Dental Service Line
Whether a general practitioner or a dental specialist, the rules of the game continue to change rapidly when managing your practice. As the business world evolves in a speed parallel to the ever dynamic realm of technology, the practice owner seeks timely and accurate information to make informed management decisions. Those decisions must be based upon accurate financial data, coupled with practice and dental industry specific knowledge. This is where WSW Dental CPAs supports clients in the success of their practice.
Why a dental-specific CPA? For one simple reason: industry-specific knowledge. Although the CPA profession speaks the language of business, you need someone who knows the dialect of dentistry.
From understanding how patient flow creates cash flow to managing hygiene to protect profitability, or creating a network of referrals for specialists, a CPA having dental industry specific experience can teach you solid business principles to ensure your practice maintains a competitive edge.
Our approach to keeping your financial records is based upon attributes of the dental profession, not the generic nature of businesses in general. Thus, we provide financial statements reflecting the costs incurred to generate patient revenue. Our tax planning is structured to “prevent” surprises in meeting your tax obligations while ensuring cash flow specific to the practice remains steady. Again, connecting accounting knowledge with dental industry specific information, sets WSW Dental CPAs apart.
Our client service model is simple: support the client in completion of their accounting tasks by leveraging the technology. We utilize QuickBooks accounting software reflecting general ledger accounts specific to the needs of the client. By utilizing the ability to electronically download transactions from bank and credit card accounts, the efficiency of the process is increased significantly. The flowchart below outlines the roles of the client and WSW.
Tax return preparation: The tax return preparation process is founded upon the active tax planning throughout the calendar year by WSW. The client is to provide the necessary documents and information relevant to year end while WSW completes the return preparation in accordance with current tax law. The return process also allows for additional communications between the client and WSW on forward looking tax strategies for the following tax year.
We also provide:
- Bill-pay services
- Financial planning
- Depreciation schedules maintained
- Assistance in establishing retirement plans specific for your practice
- Property tax return (Tax B) preparation
- Sales tax return preparation
- Staff incentive compensation packages developed
- Provide assistance in obtaining bank (re)financing
- Practice budget development
- Annual reports filed
- Preparation for workers' compensation audits
- Preparation of annual retirement plan census reports
- Form 1099s completed and filed
- Dentist compensation structuring and analysis
- Preparation of practices for future transitions
Client Acceptance Process:
Prior to WSW Dental CPAs accepting a new client, the dental services engagement team will communicate with the client on several topics to best understand their existing needs, desired outcome in a professional relationship with WSW, and personal financial goals. The purpose of this process is to create long term successful relationship between both the client and the firm. Ensuring a “win-win” scenario can be created is in the best interest of all parties.
WSW would welcome the opportunity to serve you, your family, and your practice.