What is the Difference Between a Dental Accountant and a Standard Accountant?
The dental industry is constantly changing so it’s important to work with an accountant who knows how this change affects the dental business. A standard accountant provides services such as filing your taxes and understanding financial statements. Whilst a dental accountant will perform these same essential tasks, they are also the ideal solution for dental professionals who need more than just someone to file their taxes each year.
Dental accountants train specifically in dental-related fields. They can help with a variety of industry-specific problems and tasks. This can include dental practice valuation to business planning and exit strategies. A dental accountant will also specialize in dental software, allowing them to provide services for specialised financial management software. A dental accountant will have a far better understanding of what your practice needs. Discover more benefits below.
Top 5 Benefits of Using a Dental Accountant
Dedicated Time Spent Learning the Industry
The Dental Industry is notably unique. As such, it requires accounting services that are specific and detailed. To become a standard accountant the process is fairly simple. A college-level qualification is all it takes to provide accountancy services to anyone. To enhance your skills further, you could pursue accreditation by the Institute of Chartered Accountants in England and Wales (ICAEW). This endorsement gives an accountant credibility and professionalism to provide trusted services.
However, a chartered accountant can also choose to specialise in their services. For an industry like dentistry, this is particularly essential. The business approach and financial management can differ greatly from typical business structures. A specialist dental accountant would have spent considerable time learning the industry as well as the needs and desires of practices in the UK. This gives them the relevant knowledge and experience to offer you a completely comprehensive service.
They Have All of the Answers to your Questions
What makes dental accountants unique is their detailed understanding of this industry. They are specifically trained to focus on dental industry trends and issues. The dental accountant’s knowledge of the dental field differentiates them from standard accountants.
A dental accountant knows which dental software is best suited for your dental practice needs. They can guide you through the acquisition or sale of dental practices. They are also familiar with dental compliance issues, dental business planning and can provide you with great dental marketing strategies. Any question you could have in relation to the running of your business can be answered by a professional dental accountant.
Stay Ahead of a Constantly Changing Industry
As dental practices are constantly changing, dental accountants are consistently evolving to be knowledgeable of dental industry trends and changes. Dental accountants will never be caught off guard by new developments in dental legislation, unlike a standard accountant who may not be aware of industry-specific rules or regulations. A dental accountant can always give you up-to-date practical advice on how to improve your dental practice.
They Build Contacts and Information from the Dental Industry
For many dental professionals, your priority lies in being able to provide a professional dental service to patients. This means more time and energy is spent on refining your skills to perform a perfectly executed procedure. After all this, there’s not much time to be spent on building contacts for essential business transactions. This is where your dental accountant can step in. They have the time and patience to build a network of contacts surrounding your practice.
This offers you better opportunities for business development and growth. A standard accountant can only provide so much without niche understanding, a specialist offers a wide scope of expertise to ensure all your accounting needs are met.
Peace of Mind
Overall, it’s apparent that a dental accountant will devote significant time and attention to your practice. Whilst typical accountants are able to take care of the usual tasks like bookkeeping and taxes, a specialist Dental Accountant can elevate your business to new heights. They will have experience in specific tax planning for your practice, NHS contracts and relationships and valuation of dental practices.
Working alongside an expert with essential experience for optimizing your business will offer you a far superior service. Standard accountants can only take you so far. You will have to spend more time teaching them how your business works than them showing you what your business needs. For a productive and simple approach to accounting, specialist dental accountants are your perfect option.
Are There Any Limitations?
Dental accounting is still a growing profession which means that not all dental accountants provide a full scope of the necessary services. Whilst many can provide niche bookkeeping services compared to standard accountants, there are differences in the level of expertise each dental accountant has. When getting to know a specialist accountant, understand their expertise. Find out what services they offer and try to find an individual or company who has plenty of experience providing a wide scope of dental accounting services.
As dental accounting is still a growing industry there are many dental accountants that are not entirely dental-specific. Ensure your dental accountant can meet all your needs, otherwise, they are not worth investing your time and money in.
Where Can I Find a Professional Dental Accountant?
The Specialist Chartered Accountants who are associated with Staffer Mayled are qualified, experienced experts in the field of Dental Accounting.
Staffer Mayled are an accountancy firm based in Cardiff, Wales. They offer a unique set of expertise that can help your dental practice to thrive. Their services are bespoke to each individual client. You will never just receive a standard package. Staffer Mayled are dedicated to working alongside you to break down your business structure and analyse how you could optimise and rebuild your strategy.
See how specialist dental accounting can benefit your dental practice by visiting Staffer Mayled today!
Shirley Mist has been involved in fashion and design for many years. She has also written extensively for many online publications. She currently writes for The Tribune World and is a valued member of our team.