Dental Accounting & Bookkeeping Services

There are several reasons why dentists and oral surgeons decide to outsource their bookkeeping to a dental accountant instead of keeping it in-house. You might be running a larger dental practice, or the job is just too much to hand off to an office manager. Certified Public Accountants can help to handle the accounting activities of the dental clinic better.

• It minimizes the clutter that comes with paper and makes it easier to maintain reliable financial records.
• As mentioned earlier, the main purpose of bookkeeping is to reconcile financial information and make informed decisions based on those results.
• You can use this guide to research bookkeeping firms, evaluate their services, and choose the right bookkeeper for your practice.
• To close your books properly, you’ll need to transfer journal entries to a general ledger account.
• The result of this costly mistake is that when the financial reports are prepared, they will not provide the dentist with the insight needed to streamline and grow the practice effectively.
• This can help dentists provide high-quality dental care to their patients and improve patient satisfaction.

You will only pay for what you need and you’ll save money by cutting productivity costs. By keeping your books current, you’ll be able to catch most mistakes and implement new protocol quickly before stumbling into a situation that could take months to resolve. After you reconcile your financial information correctly, you are ready to make informed decisions based on those results. Use this information to compose a profit and loss summary which can then be incorporated in your monthly financial report. My books were a mess for a variety of reasons, and they worked diligently sifting through the various entries and practically redid the books for the year. I feel such a relief, knowing that my CPA will have accurate information and will, therefore, charge me less to complete my taxes.

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A standard COA doesn’t provide the same level of usefulness that a dental industry COA would have for your practice. 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.

You’ll need someone who understands the dental industry and can create an industry-specific COA to help you track your income and expenses. Dental specific chart of accounts leading to comparable numbers and analysis that can identify areas of improvement for your dental practice. Reconciliations are important because they can help your dental practice identify overdraft transactions and fraudulent financial activity.

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By pressing “Send” I confirm and give permission to process my personal data. As a dental professional, you probably don’t dental bookkeeping need a full-time bookkeeper. Remote bookkeepers normally offer part-time services that will meet your business needs.

Trying to settle your books at the end of the year can be a costly, time-consuming risk that could result in misrepresentation of cash or harsh penalties from the IRS. Running a dental practice has a lot in common with running any business. Contact a dental bookkeeping specialist today to help you organize your books. Our combined expertise in the dental industry gives us an edge of dental understanding. Even if you decide to outsource your bookkeeping, you’ll still need to review the financial reports regularly and avoid mixing personal and business transactions. This will help you stay on top of the company’s financial status and limit mix-ups in the accounting process.

Why do you need bookkeeping as a dental practice owner?

Knowing where your money is coming from can help you evaluate the success of your practice. Sure, you can manage money fairly well, and balancing a spreadsheet isn’t too difficult. But you know there’s something you’re doing that could be done better. We help dentists stop feeling lost with their Profit & Loss report by transforming it into a benchmarking tool that measures success. You will be starting with our onboarding accountant, and she will walk you each step of the way.

One of the most critical aspects of running a successful dental practice is managing finances effectively. However, many dentists may not have the time or expertise to handle bookkeeping tasks on their own. Dental bookkeeping services can help dentists manage their finances effectively, allowing them to focus on providing high-quality dental care to their patients. In this article, we will discuss in detail why dentists should consider hiring dental bookkeeping services. Dental bookkeeping services can help dentists plan their finances better.