Baton Rouge LA Dentist | Why a CPA Is Your Most Valuable Asset

Your business is important, and you are at the heart of it as a CEO. If you own a business, or are one of several owners in a partnership-based business, you should be placing a high priority on making sure your business is successful. That means looking for ways to grow revenue, trim overhead, maximize business deductions, and minimize your tax liability. A CPA can help your business achieve all these goals. Here’s how.

They’re Specialists

A CPA is more than just a generic accountant. CPAs work with business owners like you to improve business frequently. This means that they have specialized knowledge that other accountants lack. CPAs should have an insider’s grasp of your industry, including expenses, trends, and the best ways to lower a practice’s tax burden. They also understand what new equipment is delivering the best return on investment, and how to save money every year from the depreciation of assets unique to the dentistry field.

They Can Analyze Your Firm’s Financial Health

The benefits of having a CPA go far beyond just getting an advantageous grip on your business’s taxes, though. They can also apply their financial acumen to your overall business model. An experienced CPA will be able to look at a business’s financial reports and determine how it can reduce its expenses and increase profits. They’re trained to recognize financial oversights and areas of inefficiency specific to the industry.

Given just a few months to carefully analyze your business finances, a CPA will be able to make insightful, actionable suggestions that make an immediate difference.

Industry Benchmarks

Benchmarking is the practice of comparing a business’s performance metrics with both competitors and the highest standards in the industry. While a business in Ohio may have no idea how their business compares with firms in California, Texas, or New York, a good CPA does. They’re thoroughly versed in the industry’s key performance indicators (KPIs). These include metrics like client loads, profit margins, and the percentage of active clients.

Some business leaders that are primarily focused on their customers and the day to day aspects of their profession may have never even considered evaluating their business in these ways. But benchmarks and KPIs are powerful ways to frame and understand your business. CPAs can leverage those tools better than anyone. Our office offers you expert guidance on all of these financial strategies and more. Contact us today and learn more about the many ways a CPA can help you.