Home Academy of Dental CPAs

An experienced bookkeeper will also help you manage insurance billing and accounting tasks. They will be familiar with accounting systems used by dental clinics and what you need to keep your books up to date and accurate. Here are some of the most essential tips you need to consider when searching for the right bookkeeper for your dental practice.

Bookkeepers Versus Accountants

Even if you switch to a fee-for-service model, multiple moving parts in the dental payment process can quickly lead to messy financial records. You should consider hiring a bookkeeper or outsourced bookkeeping firm that has payroll training to help you manage these complex duties. Whether intentional or not, fraud is a real problem in the dental industry.

• He has been an auditor of international companies and a tax strategist for real estate investors.
• We can help get the data that can drive informed decision-making and allow you to know how you are running your business, and what you can do to make changes to meet your financial goals.
• Bookkeeping exposes « hidden cracks » and weaknesses in your systems that, when detected early, save you time, money, and pain.
• This handy tool allows you to make an Accountants Copy for your accountant, who can then make adjustments to your finances, entries for tax purposes, etc.
• You’ll likely have fewer patients, but your profit margins for each one should increase.
• Successful businesses know exactly where it goes and to whom for cost-effective evaluations.

PERCENTOLOGY ONLINE SOFTWARE

It’s best practice to have separation of accounting functions in an office- never let an office manager have direct access to your private bank information. Using a modern cloud accounting system like QuickBooks Online (QBO) allows dental practices to classify and organize their financial information into categories, such as revenue, expenses, and assets. I have taught and used both and, ultimately, have found QuickBooks to be the best solution for dental practices. First, most dentists do not want to be accountants, but they do need to be business owners. Second, all need an easy-to-manage accounting program, which is why the majority of dental software companies recommend QuickBooks. Experience has shown that if the accounting software is visually easy to use and to enter information, the practice’s financial picture is accurate and accomplished in a timely manner.

You take care of patients, we take care of your books.

Combining business and personal transactions might not seem like a big deal until you have to sort through them. Mixing the two types of transactions makes the bookkeeping process much more difficult. dental bookkeeping Also, dentistry like other medical professions doesn’t allow for a remote work or work from home. In other words, Monday through Thursday and some Fridays, you need to maximize your utility.

While these questions may not be fun to ask, they are imperative when running a business. We can help get the data that can drive informed decision-making and allow you to know how you are running your business, and what you can do to make changes to meet your financial goals. Navigating the financial landscape of running a dental practice requires skill and strategy. At ADCPA, we specialize in Dental Accounting, ensuring that practitioners like you have the support and guidance needed to achieve complete financial freedom. If you decide that bookkeeping isn’t your strong suit, they also have a paid bookkeeping service to make the process even easier. It allows you to work with a professional bookkeeper for an additional cost.

Additionally, our schedules are more compressed during tax season (who would have thought, right?). For any transactions that aren’t clear to categorize correctly, we will put them to the side during the month and then list them in an email for you to clarify when the month finishes. Whichever way you decide is best for you, make https://www.bookstime.com/articles/what-is-record-to-report sure your loan balance on the balance sheet matches the principal balance of your loan that the bank has for the specified period. How do you know exactly what was ordered for inventory – or whether it was enough – without digging out the invoices? QuickBooks has an inventory solution available that Quicken does not provide.

Intro to Bookkeeping for Dental Practices

Based on the Chart of Accounts, your budget can be as detailed or simple as needed. Budget vs. Actual Reports can then be produced to determine how on-target you are with your practice goals. Though Quicken does have a payroll solution called QuickPayroll®, it is additional software to Quicken.

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.