In-house financial management offers greater control and immediate access to financial information. A dedicated dental bookkeeper brings specialized knowledge of practice financial management. They handle daily transactions, reconcile accounts, prepare financial statements, and maintain organized records. Monthly reconciliation helps your financial records match your bank statements and credit card reports. This process helps you identify discrepancies, detect potential fraud, and maintain accurate financial records. The right software also provides real-time visibility into your practice’s financial health, allowing for quicker, more informed decisions.
Best practices to reconcile bank statements in a dental practice
If you’re Debt to Asset Ratio behind, our Business Tax Preparation team can help with cleanup and monthly closes. We usually give an estimate of around six weeks to finish onboarding. However, the timeline for onboarding changes depending on the amount of updating we need to do in the bookkeeping. If it’s earlier in the year and we only have a couple of months worth of updating, then it might only take us three weeks to onboard. We will give you a recorded video tour of navigating your QuickBooks Online reports and our overhead software, and then we will keep your practice numbers consistently updated moving forward. We will send you a simple list of five items to gather so our team can get started.
We’ve worked with multiple bookkeepers and accountants over the years and WCG has completely blown us away.
With this data, dentists can decide whether to expand services, invest in new equipment, or hire additional staff. Here is an overview of why dental bookkeeping services matter and the difference they can make to your dental practice. For the majority of dental practices, the largest expenditure is employee payroll.
Accounting
- For dental bookkeeping services, consider a bookkeeping service that offers professional bookkeeping and accounting services tailored for dentists.
- In other words, Monday through Thursday and some Fridays, you need to maximize your utility.
- This report details unpaid patient balances and insurance claims, categorized by the length of time they’ve been outstanding (e.g., 30, 60, or 90+ days).
- On the payable side, schedule vendor bills to match cash flow peaks, usually the week after hygiene recall runs.
- Dental accounting focuses on tax preparation based on your income and spending- but it is the bookkeeping process that organizes the financial data needed.
- Archer Lewis, LLC and its subsidiary entities are not licensed CPA firms.
Let us take care of the books so that you can focus on providing the best possible care. Dental practices present unique accounting challenges requiring specific dental bookkeeping and accounting services. Besides, today’s challenging business environment prompts dentists and dental practices to use accurate techniques in business planning, accounting, and bookkeeping for the success of their enterprises. Software solutions streamline financial processes by automating the tracking of transactions made through business bank accounts and credit cards. dental bookkeeping This automation not only saves time but also reduces the risk of human error in financial documentation. By adopting such technologies, dental practices are better equipped to manage their finances effectively while dedicating more time to enhancing patient experiences.
- It is important for you and your bookkeeper to keep a vigilant eye on all such practices, so that you can be safeguarded from any such financial threat and malpractice.
- Streamline insurance reimbursements – Insurance delays can create major cash flow gaps.
- Without an organized dental bookkeeping team that knows what they are doing, it is easy to lose track of things such as operational costs, accounts receivable, and unpaid bills.
- Monthly reconciliation helps your financial records match your bank statements and credit card reports.
Section 199A Separate Trade or Business
- However, if dental accounting is viewed as a chore by dentists, it happens to be WCG’s chosen profession.
- Inventory mismanagement can result in overordering supplies or letting them sit unused, wasting money.
- A CPA or dental CPA can also provide accounting and tax expertise, including tax return preparation.
- It is important to work with bookkeepers who understand the dental industry and everything that goes along with it.
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. If so, please consider that every beep you create is taking away from valuable billable time. Looked at another way; we are https://www.bookstime.com/ dental accountants who happen to do dental bookkeeping. It is important for you and your bookkeeper to keep a vigilant eye on all such practices, so that you can be safeguarded from any such financial threat and malpractice.
