Reasons to Fire Your Dental Practice Accountant Today
The healthcare sector is growing day by day. So is the need for certified professional accountants. Certified professional accountants or CPAs are the most experienced and certified accountants who assist businesses in their accounting and taxation needs. If your dental practice has not yet hired a CPA and is facing a tough time with your current accountant, it is time to fire him now.
Just like all businesses, dental and medical practices require professional accounting assistance. But their accounting needs differ from that of the other businesses. Therefore, professional accountants need to study the local guidelines before advising medical clients. If your accountant is not adept at it, then you might reconsider your choice.
Here are some of the most valid reasons to fire your current accountant and hire a CPA expert.
- Your accountant is not asking for all account details
- Your accountant is not sharing proper information with you
- Your accountant is not preparing the best tax plans
- Your accounting system is outdated
Your accountant is not asking for all account details:
As a medical practitioner, you might not be familiar with the entire accounting process. But your accountant should have the relevant business and bank details to manage your business accounts professionally. Your accountant should be aware of your cash flows, purchases and losses to accurately record and report all transactions. If your accountant is not asking for all transactional details, there are chances that he might be making mistakes.
Your accountant needs to perform bank reconciliations at the end of each month to avoid any accounting mistakes. But if he is not getting enough information or is not checking bank statements correctly, you need to hire a new one. There are many CPA firms providing accounting services to dentists. If you need to avoid auditing and tax-related issues, you should hire a CPA expert.
Your accountant is not sharing proper information with you:
All professional accountants need to inform and update their clients on any changes. If you require a payroll report or a tax return slip, your accountant should share the details with you immediately. If he fails to do so, it means that he is missing something. This happens sometimes when you are not quite involved in the accounting procedures. But you should immediately take notice of such reporting delays.
Furthermore, if you hire a CPA expert, he will never ignore such details. CPAs are more concerned and professional in their course of the field. They perform all tasks adequately and flawlessly. There are very few chances of mistakes or accounting errors. Thus, you will not have to worry about your financial reports.
Your accountant is not preparing the best tax plans:
Although taxes need to be handled by tax experts, some accountants give their insights to prepare the most feasible tax strategies. If your accountant is not concerned about your tax situation, it means that he is not concerned about your business needs. All accountants should be familiar with the tax laws and update their clients on budgeting issues to prevent high taxes at the end of each year.
If your accountant is advising you to spend more to reduce the tax rate then you should reconsider doing the purchase. You should only make a heavy purchase at the end of each year if it is worth it. Some accountants provide short-term remedies to reduce taxes. However, in the long-run, the business will have to pay for the consequences. Thus, you should always strategically think before making any purchase or before implementing any new tax plans.
Your accounting system is outdated:
Accountants are fond of manually recording, comparing and compiling transactions. With time and technology, cloud-based accounting platforms have been introduced to help and facilitate the needs of small business owners. These virtual accounting programs are more feasible and affordable for most businesses and medical practices. Therefore, if you are paying a lot to your accountant, you should consider consulting a CPA firm providing desktop and virtual accounting services for dentists.
The reason why online CPA firms are the best choice is that because they have a team of experts that are equipped with the latest accounting programs. These online programs cut costs and meet the client's needs on time.
Thus, if your dental practice accountant is not sharing enough details and updating the accounting systems, then you should consult an online CPA expert.