For example, dental practice management and payroll service software are essential tools for many dentists. When you open your dental practice, you become responsible for your dental practice accounting. That refers to everything necessary to keep your finances organized, make intelligent business decisions, and comply with tax laws.
We all know how little business training we get in school, and knowing how to manage your business effectively and efficiently is equally as important as the dental skills. The Percentology course that Sona and her team at Percentology have put together should be mandatory training for any dentist who owns or is even thinking about buying their own practice. Calling references will allow you to get a handle on what their experiences have been like and help you choose the right firm for your needs.
INCREASE YOUR PROFIT AND DECREASE YOUR STRESS
To close your books properly, you’ll need to transfer journal entries to a general ledger account. 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. One strictly for the business, and one that’s for personal transactions. It’s confusing and time-consuming to try and remember which purchases or deposits belong to the business. That makes it a hassle to get a clear view of the company’s financial status.
- Because dental education doesn’t prioritize financial management, it’s easy for new practice owners to make unforced errors.
- Dentists that do their own bookkeeping might miss important red flags, which can cost them thousands of dollars without even noticing.
- And when it comes to your taxes, it complicates matters even further.
- Besides, a firm with more than one dentist can use benchmarking data to determine the revenue share of each partner.
- However, few practices need to hire a full-time dental accountant for their financial planning.
- Your financial information can help you predict your income and cash flow, look for growth opportunities, and get ready for any unexpected money problems that might come up.
However, efficient financial management is vital to the success of your dental practice. Cooper Norman has a full-service accounting team that can benefit your dental firm with its accounting services. The firm customizes its accounting services to allow you to focus on the important aspects of your dental practice. The rights accounting software backed by the accounting team enables them to provide the best services for your dental practice’s daily accounting. You can reach out to your experienced Cooper Norman representative for dental accounting clarification. Dental practices present unique accounting challenges requiring specific dental bookkeeping and accounting services.
Download these documents and save with bookkeeping records
Here at Bookkeeping for Dentists, every staff accountant must complete a monthly checklist for each practice they finish for month-end bookkeeping. Without our dental bookkeeping checklist, I’m not sure how we would function. You can keep your software because dental accounting firms work with most of the dental software available. However, most recommend QuickBooks online for its ease-to-use or set-up provisions. Our dental bookkeeping experts eliminate a time-consuming administrative task from your plate.
Opening your dental practice is exciting, but it comes with a significant increase in accounting responsibilities. Most dentists prefer to focus on client work rather than business management, but you can’t afford to neglect the function. You should review your dental practice’s finances regularly, preferably on a monthly basis. This allows you to monitor your progress, identify trends, and make informed decisions based on your financial performance.
In what kinds of financial systems does a dental office work?
His expertise has helped numerous dental practices flourish by meeting and surpassing their revenue goals and established him as a thought leader in healthcare marketing. His insights and strategies have been featured in esteemed dental bookkeeping dental publications, including the American Dental Association and the American Academy of Implant Dentistry. As an alumnus of Brigham Young University, he brings a strong educational background to his entrepreneurial endeavors.
