Hiring a Bookkeeper? Concerns for Dental Practices

As such, information on this Site does NOT constitute professional accounting, tax or legal advice and should not be interpreted as such. A high attention to detail is needed to ensure numbers are entered correctly, and the coding is just as accurate. If you’re not ready to get more freedom with our bookkeeping service, you can still take steps to improving your practice for free by subscribing to our blog. Features are similar between the two, but with very distinct differences.

Financial Statements

• Remember that financial management is an ongoing process that requires regular attention and effort.
• There are several reasons why dentists and oral surgeons decide to outsource their bookkeeping to a dental accountant instead of keeping it in-house.
• If you use the Home & Business version, both your personal and business finances are combined.
• It’s usually straightforward enough to have one staff member handle it with other administrative tasks like scheduling.
• Your CPA will love our work and have very few adjustments to make each year for taxes.

However, if dental accounting is viewed as a chore by dentists, it happens to be WCG’s chosen profession. See your practice overhead expenses alongside the averages of other practices in the app or compare against industry standards developed by dental CPA firms. You continue to pay your bills and run your payroll while you get a dedicated bookkeeper keeping track of the financial activity in your business accounts in QuickBooks Online. Clean bookkeeping ready for your CPA to use for tax planning and preparation. Your CPA will love our work and have very few adjustments to make each year for taxes. You can review your financial reports and overhead benchmarks on demand because we update your bookkeeping every week.

Control your overhead using clean, consistently updated bookkeeping with overhead benchmarking.

On top of that we help an additional dentists on average through the buyer-rep transition or start-up process each year. Generally speaking, some business owners have a fairly good pulse on where their money is going. On the other hand, business owners and specifically dentists are focused on providing quality services to their patients and the formal financial aspects of the practice are secondary.

KEEP YOUR FINANCES IN ORDER

An experienced dentist who knows the field and can effectively diagnose and treat your needs … A friendly dentist who counsels you on the best ways to maintain and improve your https://www.bookstime.com/articles/accounting-transaction-analysis health. Our team meets all of these criteria and our dedicated and professional staff will be more than happy to supply you with the individualized attention that you deserve.

• Here is a very important step often skipped by inexperienced bookkeepers.
• It allows you to work with a professional bookkeeper for an additional cost.
• For example, one important rule in our bookkeeping process, (but so rarely followed by almost every practice that comes to us) is each and every transaction in QuickBooks needs a vendor name.
• Breathe Easy Staffing Solutions, LLC is a dental placement agency started in 2005 to match temporary and permanent staff members with dental offices.
• Dental practices have multiple options when it comes to determining their billing structures, and they have a significant effect on your overall business strategy and accounting processes.
• Fortunately, many of them are easily avoidable when you know about them in advance.

Problems can also arise when a dental practice owner plans to sell their business at the end of their career. While that’s a long-term financial goal, it creates many accounting challenges regarding practice valuation and retirement planning. dental bookkeeping Opening your dental practice is exciting, but it comes with a significant increase in accounting responsibilities. Most dentists prefer to focus on client work rather than business management, but you can’t afford to neglect the function.

Beyond pocket depth: Bacteria, periodontitis, and total body health

• “As dental specialist and a small business owner I truly appreciate the expertise of a specialty accounting practice.
• This is to ensure that data from other accounting periods doesn’t bleed into the current period .
• Whichever way you decide is best for you, make sure your loan balance on the balance sheet matches the principal balance of your loan that the bank has for the specified period.
• This might affect you further down the line when you transfer those figures to other financial reports.
• So while the earlier suggestion of adopting cloud-based dental accounting software is effective at cutting down on paper, it doesn’t eliminate the need to keep certain documents.

Don’t Mix Business And Personal Finances