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A service for dental industry researchers · Saturday, December 5, 2020 · 532,121,999 Articles · 3+ Million Readers

Accounting Technology Firm Ceterus Releases COVID-19 Dental Financial Impact Study

This industry report offers high-level financial insights to help dental practices and their CPA firms better plan for the future

/EIN News/ -- Charleston, SC, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Accounting technology company Ceterus announces a comprehensive look into the financial implications of COVID-19 on dental practices with the release of their COVID-19 Dental Impact Study. The in-depth report offers a high-level view of financial performance in the dental industry and provides data-backed insights to help dental practices and their CPA firms better plan for the future.

The study was conducted in partnership with dental CPA firms who leverage Ceterus’ whitelabled Dental CPA dashboard, an automated accounting and benchmarked reporting solution built specifically for CPA firms serving dentistry clients. Ceterus’ dental CPA partners provide accounting services to over 1,000 dental practices across the U.S., offering a compelling snapshot into the industry at-large. For this particular report, Ceterus analyzed anonymized accounting data from a group of these practices for the first six months of 2019 and 2020, revealing differences in key areas such as Net Operating Income, Collections, Cash Flow, Government Assistance, and Expenses. The insights uncovered will better equip dental practices and their CPA firms to close out Q4 2020 and prepare for the future.

Among other key findings, the COVID-19 Dental Study shows that the majority of practices surveyed experienced a staggering 90% decrease in net operating income in April and May during the height of lockdowns. 74% of dental practices surveyed participated in a government emergency loan program of some kind. These loans caused a surge in ending cash-on-hand, with many practices nearly doubling their year-over-year cash balances in June 2020 compared to June 2019.

Between unexpected losses in revenue and profitability due to shutdowns and significant cash flow adjustments provided by emergency loans, dental practices will have to navigate complex financial reporting and decision-making in the months and years to come. This unique industry study reinforces the need for accurate, automated accounting, high-quality financial data, and relationships with CPA firms who can provide trusted financial consultation. 

“We are proud to have incredible dental CPA partners and access to high-quality industry data that helps these firms better serve their clients,” says Ceterus CEO Levi Morehouse. “This study revealed that the dental practices who weathered COVID-19 surprisingly were those who have an industry-specific accountant who serves as their financial consultant. With data-backed advisory from their CPAs, these practices were better able to obtain relief, manage budgets, and make smart decisions based on industry benchmarks.” 

The newly-released COVID-19 Dental Financial Impact Study further solidifies Ceterus’ commitment to being the partner of choice for industry-focused CPA firms looking to scale their client accounting services and better serve their clients — in times of crisis and beyond. 

About Ceterus: Ceterus is an automated accounting and benchmarked reporting solution built to empower franchisees, small business entrepreneurs, and industry-focused CPA firms. Founded in 2008 and headquartered in Charleston, SC, Ceterus takes an innovative approach to accounting using technology backed by professionals to provide time-saving and insightful solutions.  For more information, visit http://www.ceterus.com

 

Quick Links:

  • How can Ceterus help your small business or CPA firm? Find out HERE.
  • Interested in the latest accounting automation news from Ceterus? Check out recent insights HERE

 

William Worthy
                    Ceterus
                    (800) 571-6119
                    williamw@ceterus.com
                    
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