Each ZipBooks user gets unlimited storage space, meaning you can continue to use your account forever, without worrying about needing to backup your data. Plus, we’ll never require you to upgrade or pay hidden fees. Stop dealing with paper bills that get easily lost in the mail. Our free phone and desktop app keeps your practice’s financials completely paperless, and all of your data is secured with 256-bit SSL encryption.
- Here are the top four common bookkeeping mistakes made by dental practices, and the costly impact it these mistakes can cause.
- We are here to take care of all the time-consuming bookkeeping work for you.
- Get it wrong and there’ll be a domino effect, a chain reaction that could jeopardise not only your business’ success, but the standard of care you provide.
- As a result I’ve had much more time to help patients, which has increased revenue.
One of the biggest and most important of those responsibilities is bookkeeping. It’s an essential part of running a successful dental practice. A large part of the magic in Percentology’s bookkeeping service is how we do the bookkeeping special for comparing dental practice overhead with dental benchmarks.
Strategies for Investing Profits from Dental Practices to Build Wealth
I have six dental offices, and Sona Wegner’s team does my bookkeeping for all the offices since 2014. One of my concerns while opening my practices was to have a good bookkeeper, and my life has been so smooth after I found her. She is the best, and I doubt if anyone else could do the job as well and professional as she does. She is very organized and provides reports with every minute detail. Moreover, she does bookkeeping only for dentists, so she knows what we as dentists expect. She is very efficient, comes up with new ideas and is dedicated to complete the work in a timely manner.
We provide our clients with financial reporting, cash management, payroll processing, tenant accounts, tax return preparation, and more. To ensure better financial operations, we create effective budgets and forecast cash flow for dental practices. Our services can help you make informed financial decisions. Leverage our dental accounting services to streamline your financial operations.
You might be running a larger dental practice, or the job is just too much to hand off to an office manager. A common misstep that happens in dentist bookkeeping is attempting to use a standard chart of accounts to track income and expenses. A standard COA doesn’t provide the same level of usefulness that a dental industry COA would have for your practice. Bookkeeping and accounting is a little consuming process where some activities takes longer duration to complete.
We ensure that your dental practice complies with state and federal regulations by checking your payroll, calculating payroll taxes, and submitting tax deposits. A common and costly mistake is to accidentally enter transactions from a previous period, which results in balance adjustments that don’t match the bank balance or financial reports. If this error goes unnoticed, all future reports, tax documents, and cash figures will be incorrect. This can result in doubling the cost to repair the financials, misrepresentation of cash, or harsh penalties from the IRS.
Patients pay online
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. We, the dentist CPA, provide financial statements and supporting analysis. The dentist clinic has a little different pattern of working than other types of businesses.
Accountant websites designed by Build Your Firm , providers of CPA and accounting marketing services. You may also want to consider how the software solution you’re considering will impact the patient experience. Billing errors or slow billing will negatively impact how your customers view your practice. It’s crucial that you maintain customer data confidentiality and comply with HIPAA requirements. A data breach can prove extremely costly, especially given the potentially sensitive nature of patient information.
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. Sure, you could use the weekend to maintain your financial records… but you should spend that offline time to build your practice and relax. Bookkeepers are tasked with keeping accurate financial records.
What is bookkeeping in a dental office?
Dental practice bookkeeping and accounting.
The primary purpose of bookkeeping is to reconcile financial information and make informed decisions based on those results. If your bookkeeping is not done properly, you are making business decisions with poor information and big problems can arise.
Pre-COVID you could typically call our office and get in touch with a CPA same-day to answer your business or tax question. We strive to provide an open line of communication between our team and our dental clients. You’ll have access to some of the best bookkeeping programs, which will backup and save your data for years, making it easy to retrieve financial records later down the road. As you re-evaluate your practice’s bookkeeping process, you’ll find the time you spend crunching numbers is better spent somewhere else. If this is the case, we would highly recommend considering outsourcing your financials.
Considerations For New And Established Dental Practices
To answer those questions we need solid bookkeeping to springboard into the “what does it all mean? At Lauren Rosson, CPA we work hard to design a tax planning strategy that will manage your company’s dental bookkeeping tax liability and decrease your effective tax rate. There are different costs involved in the working of the dental clinic. Equipment cost, dental instrument cost, etc. are involved.
Patients can pay online by credit cards, PayPal or Stripe. Payroll, bookkeeping and tax preparation are available as add ons. Dental practices can be highly profitable businesses, but building a successful practice requires owners to keep a close eye on expenses and cash flow. Along with dental practice management software, accounting software can provide essential real-time insights into the financial health of the business. When you hire standard accountants to do your bookkeeping, they aren’t as familiar with the ins and outs of what it means to work with a dental practice. This highlights the main expense categories of your dental practice.