Tax Strategy vs. Business Strategy

When people hire an accountant, they tend to think about one of two things—tax or accounting\bookkeeping. But there’s a lot more to accounting than just those.

Here at Shift Accounting, we always get put into the accounting and bookkeeping box, but we do so much more than that. So, we thought we’d take a look at the differences between tax and business strategy and give you a little bit of insight into what we do. 

Tax versus business strategy

If you’re talking with your accountant about your tax strategy, the conversation is going to be incredibly different than one about your business strategy. Your tax accountant will talk to you about things like your small business deduction limit, your active income vs. passive income and tax changes. 

While tax planning is incredibly important when it comes to your business, having the right plan can save you a lot of money; a business strategy is equally as important. It dictates how you run your business optimally, the best tools for you to use, and things like cash flow, key performance indicators, and your overall financial and business goals.

If you want to run a successful clinic, you’ll want to make sure you take both business and tax strategies into consideration. If your accountant is focusing solely on your tax strategy, they’re likely doing your business a disservice.

What is a business strategy (and why do you need it)?

Your clinic’s business strategy looks beyond your day-to-day activities and helps to both evaluate and plan your clinic’s current ongoings and future.

We look into your practice to ensure your numbers make sense, and that you have the best strategies and practices in place. We help make sure your business is not only running optimally and efficient but is also profitable. Not only that, but we help to ensure that you are on track to meet your goals, but when you’re not we help you to identify why.  

Business strategy is focused on your future. If you’re a dentist or healthcare provider who wants to makes waves and level up your practice, then a business strategy is for you.  

Ready to kick your business into gear?

Some accountants have the skillset to do both tax and business strategy, but here at Shift Accounting, our goal is to focus on your day-to-day financial management and your overall business strategy.

We specialize in working with dentists and medical professionals to ensure that their clinics run optimally, are using the right tools and are hitting their goals. If you’re ready to set your business up for success, then ask us how our Management package can help you and your clinic reach your goals and scale your business, book a meeting with us today!

Post by Tae Haahr

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