Dental practice owners constantly go between maintaining quality patient relationships and managing their practice's financial and regulatory activities. Taking care of patients and business simultaneously while nurturing all the appropriate relationships comes with its challenges.
BDO's experience and knowledge base is built on strong relationships with dental professionals. We service over 1000 clients Canada wide. The support we give to dental clients encompasses all necessary parts of running that practice. In lieu of our client's success being top of mind, we wanted to share the top five challenge areas they come across in their financial activities and how to consider approaching them.
1. Professional services
It's important to employ a proactive approach to managing operational and financial activities that cover your practice, taxes, transition planning, and wealth management. This sets the foundation to properly execute plans and achieve goals.
2. Practice management
Planning to keep your practice on a successful path is essential. Preparing practice plans, considering organizational structure based on specific goals, and pairing that with a yearly review ensures everything is on track.
3. Tax planning
Staying on top of personal and corporate taxes and managing any overlap is the root of building effective strategies to minimize tax burden.
4. Long term planning
It's also important to leverage professional advice on setting long-term financial goals, establishing specific targets, and prioritizing financial activities. From launching, to growing, to selling your practice, it's helpful to have support at every point in the cycle.
5. Financial management
With the appropriate guidance, you can develop and execute wealth management and investment strategies for your practice. Moreover, you can monitor your financial progress, review cash flow, and keep track of insurance, will, and estate plans.