At WE Team, we work together to do what WE do best so you are able to do what you do best.
Our mission is to support private medical and dental practices by managing your practice’s tax, financial, and accounting functions so that you can focus on your patients and your teams.
Our vision is to be an ongoing and integral part of your practice as an outsourced tax and finance team member, to lead regularly scheduled discussions of your financial performance, to assist with translating complex information into critical knowledge, to anticipate and create business opportunities, and to create pathways that transform vision into reality. WE Team believes that being regularly included in your business’s accounting and finance discussions will contribute to the health and growth of your practice, and lead to informed decision making for both short- and long-term planning.
Now featured in print in The New Dentist’s Playbook.
WE Team Services
Tax Preparation
Benjamin Franklin said, “Nothing is certain but death and taxes.” WE believe that even though they are certain, taxes should not be scary. WE like to focus on education as much as compliance, so that you understand your returns and the tax law that drives them. WE Team provides tax preparation services for private practices and their owners that balance optimizing tax strategy and reflecting practice performance. Plus, by preparing both the business and individual returns, you get a holistic financial picture.
tax planning
A tax return reflects the prior year’s activity. Once the year is over, there is little WE can do to affect income or deductions. WE Team believes in proactive tax planning once or twice per year in order to forecast income, deductions, and tax liability. Tax planning helps practice owners prepare for the cash flow needed to pay taxes, and thus reduces surprises or uncertainty. More than that, tax planning offers strategies to minimize both the short- and long-term tax liabilities of a practice to align with practice and individual goals.
cash flow analysis
Cash flow is the biggest indicator of a business’ success and financial stability. WE believe that “Cash is King.” Cash flow analyses typically are common in lending scenarios to determine the amount of money available to pay you (as practice owner) and your taxes after first paying all ordinary expenses and debt obligations in the pratice. Cash flow analyses are also integral to feasibility studies to evaluate the ROI on proposed expansions, M&A transactions, or large equipment purchases.
bookkeeping
Debits. Credits. Assets. Liabilities. Equity. Accounting has a language unique to itself. That (along with the piles of receipts, payroll reconciliations, and complicated documentation policies) makes it easy to push bookkeeping responsibilities to the bottom of the priority list. Yet good bookkeeping can help to not only report prior period financial results but also to inform future planning and decision making. WE Team leverages automated, cloud-based software—like QuickBooks Online and Xero—to minimize manual accounting work and to make financial data available on a close to real-time basis. WE then use the financials to help practices with benchmarking, dashboarding, and other performance reviews.
practice transitions
Whether buying or selling a practice, adding an associate, or growing a partnership, practice transitions are major milestones, both in the practice and in the doctors’ life. While this can be a stressful process, WE believe that it can be smoother with professionals supporting you through it. WE partner with you as you walk through this process to help you consider the various aspects of the transaction—taxes, cash flow, compensation, HR, insurance, financing, legal contracts, and more.
practice management consulting
WE understand that financial performance does not start with your tax return. It starts in your offices, and with your teams. Patient care, scheduling, procurement, risk management, insurance contracting—all these things can affect financial performance. WE can help you evaluate current policies and procedures, train and engage your team, review production reports, and benchmark your practice with others of a similar size.
Taxes are tough. WE are here to help.
Use the form below to contact us regarding your medical or dental tax inquiry. Please be as detailed as possible. Include your industry and practice. To help us best service your inquiry, we recommend that you describe your practices immediate needs.