Do I need a dental accountant? American Dental Association

We will send you a simple list of five items to gather for us to get started. They do my bookkeeping for all locations and I have never been more at ease with how they handle everything. One of my favorite parts is the how they show my overhead averages compared to the national averages for all dentists, and the real life averages of the other dentists working with Percentology. We are onboarding clients through out the year (even during tax season).

This means that fees are not entered until they are received and expenses are not entered until the cash is paid or check written. The third function is to record the amounts you paid others, such as lease, utilities, supply purchases and lab fees. If these are all entered into they system correctly, the software can be used to generate daily balance sheets and other reports. Dental Bookkeeping knows that the last thing you want to be worrying about is complicated payroll and tax procedures and we’re here to take that burden off your shoulders! From custom financial reporting to software recommendations, we take pride in our work and in our results. We’ve assisted many dental practices with their accounting processes and bookkeeping services.

Do I need a dental accountant?

This is important to do every month so you have accurate numbers. And the QuickBooks Online reconcile feature will walk you through reconciling any account on your balance sheet. It also leaves you and your CPA historical reconciliation reports which CPA’s depend on for their review work. Give it a try if you haven’t, then add this to your checklist to be done every month. We start every new client with the same template checklist and continue to add and adjust as we work with the dental practice’s bookkeeping each month. Work through the steps below and add your own individual needs along the way.

• You should ask if the firm has ever experienced a data breach or been charged with a HIPAA violation.
• We will get aligned around your vision and goals for your dental practice bookkeeping, to be sure we will be the right fit.
• But, as with any other facet of your business, it pays to be familiar with your bookkeeping and accounting system so you can provide oversight of the job.
• A Generalist doesn’t understand the profit levers of a dental practice like we do.
• You’ll still need a base knowledge of bookkeeping or accounting to get started, but most accounting software offers basic educational walkthroughs of what to do.

The first way your accounting software will help you is to keep track of patient accounts, including services rendered, cost of services and amounts paid. The second function is keeping track of payments coming into the practice. Small businesses that provide services to their customers typically use the cash basis style of accounting.

Keep Detailed Financial Records

Then, have a consultation with the accountant to find out what they will need from you when it is time to file your taxes. The tax accountant can also guide you in reinvesting profits into the business and tell you other ways to cut your tax burden. Keep the records they require, in the way you agree to keep them, and tax time will be much easier for you.

Call now for a free consultation or to set up training with one of our certified bookkeepers. You can get an office credit card to use for purchases related to the business. Although your staff will only write one check per month to pay off the credit card, you need to keep track of the amounts you spend and what you spent them on. This ensures that you have the records you need if you can deduct any of these expenses at tax time.

We’ve been working with only dentists since the start of our company in 2013 (9 years). Now we have over 200 practices.

Whichever way you decide is best for you, make sure your loan balance on the balance sheet matches the principal balance of your loan that the bank has for the specified period. Sage Accounting also integrates easily with existing systems, such as payroll solutions, helping further streamline processes within the business. To generate reports in QuickBooks all you have to do is go under the reports tab and select what kind of report you want to run. Another example would be if your transaction was a purchase from Walgreens for printing paper, Then the payee would be Walgreens and the account you’ll post it in would be office expense. Doing this will have your transactions automatically imported into your bank feeds, saving you a lot of time. Now that the transactions have been uploaded to your bank feed all that’s left is to categorize them.

The first step towards understanding dental bookkeeping is to define the concept. You can either use the cash accounting method or you can go with the accrual accounting method. For example, you should know what terms like accounts receivables, owner equity, distribution of profit, opening balance equity, general ledger, journal entries etc mean. Now that you know what bookkeeping is and why it’s important you might be wondering How do I actually do bookkeeping for my Dental office? Don’t worry In this guide I’ll take you through the whole process and teach you what you need to know to become a bookkeeping guru.

Maximize Your Dental Practice Financial Success with the Right Bookkeeping Partner

Moreover, she does bookkeeping only for dentists, so she knows what we as dentists expect. She is very efficient, comes up with new ideas and is dedicated to complete the work in a timely manner. I highly recommend Sona’s services for all the dentists who are looking for a bookkeeper, and it’s a pleasure when am i eligible to receive a dividend to work with her team. 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.