Although keeping consistent and accurate financial records is integral to your optometry clinic’s finances, maintaining your fiscal accounts throughout the year can be challenging.
The continually changing accounting practices and never-ending stipulations to tax laws can even make the process seem even more confusing and overwhelming, especially when you are focused on patient care.
But there are expert accountants, like those at Caro & Associates, who can help. Just like there are experts in every field, accounting professionals are specifically trained to help you navigate the constantly shifting landscape of tax preparation and accounting.
There are many reasons to consider hiring a professional accountant to help with your optometry bookkeeping and maximize your clinic’s profits.
1. To mitigate the stress of an audit, or avoid one altogether
As a small business, an IRS auditor is the last person you want walking through the door of your clinic.
The best way to avoid the headache of an audit is to keep track of your books. Shoddy and inconsistent financial record practices are a trigger for audits, particularly when it comes to self-employed optometrists.
Public accountants can help avoid that headache with professional optometry accounting services that keep your clinic on the up-and-up year-round. Additionally, if you happen to be unfortunate enough to be audited, being in possession of professionally prepared financial statements will ensure the process is smooth and pain-free, allowing you to focus on your patients and not your financial records.
2. To ensure you are not missing out on possible deductions
As a business owner, you may stand to benefit from recent changes to tax laws for small businesses.
But if your bookkeeping is out of order, it’s hard to know the areas where you can save, and even harder to act on it. Missing out on transaction entries will affect your tax planning and keep you from taking advantage of possible deductibles.
Professional accountants can help you keep more accurate financial records because they are knowledgeable in the most current legislation regarding tax cuts and may be able to help you prepare your taxes to your benefit.
3. To save time
When tax season comes around, it’s usually all hands-on deck to scramble together the paperwork last-minute. This is a waste of valuable time for you and your employees.
Hiring a professional accountant to keep your taxes in order throughout the year makes filing simpler and allows you to concentrate on your work.
4. To develop a better picture of your financial standing
Keeping a good understanding of your cash flow as a small business owner is essential. Without a clear picture of your income and expenditures, you cannot know where you stand financially.
Keeping accurate financial records helps you monitor cash in and cash out by maintaining records of invoices, accounts receivable, and accounts payable.
By working with a professional bookkeeper, you ensure you have an accurate picture of your fiscal health.
5. To aid in planning for the future
Another advantage of up-to-date financial records is the ability to adjust your business spending in order to increase profit, expand or reduce variable costs.
With professional bookkeeping services, you can make informed decisions for the future of your clinic based on its actual financial standing.
Professional accounting services for optometry practices are an invaluable asset to your practice. They ensure the continued financial success of your clinic and allow you to concentrate on providing the care your patients expect.
One of your largest assets as a small business is your inventory. Unfortunately, when it comes to storing obsolete inventory, it can also be one of your biggest liabilities, taking up valuable room in your warehouse and continually losing value the longer it sits.
Taking the plunge into owning your own business, no matter what field you’re in is always a risk. When it comes to opening your own optometry practice, there are many factors you should consider and trends you should examine before you do.
If you want to know which areas of your optometry practice to improve, you first need to look at the key metrics of the areas of your practice that mean the most to you.