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Providing care to your dental patients is a full-time job, and every additional hour you can dedicate to your core competency increases the efficiency and profitability of your business. Alternatively, dentists can switch to a fee-for-service approach, which involves setting your prices for services and collecting payment in full from patients upfront. You or the patient can still submit a claim to their insurer for reimbursement if there is one. Here are some best practices you should follow to minimize the interference of your dental accounting responsibilities in your day-to-day working life. Not only do busy dentists enjoy reducing their time doing accounting, but focusing on your craft is in your business’s best interest. Maximizing the hours you spend on your core competency is highly beneficial to your profitability.

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In conclusion, bookkeeping is an essential part of running a successful dental practice. It allows practices to track their income, expenses, and profits, and make informed decisions about their financial health. By properly managing their bookkeeping, dental practices can ensure their financial stability and compliance with tax laws. 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. Let’s talk about how WCG can provide timely and accurate financial statements… but let’s also talk about how we can help use those financial statements to leverage the most out of your dental practice.

• Bookkeeping can be one of the most time-consuming aspects of small business accounting when you do things by hand.
• I have also been recently honored, when I was named to the Visiting Faculty at the Scottsdale Center for Dentistry.
• First, dental practices can go with the traditional route of being a participating provider.
• That’s because litigation is one of the most significant risks in the healthcare industry, and you can’t afford to leave yourself exposed.

Included in our bookkeeping service:

You need to make sure that the bookkeeper you choose can cope with your practice’s growth without sacrificing your financial data’s quality, accuracy, or timeliness. The payroll costs for your team of practitioners will be listed under your cost of goods sold category, while your admin staff will be listed under overhead expense. There are several reasons why dental bookkeeping dentists and oral surgeons decide to outsource their bookkeeping to a dental accountant instead of keeping it in-house. You might be running a larger dental practice, or the job is just too much to hand off to an office manager. A common misstep that happens in dentist bookkeeping is attempting to use a standard chart of accounts to track income and expenses.

Introducing the DWX-42W Plus…The Future of Same-Day Dentistry

We spend a quarter of the year training each new bookkeeper before they officially begin, to ensure you get quality bookkeeping. Log in to your Percentology dashboard, track your income and overhead targets, and discover how your overhead expenses compare against industry and our client averages. Here is a very important step often skipped by inexperienced bookkeepers. 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.

The Role of Accounting and Bookkeeping in Dental Practice Management: Best Practices and Tips

• Whether you’re doing it yourself or delegating it to your office manager there are a few helpful tactics you can use to simplify the process.
• When looking for help with your financial data, it’s important to remember that hiring a bookkeeper for your dental practice isn’t the same as hiring an accountant.
• It gives you a clear view of the financial state of the business and can be used to make your business run more efficiently.
• Typically, choosing the fee-for-service approach implies a shift to a quality-over-quantity strategy.
• Let’s talk about how WCG can provide timely and accurate financial statements… but let’s also talk about how we can help use those financial statements to leverage the most out of your dental practice.
• Keep in mind that a bookkeeper will focus more on the day-to-day record keeping of your clinic, while an accountant will focus more on tax preparation, forecasting, and advisory work.

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. You can arrange your chart of accounts to track the areas that pertain to your business model. For example, the payroll for your receptionist would be considered an overhead expense. In contrast, the dentists’ and hygienists’ payroll would be considered to be part of the Cost of Sales.

• Designed for small businesses, QuickBooks displays the practice’s tasks in a visual “icon” format.
• While the patient management system records production and collections, the QuickBooks Online accounting system is synced with bank, credit card and loan accounts.
• The software stays connected to QuickBooks Online to automatically calculate overhead percentages as your dental practice bookkeeping is updated by us.
• There is a lot to consider when keeping your dental practice bookkeeping correctly up-to-date.
• If you decide that bookkeeping isn’t your strong suit, they also have a paid bookkeeping service to make the process even easier.
• Don’t hesitate to seek professional help if you need it, and remember that financial management is a continuous process that requires ongoing attention and effort.

However, most recommend QuickBooks online for its ease-to-use or set-up provisions. One of the biggest mistakes that business owners make is not taking an opportunity to reflect on how they are running the business from https://www.bookstime.com/bookkeeping-services/dallas a financial perspective. While you are busy taking care of customers and employees, networking, and sharing your passion, your business could be heading toward disaster or not running as efficiently as it could.

Intro to Bookkeeping for Dental Practices

We strive to provide an open line of communication between our team and our dental clients. We often help with catch-up bookkeeping work when onboarding a new client. The user accepts the information as is and assumes all responsibility for the use of such information. As Jason often says, he can mow his own lawn and change his own oil, but he’d rather pay someone else to do it. Bookkeeping is a chore – some might actually enjoy it, but others might view it as something they’d rather hand off.

During these leadership opportunities, I teach other dentists how to achieve their esthetic dental goals for their patients. Many other accounting tasks accompany your bookkeeping, and not all bookkeepers are qualified to handle these jobs. Payroll, for example, should only be handled by someone with formal payroll training to ensure that your business stays up to date and compliant with the changing payroll legislation.