From First Job to Practice Ownership:
How Edwards & Associates Became a Trusted Advisor
Introduction
For many dentists, the transition from employee to practice owner happens quickly, and with it comes a steep learning curve. Financial decisions, vendor relationships, and operational responsibilities all come into play at once, often before a new dentist has had time to fully understand the business side of the profession.
When Dr. Jason Ashcroft began his career, he and his wife, Elda, initially sought out Edwards & Associates for basic tax support based on a referral. Within months, that relationship evolved into something much more. As they moved from being employed by others to building their own practices, Pediatric Dentistry of Northlake and Pediatric Dentistry of Haslet, Edwards & Associates became a constant presence, guiding decisions, providing clarity, and acting as a trusted partner in nearly every aspect of the business.
Today, more than a decade later, that relationship continues to play a central role in the success and stability of their practice.
The Challenge
When Dr. Ashcroft began his first job out of dental school, the need for a CPA was relatively straightforward. “At the beginning, it was just simple tax preparation,” Elda explains. “But once he started working in the real world with expenses and income, we knew we needed someone who could help us think through things.”
That need quickly expanded. Within six months of starting his first position, Dr. Ashcroft made the decision to open his own practice, accelerating the timeline for major financial and operational decisions.
“We went from basic tax questions to opening a practice very quickly,” Elda says. “At that point, we needed more than an accountant. We needed someone who could guide us through the entire process.”
The Solution
Edwards & Associates stepped in as more than a tax provider, becoming deeply involved in the practice’s formation and growth.
“They helped with everything,” Elda says. “From finding the right lender and reviewing interest rates to recommending contractors and evaluating bids. Robert was involved in every step.”
That level of involvement gave the Ashcrofts confidence in decisions that would have otherwise been difficult to navigate alone. “He didn’t just look at numbers; he helped us understand whether the deals we were being offered actually made sense.”
As the practice grew, the relationship continued to expand. Today, Edwards & Associates supports the Ashcrofts with tax planning, financial reporting, and ongoing advisory services. But just as importantly, they serve as a first call for nearly any business decision.
“Honestly, if I have a question about employees, equipment, finances, anything, I go to Robert,” Elda explains. “Even recently, I needed to know what we should sell a piece of equipment for. He did the research and told me exactly what to expect.”
That support has extended beyond day-to-day decisions. When the Ashcrofts decided to sell the Northlake office, Edwards & Associates helped them evaluate options, understand the financial implications, and navigate the process. “Robert was instrumental in helping us work through the sale,” Elda says. “Having someone who understood our practice and our goals made a huge difference.”
Rather than simply presenting options, the firm provides clear direction. “I usually go to them with A, B, and C and ask what we should do,” she says. “And then I follow their recommendation. I’d rather ask first than fix something later.”
That responsiveness and reliability have been consistent over time. “Most of the time, they get back to us very quickly. And if they don’t have an answer right away, they find it.”
The Results
With Edwards & Associates handling the financial and strategic side of the business, the Ashcrofts have been able to focus on running Pediatric Dentistry of Northlake and Pediatric Dentistry of Haslet with confidence.
“I honestly don’t know what we would do without them,” Elda says. “They know our practice inside and out. Every detail.”
That familiarity has made a noticeable difference compared to other experiences she’s seen. “I’ve seen how other practices work with their CPAs, and it’s very different. Things that feel complicated to others are simple with Edwards & Associates.”
The relationship has also brought a level of consistency and trust that is rare. “If I’m not happy with a service provider, I move on. But this is the longest relationship we’ve had when it comes to the practice, and I don’t see that changing.”
Following the successful sale of Pediatric Dentistry of Northlake, Edwards & Associates continues to play a central role as the Ashcrofts focus on the continued growth of Pediatric Dentistry of Haslet.
Testimonial
“I honestly don’t know what we would do without Edwards & Associates. They’re involved in everything we do, and they always have the answers or they find them. They know our practice so well, and I trust them completely. I would never switch.”
Elda Ashcroft, Owner
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Have Questions?
Contact us at info@eandassociates.com or call us at (972) 267 9191 to schedule a consultation!
When Should I Start Thinking About Implementing a 401k Plan?
As soon as possible! The founder of our firm, Mr. Robert Edwards gets these questions all the time and he always answers them the same way: “I’m always encouraging our clients to save for retirement even when they starting their dental practice. Remember, if you do not put money away, you are more likely to spend it! You only stand to benefit by funding a retirement plan in the early years of your practice because you don’t have any other eligible employees.”
Are Dental Services Subject to Sales Tax?
It is important to remember that dental services and appliances are exempt from sale and use tax in most cases. However, the sales of non-prescription toothpaste and toothbrushes can be subject to sales and use tax.
If you decide to sell non-prescription items to your patients, the first step is to apply for a Sales and Use Tax Permit. You can apply for a permit online using Webfile. The Sales and Use Tax permit also allows you to be exempt from paying sales tax on any items that you purchase for resale.
Next, you need to set up your dental software to track taxable transactions to allow for accurate record keeping. Contact your software help desk for helping in creating the necessary monthly taxable activity reports.
If you are required to collect sales tax on nonexempt transactions such as toothbrushes and toothpaste, your reporting and remittance schedule depends upon how much sales tax you are collecting within a monthly, quarterly, or yearly time frame. You are required to file a Texas Sales and Use Tax Return (Form 01-117) and submit the collected tax based on the collection levels below:
- You must file Monthly if you collect $500 or more tax in a month.
- You must file Quarterly if you collect <$500 per month or <$1500 per quarter.
- If you collect less than $1,000 in tax per year, then you need only file one per year. However, if you are collecting close to this level of tax then a quarterly filing pattern is a safer option.
The Texas Comptroller allows multiple methods for reporting and payment including paper filing and Webfile.
Are Dental Practice Management Consultants Worth the Investment?
If you own a dental practice, you know that it’s a job that requires you to juggle many responsibilities. The reality is that not everybody is cut out to juggle everything required to run a dental practice, while also being a good dentist. And even if you are one of the few dentists that can “do it all”, how do you give it the time it deserves while also seeing patients and perfecting your craft?
Unless you’re prepared to hire an in-house team to run your business, you’ll have to look elsewhere for guidance and support. A great place to start is with a dental practice management consultant. A dental consultant helps dentists improve their practice by providing advice, training, and expertise.
This includes, but is not limited to:
- Coaching Your Team
- Building Patient Relationships
- Identifying Behavioral Styles
- Team Building
- Partnerships that Thrive
- Implementing Incentive Programs
- Equipment purchases
- Finances and billing
- Maintaining an Effective Hygiene Program
- Scheduling to Goal
Dental Practice Consultants are most useful when you are starting up a new practice, looking to expand your dental empire, or going through other transitional periods such as adopting new management software, onboarding new staff members, or selling your dental practice. Dental practice consultants can also be used to help you improve your practice efficiency and evaluate weak points. At Robert Edwards & Associates PC, we are lucky to have renowned dental practice consultant Dr. Sharon Tiger, who has decades of experience in helping dental practices make the best decisions to ensure success.