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While artificial intelligence is in every sector and every industry nowadays - and is proving very useful in the majority of instances - for those in the dental industry, letting algorithms and chatbots take care of your practiceu2019s finances, isnu2019t always as beneficial as it might at first seem. <br>
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While artificial intelligence is in every sector and every industry nowadays - and is proving very useful in the majority of instances - for those in the dental industry, letting algorithms and chatbots take care of your practice’s finances, isn’t always as beneficial as it might at first seem. AI is incredibly useful, no doubt about it, but without access to your full financial circumstances, it can never be a replacement for dental accountants in Fort Lauderdale when it comes to managing your finances. What’s great and not-so-great about AI
Many of the AI tools available today are fast and readily accessible, and in terms of helping with general education or providing a base point for rudimentary research, it can be very useful. However, without access to your full financials, there’s simply no way it will ever be able to offer you as much insight and expert guidance as an accountant. From your goals as a dentist, and how your practice is structured, to your tolerance for risk, AI doesn’t understand any of these things, and will never have the foresight to tell you how a decision you make for your practice today, might impact it further down the line.
Let’s look at what AI can help dentists with regarding their finances; here are a few examples: • Learning general definitions • Exploring the benefits of certain tax strategies • Drafting questions to ask your accountant • Automating admin tasks of a repetitive nature Importantly, AI should never be viewed as an advisor, but more of a research assistant. Here are a few examples of how AI can get things badly wrong when it comes to your finances as a dentist:
Choosing the wrong entity for your practice, which could give you headaches at tax time • Suggesting a tax deduction that might work in theory, but which in fact doesn’t work when based upon your revenue, or which doesn’t fare well under audit scrutiny • Managing cashflow without access to information such as pending expansions, insurance contract alterations, or changes to staffing • Assessing the terms of a deal when buying or selling a dental practice, negotiating or making sure you’re building an appropriate legacy • Knowing which personal or business deductions you’re eligible for, and which you’re not
While using AI as a dental practitioner might well save you some money in the short term, it could end up costing you dearly in the long term. As your dental practice grows and evolves, and you face challenges unique to you and the industry, it will be impossible for AI to replace the role of an accountant for dentists.
AI won’t help you navigate your financial hurdles in the same way that a seasoned, experienced and knowledgeable accounting professional would, and as for those financial red flags, AI will likely be oblivious to them. So while using AI as a tool to assist you is something you certainly might benefit from, it’s important to recognise that nothing can compare to the wisdom and insight of a real accountant.
