Was That Meeting with Your Accountant a Waste of Time?by Dr. Ron Arndt
Not if it’s done effectively. Let me coach you how in three simple steps…
- Meet face to face with your accountant at regular intervals – quarterly, for example. This is not the place to be a cheapskate. This saves you the big bucks in the long run. If you want to operate a successful dental practice, this is a must. At these meetings, discuss financial statements, taxes and other concerns you have. Remember to notify your accountant if you’ve done things like expanded staff or purchased new equipment.
- Personalize your statements. Stipulate to your accountant that you want your financial information in an organized format, not alphabetical “generic” account listings. If your accountant is giving you statements that are simply in alphabetical order, RUN, don’t walk as this is an indication of the likelihood you will receive useless information in making solid business decisions.
- Ask that your accountant go the extra mile with your data. You want your accountant to compare your financial data to the previous year, as well as industry averages. With this information, you can make decisions like a real CEO.