

4. Not having a professional CFO to handle accounts. Many dentists don’t employ a CFO to review their books consistently resulting in occasional updates on their accounts and a backlog on their taxes. As a CFO and a CPA, we can help dentists reduce expenses, plan a budget for the future and analyze key performance indicators to assist in making decisions with their future in mind.

5. Not considering hiring an accountant. Not employing or hiring an accountant for your dental clinic could have irreversible repercussions like running at a massive loss due to the neglect of proper updating of accounts. This is something that may prove to be detrimental to your dental practice in the long run.  

If you’re looking to avoid these and other accounting mistakes, reach out to the experts at Exceptional Accounting Services. As one of the best full-service accounting firms in America, we will successfully help you get your accounts updated and back on track. Our expertise lies in small business accounting, payroll, financial statement preparation, cash flow management, new business formation, and QuickBooks services. For a complete list of our account services, please click here. If you have any questions about accounting, we’d love to hear from you. Please contact us here.

It is imperative to have sound financial advice and planning in order to make educated decisions that will lead to greater profitability and efficiency in your business. As your go-to accountant, Exceptional Accounting Services will provide insight into your financial situation and work alongside you to bring your business to the next level.

As your outsourced CFO and CPA, Exceptional Accounting Services will provide your business with a framework for better decision making, cash flow management and success. We evaluate your business to provide service that caters to your specific needs in achieving your financial goals.

The following are the top five concerns we should address for your business:

1. Ability to minimize your costs.

An outsourced CFO/CPA should be able to drilldown and determine how to minimize costs, predict cash flow, increase profitability and lower taxes. Additionally, they should be familiar with KPI’s that affect your particular industry and have tactics to address those with you.

2. Beyond Bookkeeping.

The role of a CPA isn’t just limited to the basic bookkeeping function but instead, extends to all areas of the business. CPAs with Exceptional Accounting will equip you with the right strategies and techniques that lead to business growth. As a financial advisor, we strategize on your behalf to help you make cost-effective business decisions. Although financial statements are imperative to have with any business, it’s just as important to have the ability to know what the numbers mean and how each line item affects your bottom line.

3. Consistent and Timely.

A reliable CPA/CFO will assure that you receive your updated accounting data within fifteen to twenty days of month-close. This becomes crucial as accounting information allows you to adjust your business practices to increase profitability. We ensure that we remain consistent in working with your business and remain accessible and prompt, via email or phone.

4. Trained Professionals.

CPAs undergo years of training while meeting the required educational standards. You can, therefore, be sure that your accounts are safe with us as we possess the expertise and skill that will help your business to thrive.

5. Industry Experience.

Working with a CPA that has the necessary skill and knowledge within your industry is a must. It is essential to hire a CPA/CFO whose previous experience complements your modern business tactics. In this way, we can cater our services specifically to meet your business needs, thereby allowing you to take your business to the next level.

If you’re looking for the best Certified Public Accountants across Pocatello, Twin Falls, Boise, Idaho Falls, California, Utah, Arizona, Texas, Colorado and all of USA, reach out to Exceptional Accounting Services. We are dedicated to ensuring that all of our clients receive outstanding service. Our belief in professionalism, responsiveness, and quality, is what pushes us to achieve maximum client satisfaction. Equipped with the required expertise, experience and energy, you can be sure of receiving quality financial services. To learn more about the services we offer, please click here. To get in touch with us, please click here.

Thanks for stopping by our blog. If you’re looking for more information about Exceptional Accounting Services, you’ve come to the right place.

About Exceptional Accounting Services

Exceptional Accounting Services offers a broad range of small business accounting, payroll, bookkeeping, financial statement preparation and QuickBooks services for business owners, executives, and independent professionals across the US.

We help companies improve profitability, reduce taxes and develop incentive programs to keep employees motivated.

We have been providing accounting, controller, and CFO services since 2009, and have specialized in dental and related fields. Over the past nine years, our business has been growing and developing, and we are always looking for ways to provide service to our clients in a more efficient manner.

The Exceptional Accounting Services Difference

Clients come to us because they understand the need for a great accounting team. They need someone who is willing to go above and beyond and offer evaluation, areas of improvement and incentive programs to help their practice excel, and this is what Exceptional Accounting Services does best. We are determined to help you succeed in your business while helping you increase profitability and reduce tax liability.

Our efficiency, accuracy, and responsiveness is what sets us apart from any of our competitors. With our years of experience dedicated to improving efficiency with our dental partners, we are uniquely qualified to bring your practice to the next level.

To learn more about Exceptional Accounting Services, please click here. If you have any questions about how we can help you, we’d love to hear from you. Please contact us here.

I’m Melissa Horsley, proud owner of Exceptional Accounting Services.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

After growing up in Idaho, I completed my education and received a Bachelor’s in Accounting degree from Idaho State University in Pocatello, ID.

I’ve been in the accounting field for eight years and love working with entrepreneurs as I feel their passion for what they do. It motivates me in my profession to help them. I enjoy working with small businesses by helping them improve profitability and cash flow.

As the owner of my firm, my most important daily decisions revolve around finding clients that find the value in what we offer so we can help them the most. While I have had some amazing mentors that have believed in me and have helped me realize success, my love of working with people, detail-oriented approach and pride in accurate and efficient work, have helped me achieve success.

When I am not at work, I enjoy spending time with my family on the Snake River and upgrading our home. As an individual, I believe what sets me apart from the others is my honesty, integrity, confidence, professionalism, passion, and accountability.

I have enjoyed sharing my story about the things which matter to me and how they influence the way I do business.

If you or someone you know could benefit from our expertise in full-service accounting, I invite you to get in touch. Please visit our website at www.exceptionalaccounting.com.

Sincerely,

Melissa Horsley

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For any enquiries and feedback, please write us at contactus@exceptionalaccounting.com or call us at (801)472-9089.

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