As a dental practice owner, your relationship with your business advisor or CPA should extend far beyond basic tax preparation. In today’s rapidly evolving dental industry, you need an advisor to partner with who understands the unique challenges and opportunities facing your practice. Here are ten essential questions to help you evaluate whether your current CPA is truly serving your practice’s needs.
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How Do You Provide Real-Time Access to My Financial Data?
Modern dental practices need immediate access to their financial information to make informed decisions. Your CPA should offer secure, cloud-based solutions like QuickBooks Online that allow you to view your practice’s financial health at any time. Ask about their technology platform, how you can access your data, and what real-time metrics are available to you.
Understanding the features and limitations of your financial data access is crucial. If you’re using outdated systems or waiting weeks for basic financial reports, you might be missing opportunities to optimize your practice’s performance.
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What Experience Do You Have with Dental-Specific Metrics?
Dental practices have unique key performance indicators (KPIs) that require specialized knowledge. Your CPA should understand not only your metrics, but they should be able to explain how these metrics impact your practice’s profitability and growth potential. Additionally, your CPA should be able to help you with tax strategies and advice that will help you develop and meet your growth goals for your practice.
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How Quickly Can I Expect Responses to My Questions?
In today’s fast-paced business environment, waiting days or weeks for answers to financial questions isn’t just frustrating – it’s potentially harmful to your practice. Ask about their standard response times for both routine and urgent matters, and what systems they have in place to ensure timely communication.
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What Tax Planning Strategies Do You Recommend Specifically for Dental Practices?
Tax planning shouldn’t be a once-a-year event. Your CPA should provide proactive guidance on tax strategies specific to dental practices, including equipment purchases, retirement planning, and practice expansion opportunities. They should be able to explain recent tax law changes and their impact on your practice.
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How Do You Help Practices Plan for Growth?
Whether you’re considering adding associates or other team members, expanding your location, or investing in new technology, your CPA should serve as a strategic advisor. Ask how they help practices evaluate and plan for growth opportunities, including cash flow projections and evaluating financing options.
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How Does Your Technology Approach Streamline My Accounting Processes?
Your CPA firm should leverage modern technology to minimize your administrative burden. Ask if they use cloud-based platforms like QuickBooks Online and how they access your financial data. A forward-thinking firm will maintain secure access to your payroll, banking, and credit card accounts, eliminating the need for you to manually gather and send statements. This behind-the-scenes approach allows them to handle your accounting seamlessly with minimal time investment from you or your team, letting you focus on patient care rather than paperwork.
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How Do You Help Practices Improve Their Financial Efficiency?
Look for a CPA who actively helps identify areas for improvement in your practice’s financial operations. They should regularly review your overhead percentages, suggest process improvements, and help you benchmark against industry standards.
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What Regular Planning Meetings Do You Schedule with Your Clients?
Regular strategic planning meetings are essential for maintaining your practice’s health and mapping its future growth. Your CPA should proactively schedule these meetings rather than waiting for you to request them. Ask about the frequency of these sessions and what topics they typically cover—from financial performance reviews to tax planning, cash flow projections, compensation strategies, staffing considerations, equipment investments, and other business decisions. A true financial partner initiates these conversations and comes prepared with insights specific to your practice’s goals.
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How Do You Stay Current with Dental Industry Trends?
Your CPA should be well-versed in dental industry trends and challenges. Ask about their involvement in dental associations, continuing education specific to the dental industry, and how they share relevant updates with their clients.
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What Additional Advisory Services Do You Offer?
Beyond traditional accounting services, your CPA should offer strategic guidance in areas like practice valuations, succession planning, and operational efficiency. Understanding the full scope of available services helps you maximize the value of your financial partnership.
Taking the Next Step
Armed with these questions, you can better evaluate whether your current CPA relationship is helping your practice thrive. A strong financial partner should provide clear, confident answers that demonstrate their commitment to your practice’s success.
Ready to experience a different level of dental practice partnership? Contact our dental advisory team to discuss how Rea can help your practice achieve its full potential.
