dentist bookkeeping

A Generalist doesn’t understand the profit levers of a dental practice like we do. Bookkeeping for dentists requires an understanding of the practice as it relates to accounting. Here are the top four common bookkeeping mistakes made by dental practices, and the costly impact it these mistakes can cause. Nothing will cripple a growing dental practice faster than having cash flow trouble.

dentist bookkeeping

An experienced dental CPA can not only save time and money, but can also help track dental tax deductions while providing effective operating systems. As a dentist, you are an expert in providing dental care to your patients. However, running a successful dental practice also requires keeping accurate and organized financial records. It can be challenging to manage all of the responsibilities of running a business while also delivering high-quality dental services.

. . . and our Full Service Bookkeeping for dentists

It is prudent to reconcile your accounts as frequently as possible, but, at the very least, your practice should do so monthly. You compile and use this financial information to create a profit and loss summary, which can be incorporated into your monthly financial report. The purpose of bookkeeping is to create a record of financial transactions that can be summarized and interpreted for various uses. Depending on what works for your business you could also choose to close books annually. This is to ensure that data from other accounting periods doesn’t bleed into the current period .

How do I manage my dental business?

  1. Create customer service protocols.
  2. Create a welcoming environment.
  3. Use simple tech solutions for seamless service.
  4. Foster teamwork and camaraderie.
  5. Set growth goals for the practice and its team.

There are bookkeeping firms that specialize in certain industries, including the dental industry. If a company doesn’t specifically mention dental bookkeeping on its website, then it may not have the experience and expertise you need to keep accurate records. We understand the business mechanics that make a practice profitable.

Accounting and Bookkeeping Services for Dentists

At the end of a financial period, you’ll need to close your books. Meaning that the financial information dental bookkeeping in the reports is finalized. One strictly for the business, and one that’s for personal transactions.

  • This includes late payment of bills, insufficient funds, and other cash flow issues.
  • Outsourcing dental bookkeeping services can also help dentists save money in the long run.
  • We accomplish this result with a three-part system comprised of patient-experience excellence, financial focused operations, and accountability.
  • Instead of having one person responsible for your practice’s bookkeeping, you will have access to an entire team.

Having a dedicated expert do it for us has saved me a tremendous amount of time. As a result I’ve had much more time to help patients, which has increased revenue. Plus, it’s terrific how they pay so close attention to detail and categorize everything correctly.

Dental Bookkeeping: The Guide to Selecting the Best Dental Bookkeeping Firm

The Percentology course that Sona and her team at Percentology have put together should be mandatory training for any dentist who owns or is even thinking about buying their own practice. Utilize the community’s growing library full of bookkeeping how-to videos and screenshot tutorials. As our community members ask questions, the library grows with answers. If you hire a virtual bookkeeper, you should plan on having a face-to-face interview via Zoom or Skype. Do not skip this step, because you want to get a feeling of the bookkeeper’s professionalism and ability to communicate. You should also ask about how they would handle a data breach.

Everything changed after joining Percentology in 2015, such as ease, efficiency, accuracy, and accountability. Making Percentology’s bookkeeping team part of our daily systems has multiplied our efforts. They run things like a well-oiled machine, which is exactly what you want to build a profitable practice. We streamline the bookkeeping process so that you can focus on more important things while your numbers are just magically done without your involvement. The job of a bookkeeper for a dentist seems simple, but it is actually quite complicated. They must know the law, the tax code and medical accounting standards.

Dental Bookkeeping Services Sigma Accountants Provides:

Bookkeeping and accounting is a little consuming process where some activities takes longer duration to complete. If the accountant is not an expert then there might be more duration needed for completing the task. Outsourcing accounting will get experts working for your accounting task who can do all activities speedily to improve the accounting process.

It’s confusing and time-consuming to try and remember which purchases or deposits belong to the business. That makes it a hassle to get a clear view of the company’s financial status. And when it comes to your taxes, it complicates matters even further.

Inaccuracies can create a snowball effect with one missed transaction snowballing into a cash flow issue. Even though dentistry is your focus, running a dental practice comes with extra responsibilities that take time away from patient care. One of the biggest and most important of those responsibilities is bookkeeping. It’s an essential part of running a successful dental practice. But, an office manager is not typically trained to handle the wide range of small business financial details like a professional bookkeeper or certified public accountant. An office manager who oversees bookkeeping cannot attend to administration like they were originally hired to do.

  • We have been recognized as industry leaders offering a number of services for dental professionals.
  • It allows you to work with a professional bookkeeper for an additional cost.
  • Running a dental practice can be a challenging task, and dentists often have their hands full with patient care, administrative tasks, and managing their practices.
  • Whether you’re doing it yourself or delegating it to your office manager there are a few helpful tactics you can use to simplify the process.
  • Inputting the data required to produce these essential financial documents is a tedious and time-consuming task.