Luckily, Dental Bookkeeping has many combined years of expertise in this area and you can rest easy knowing that your finances are in very qualified hands. To answer those questions we need solid bookkeeping to springboard into the “what does it all mean? Once we have the information, we will begin updating your records. We have a team of experts committed to updating your data with complete accuracy and excellence. A CPA is required if you are an expert with taxable income.
Ensuring everything is going through the proper channels will save you time and money in the long run. To generate reports in QuickBooks all you have to do is go under the reports tab and select what kind of report you want to run. Or It can be that a certain transaction did not download from your bank feed and that you’ll have to add it manually. Read more about the topics concerning the dental industry. Check back frequently to see what new topics we post here.
You run the risk of omitting important information without the use of a dentistry-specific chart of accounts. This might affect you further down the line when you transfer those figures to other financial reports. Taxes and financial statements aren’t the only areas that could be affected. It might also impact your ability to get approved for financing or find investors. Potential lenders want to see clean and precise financial data when they’re deciding to approve your business for credit.
But what does change, is the way you apply its principles to maximize your client’s benefits. Especially in a dental practice, where no matter you have a stand-alone practice or a chain of clinics, having an accountant who knows your business and its industrial needs to the ‘T’ is necessary. This significantly reduces the chances of Dental bookkeeping errors and is successfully able to handle your business efficiently. Similarly, unpaid bills can be a significant obstacle for practicing dentists trying to manage their finances effectively. Keeping track of vendor bills is essential for avoiding late fees or other punitive measures suppliers take if you make payments on time.
Our Dental Billing Pricing Packages
Keep your finances organized and your checkbooks balanced by outsourcing to Dental Revu. Sage Accounting also integrates easily with existing systems, such as payroll solutions, helping further streamline processes within the business. FreshBooks also has dedicated customer support ready to answer questions about the software or how to use its features successfully. Bookkeeping also includes tracking inventory levels so that you always have enough stock to meet customer needs without overstocking items that may not sell.
Now that the 1st and 2nd step is out of the way, it’s time to actually start doing bookkeeping and at the heart of that is, characterizing your transactions for your dental practice. If you’re using QuickBooks, then it’s important to have your bank account synced with your QuickBooks account. There’s no point in hiring a bookkeeping firm if they don’t communicate with you regularly and make themselves available for support. Ideally, you will hire a firm where you have a single point of contact with someone familiar with your accounts, who can help you if there’s a problem. Ideally, you should hire a bookkeeping firm that is comfortable with technology and automation and can use both to provide accurate and speedy services.
Choose an Accounting Software
Not only can Dental Bookkeeping provide you with all the benefits of QuickBooks’ services, but our knowledgeable staff can also train you or your staff on how to use the program in-house. QuickBooks is easy to learn, and you don’t need to have any prior accounting experience to make it work for you. That’s why, as 21st century bookkeepers, we still hold traditional values when it comes to being there for our clients. We provide unlimited phone and email support and pledge to always respond within one business day. As Jason often says, he can mow his own lawn and change his own oil, but he’d rather pay someone else to do it. Bookkeeping is a chore – some might actually enjoy it, but others might view it as something they’d rather hand off.
- To avoid this issue, it’s essential to have an organized system for tracking customer payments, such as invoicing software or point-of-sale systems.
- If you don’t need convincing and already want our services and you simply have some housekeeping questions, we answer those at no charge.
- A local bookkeeper can come into your office if you prefer or access your accounts remotely.
Dental bookkeeping boils down to keeping accurate records. Do you really miss hearing the beep of QuickBooks after each entry? If so, please consider that every beep you create is taking away from valuable billable time. Looked at another way; we are dental accountants who happen to do dental bookkeeping. Balancing your accounting and dental bookkeeping along with managing your patient care is a difficult task for anyone. First, establish a new bookkeeping protocol for your practice to handle all financial transactions in an organized manner.
Choosing a dental accounting software
With an accurate dental accounting firm, an office manager can stay on top of expenses and keep your finances healthy. To achieve this goal, here are 5 tips for ensuring that your bookkeeping is accurate and up-to-date. Tax delinquencies are one of the dental practices’ most common bookkeeping issues.
Since all of the dental bookkeeping solutions we offer are automated, the risks of errors in calculations and inputs are greatly reduced. They’ll handle tax issues and maintain accounting control to make sure the business runs smoothly. They also collect and analyze accounting data, identifying and trying to reconcile discrepancies along way.
Great benefits from XOA TAX.
Nothing will cripple the growth of your dental practice faster than having cash flow trouble. Learn more about simple bookkeeping to help your practice. Dental Bookkeeping is a specialized company focused in bookkeeping for general and specialty practices in the dental industry. All of these statements work to provide you with valuable insights into your practice’s overall financial health, which means a better grasp on needed improvements or future metrics. If you don’t have the budget for a full-time CFO, we can provide virtual chief financial officer services. HIPAA compliance should be a primary concern when hiring anybody who will have access to your financial and patient records.
When managing a dental business, bookkeeping is essential for success. Bookkeeping is the process of recording and tracking, and helping you reconcile financial information and financial transactions, such as records of sales, expenses, payroll, and facility and equipment costs. Running a dental practice has a lot in common with running any business. In addition to providing your patients with the best possible care, you must also manage the financial aspects of your practice, including keeping accurate records, paying your employees, and much more.
Separate your Personal and Business Expense
No more writing checks to vendors or having to keep up with your expenses. I am a firm believer that anyone can learn the bookkeeping process; with enough studying and enough practice you’ll be on your way to becoming a bookkeeping, Guru. However, the area in which I see most business owners struggle is allocating enough time in doing their bookkeeping.
We have plans for businesses of all sizes, including startups, middle, big, and enterprise. However, we can always create a unique price plan depending on your specific demands and specifications. Our services are considerably more qualitative for the costs we charge, bearing in mind that one of their key purposes is to boost your revenue. Manage your payroll with ease by outsourcing to Dental Revu. Monitor & track your clinic’s payroll online from anywhere for quick and efficient payroll submissions & approvals.
From custom financial reporting to software recommendations, we take pride in our work and in our results. We’ve assisted many dental practices with their accounting processes and bookkeeping services. If you’re like most people, the words “dental accounting” might not exactly make your heart skip a beat. But don’t worry, we’re here to shed some light on this often-overlooked aspect of dental practice management. Simply put, dental accounting is the process of tracking and managing the finances of a dental practice.
Mixing the two types of transactions makes the bookkeeping process much more difficult. It gives you a clear view of the financial state of the business and can be used to make your business run more efficiently. 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. We often help with catch-up bookkeeping work when onboarding a new client.
We continue to grow and advance our services to meet your needs. With years of training and expertise, we know how to help your practice achieve greatness. In addition to asking about security measures, we recommend asking specifically about HIPAA compliance. You should ask if the firm has ever experienced a data breach or been charged with a HIPAA violation. We are onboarding clients through out the year (even during tax season). You will need to e-sign an engagement prior to us working, but we can part ways at any time.