Gaining a client is always good. Adding a client from a new industry is even better. It allows you to increase your experience, and develop inroads into a new network of professionals. As is the case with most good things, finding clients in new industries requires more work. Because you don’t have connections, you generally have to convince businesses that they need your services. This is especially true when it comes to dental practices.
Though most people don’t like the act of going to the dentist, we all appreciate them. They help us to
get the smile we dream of, and they make nagging pains go away. As such, they get lots of business. Patients are filing in out of their practices constantly, often paying high prices for difficult services and procedures.
This usually means two things.
1) Dentists have complicated books. Between insurance premiums and coverages and patient payment plans, it’s often challenging to track the flow of money.
2) Dentists are so busy and specialized that they don’t have time to deal with bookkeeping. This means that dentists need you; however, they may not acknowledge or realize this without some prodding.
Three Ways to Gain a Dental Practice Client
Selling your services to a prospective client is never easy. In fact, it’s often pretty awkward and uncomfortable. However, you’ll feel more confident and prepared when you use the following tips:
1. Discuss Common Tax Return Errors
One of the more effective ways to get a prospective client’s attention is to talk about
money they’re losing. Rattle off some possible accounting mistakes that they could be making, and see if any light bulbs turn on in their head. For example, it’s possible that the practice isn’t closing the books each month (which leads to improper charges in future periods). Or, maybe, the practice is making a habit of recording customer payments as deposits without ever knowing it.
There are literally hundreds of different mistakes that could go unnoticed and, ultimately, cost the practice thousands of dollars per quarter. Never accuse the practice of making these errors – and don’t make them feel inadequate or stupid – but do point out that honest mistakes like these are common.
2. Mention Aggressive Deductions
Business owners often don’t understand which deductions are good and which ones send red flags to the IRS. As a result, it wouldn’t be uncommon for a dental practice to own a vehicle and deduct 100 percent of the related expenses (insurance, gas, maintenance, depreciation, and taxes). If this happens, though, CPA
Trey Whitt points out that “tax rules require a chargeback to the practice owner for the personal usage of that vehicle.” The IRS knows that this rarely happens and may target the practice for an assessment.
Simply mentioning things like this to a prospective client can open their eyes to mistakes that they may be making without realizing it.
3. Talk About Dental-Specific Tax Rules
Dental practices may not know that there are specific rules that may apply to them. Most of them are designed to help practices succeed. For example, many dentists assume that the cost of equipment is deductible over seven years, when, in fact, it’s deductible over five years. Throw a few of these facts out there, and see if you can’t help the practice understand more of the intricacies surrounding tax rules.
Be on the Lookout for New Clients
Using these tips, you can increase your chances of gaining a dental client, and increase your network. While the practices you reach out to may not hire you on the spot, you’ll have provided them with some food for thought and will certainly be on the top of their mind when they eventually come around and decide to hire an accountant. Be diligent with your client acquisition strategies, and you’ll soon reap the rewards.