March 6, 2019

Is Your Non-Dental CPA Hurting Your Practice? Purchasing New Technology

Are you considering an upgrade to a CEREC, Galileos, or maybe even Waterlase Iplus or Solea Laser?  This new technology will boost revenue, but does your CPA understand that?  If you are in the habit of asking your CPA for the green-light when purchasing new technology, have you ever considered the harm it may be doing?

Traditional CPAs

Assets, liabilities, and your balance sheet.  Sales – Expenses = Profit.  Thanks, traditional accounting.  If your accountant doesn’t understand dentistry or how a dental practice operates, they could be telling you to “wait” or “hold-off” when, in fact, it may be more opportune to do the opposite.

Opportunity Cost

Waiting to upgrade equipment could cost you precious revenue and increased production.  It’s important to remember that your CPA is not intending to hurt your business.  They simply are not a dental business coach/advisor.  By having a dental CPA and business advisor in your corner, you get more than just financial data.  Engage Advisors’ industry experience allows our clients to make informed and profitable decisions.

You Want More

We work with dentists all over the country, many of whom seek us out because they want more than a summation of their financial and tax situation from their CPA.  They want a business coach and advisor who can assist them in all areas of their practice.  Your CPA should be one of the first advisors to consider when you set out on your own.  A quality dental CPA can help you build your advisory team by referring you to other dental specific experts such as banking relationships, attorneys, and financial planners.

Don’t expect to hire a team of people that agree with you all of the time.  Having an advisor challenge you while also welcoming push-back from you is crucial to achieving maximum profitability.

Have you taken our free webinar yet?  Learn how to Become a Profit Maximizer today!

As always, if you have questions or want to discuss your specific financial situation, you can chat with us anytime on our homepage.