Dental Practice Bookkeeping for Dentists El Paso TX

Time currently spent on bookkeeping can be applied to bettering your dental practice. Most dentists find when they are solely in charge of bookkeeping, they cannot focus on their practice as much as they would like. Just like brushing and flossing keep your mouth healthy, practicing good bookkeeping techniques will help your dental practice thrive.

• Outsource to a specialist and you’ll see a return on your investment, because they will keep the business in good financial health, so it can run smoothly.
• This can result in doubling the cost to repair the financials, misrepresentation of cash, or harsh penalties from the IRS.
• Equipment cost, dental instrument cost, etc. are involved.
• You’ll work with one dedicated bookkeeper, and they have a team of support behind them.
• Sure, you could use the weekend to maintain your financial records… but you should spend that offline time to build your practice and relax.
• You’ll want to streamline and automate practice activities, and not add extra layers work or complexity.
• 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.

No more writing checks to vendors or having to keep up with your expenses. It’s important to keep in mind that inaccurate bookkeeping practices will impact the profit and loss statement most of all. Inaccuracies can create a snowball effect with one missed transaction snowballing into a cash flow issue. Every misguided transaction will significantly affect your statement and improper bookkeeping could lead to making misinformed decisions that could put your practice at great financial risk. 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.

Reconcile Your Financial Details

I called almost in desperation one January 1st and spoke to Sona, explained my problem and soon I signed reluctantly because I had not been able to get my problem solved for many years. The first month was used to set things up, and by month two, the reports were very timely and very, very complete. For the first time, it wasn’t me who was pushing for perfection, but it was me who was being asked about my activity transaction by transaction.

ZipBooks’ professional-looking invoice templates make it easy to send electronic bills to clients that match the look and feel of your practice. We understand that efficient collaboration helps businesses of any size run more smoothly, so we’ve built our free app to be easy for your entire staff to use, no matter how tech-savvy they are. Accountant websites designed by Dclickweb, providers of CPA, and accounting marketing services.

Accounts Payable Services to a Leading Customer

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

• Contact a dental bookkeeping specialist today to help you organize your books.
• Your friends at WCG are accountants; we are not bookkeepers.
• The experts in our team share weekly reports with the manager or whoever represents your business – highlighting all the collections, expenditures, and whether or not your debits match the credits.
• Taxes and financial statements aren’t the only areas that could be affected.
• Personal FICO credit scores and other credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit or financing type you are eligible for.

This software can relieve you from complex tasks and focus more on core dental activities. Poor bookkeeping will end up costing you time as well as money. You might miss cost inefficiencies (are you paying too much for utilities?), you may miscalculate your tax liabilities and end up spending frustrating hours unravelling any issues.

We handle all matters of dental practice tax compliance . . .

You’ll need to use an industry-specific chart of accounts, reconcile financial data and make sure that the books are properly closed each month. However, outsourcing can be costly for a small dental office. You’ll want to be able to track accounts receivable (A/R) and slow-paying customers. If not, you may want to look for those features in your accounting software.