Dental Bookkeeping for Dentists & Dental Offices WCG CPAs & Advisors

Let’s look at the differences between bookkeepers and accountants. Also, investors and lenders will be looking for precision and professionalism in your financial data. Neither of these is possible dental bookkeeping when your personal finances are combined with your practices’. While it is imperative to the financial health of your business, it can take away valuable resources from focusing on patient care.

“As dental specialist and a small business owner I truly appreciate the expertise of a specialty accounting practice. Coleman-Ureda’s in-depth knowledge of my profession has helped guide and direct my practice financially and freed me up to focus my full attention on what matters most, my patients. This security has been a big component of our success.” – Mary W. Crockett, DMD, Crockett Pediatric Dentistry, P.A. You need to monitor these fluctuations to understand if your practice has sufficient cash to pay for all of its expenses. Monitoring your cash flow can identify potential shortages ahead of time so you can deal with these situations proactively.

How to start a dental bookkeeping checklist to follow in your practice today.

For more information on Doeren Mayhew’s dental practice accounting service offerings, contact our team of dental CPAs today. Leveraging working with hundreds of dental practices, our Dental Division can help you measure, analyze and improve your practice’s bottom line. Do you really miss hearing the beep of QuickBooks after each entry? If so, please consider that every beep you create is taking away from valuable billable time. Bookkeepers are tasked with keeping accurate financial records.

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• For more information on how to best take care of your bookkeeping needs or to find out how outsourcing with Enkel can help with your dental clinic’s success, contact us today.
• Create a chart of accounts that will be used in every location of your practice.
• In accrual-based accounting, revenue is recorded when a transaction occurs (is “earned”), not when it is actually paid.
• With QuickBooks, you can continue to write checks, create payroll, and run reports without any time delays or having to reenter any information.
• Formally reconciling every bank account, credit card and loan account on the balance sheet is a must to make sure you have everything recorded correctly such as no duplicates and no deductions missing.
• Many practices use dental practice management software for treatment planning, appointment scheduling and patient communication.

Formally reconciling every bank account, credit card and loan account on the balance sheet is a must to make sure you have everything recorded correctly such as no duplicates and no deductions missing. When I say formally, I mean going to the gear icon in QuickBooks Online and clicking the “Reconcile” feature under the tools menu. For example, one important rule in our bookkeeping process, (but so rarely followed by almost every practice that comes to us) is each and every transaction in QuickBooks needs a vendor name. It’s super easy to miss because of the way QuickBooks imports the transactions from the bank without the names in the vendor column but has it in the memo. Let me know if you’d like me to explain the importance of this and how to do it in more detail, but this is a good example of what you have to remember to do before you start doing anything.

Bookkeeping for Dental Practices with Quantum

We chose Dropbox because it’s HIPAA safe and easy for clients and their CPA’s to access so you will see me referring to Dropbox. But there are other storage options you can choose from obviously. Growing your dental practice or small group means making the appropriate upgrades to your practice, including accounting practices. Plus, planning ahead will make for a smoother, faster sale if that is your ultimate goal. The advice of industry experts will help you perform better as you build your DSO infrastructure and expand your DSO to demonstrate scalability.

Using a cloud-based accounting software can be incredibly beneficial when it comes to bookkeeping for dental practices. This type of software allows you to access your financial data from anywhere, at any time, and can help you stay organized and efficient. With a cloud-based accounting software, you can easily track revenue and expenses, generate financial reports, and manage cash flow. Additionally, many cloud-based accounting software options offer features such as automatic data backup and security measures to protect your financial information. Overall, using a cloud-based accounting software can help you streamline your bookkeeping process and ensure accurate financial reporting for your dental practice. Outsourcing your bookkeeping can be beneficial for dental practice owners, as it can save time, reduce costs, and provide access to specialized expertise.

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It can also integrate with other tools like Dext Prepare to help manage your expenses. Most accounting software programs can be adapted to the dental industry, but the best dental accounting software will have a track record of meeting the needs of dental practices. You’ll want to streamline and automate practice activities, and not add extra layers work or complexity. A bookkeeper or accountant has the knowledge they need to balance your books.