As we sit here in the middle of the Coronavirus pandemic, it is more clear than ever that small business entrepreneurs need their accountant to do more than the standard transactional or compliance-based services. Faced with months of economic uncertainty, small businesses need their accounting professional to be a trusted financial consultant, providing the strategic advisory that will help them not only survive today’s unprecedented challenges, but to succeed in the years to come. This is especially true in the dental care sector, which has been significantly impacted by COVID-19.
In order to answer this demand for high-quality financial consulting, accountants must provide Client Accounting Services (CAS) in the most effective and efficient manner possible. The good news is that over the past 12+ years developing accounting technology, working directly with thousands of small business owners, and opening up our automation platform to provide leverage for CPAs who empower entrepreneurs in specific industries, we’ve discovered a few necessary prerequisites for a massively successful CAS department, namely that CPA firms:
Place the primary focus of client services on providing clients with small business financial consultation.
Ensure that their accounting professionals providing this consultation have industry-specific expertise.
Invest in researching and implementing the right technology to increase the efficiency of their team, ultimately freeing time to focus on point number one above. (We’re not alone in this: according to CPA Practice Advisor, accounting professionals must elevate their technology and automate ‘low or no value’ steps to improve the client experience.)
Use standardized processes across all clients in the industry including chart of accounts and transaction coding rules.
Provide clients with unique, industry-specific financial reporting and metrics using their knowledge of industry benchmarks and the collective data from other clients in the industry.
As we began to engage with the CPA industry, looking for firms who embraced the above or were interested in doing so, we found that many excellent Dental CPA firms were leading the charge in implementing these approaches.
Working side-by-side with a half dozen of these forward-thinking firms, we developed automation to augment their bookkeeping processes, saving them hundreds of hours per month. Using the phenomenal reports and spreadsheets they were already providing their clients, we added a white labeled Dental Dashboard to our Ceterus Edge web and mobile reporting applications.
The product is now complete, the service has been proven, many firms are getting value from the automation, and nearly 1,000 dental offices across the U.S. are benefiting from the reporting.
We are excited to officially launch Ceterus for Dental CPAs today July 30th, 2020!
Our mission at Ceterus has always been to empower entrepreneurs. This new product comes at a time when dentalpreneurs, and the CPAs who serve them, need efficient and effective tools to grow, strategize, and increase their margins. In addition to their industry expertise, Dental CPAs now have the right technology, standardized processes, and industry-specific financial reporting to provide valuable financial consulting that will empower their dentistry clients no matter the economic landscape.
If you are a CPA, accountant, or bookkeeper with a focus on serving the dental industry, please reach out to learn more about how we can empower your dental clients together!