If so, Accounting Freedom can provide dental accounting services and advice tailored to your business. We will help you manage everyday opportunities and challenges that come with owning a business. Of course, we realize that forming and building a relationship with an accounting firm requires a level of trust that has to be earned with time. Contact us, and let us explain how we can help you build your dental practice. At DrillDown Solution, we provide financial reporting that makes sense for your dental practice. We will schedule a free initial dental bookkeeping consultation to get to know your dental practice’s accounting and bookkeeping needs.

Real Estate BrokerCommercial real estate brokers help negotiate a new lease, renewal or purchase of real estate for your dental practice. Most tenant-rep brokers are paid by the landlord when representing you (the tenant) on a new lease or renewal. They know what lease rates should be and what market concessions you should be getting in the deal.

Financial Statements

By tracking expenses, dental practices can monitor their spending and identify areas where they can save money. Salaries are the largest expense line item in running a practice and one that the owner has the most control over. Sometimes an owner will “over staff” their office by mistake, which will result in lower profitability. Partnering with a skilled dental practice business advisor like us can help discover if you have a “right-sized” staff model for your revenue level. Determining a billing structure is important for dental practices and can greatly impact their business strategy and accounting procedures. There are multiple billing options available for them to choose from.

• Real Estate BrokerCommercial real estate brokers help negotiate a new lease, renewal or purchase of real estate for your dental practice.
• Basically, any contributions or distributions in or out of the company are tracked on the balance sheet.
• The dentist clinic has a little different pattern of working than other types of businesses.
• Everyone wants to know their net income, what is leftover after all expenses are paid.
• Free yourself and your staff from the hassles of payroll processing and get back to doing what you do best-running your business.
• Some might argue that laying out a clear process for internal controls is even more important for small dental or medical practices.
• Of course, we realize that forming and building a relationship with an accounting firm requires a level of trust that has to be earned with time.

We recommend owners follow strict guidelines for keeping business and personal expenses separate. The IRS has increased funding and will be pursuing more audits in the next decade. One of the key aspects of bookkeeping for dental practices is tracking income.

Stress-Free Bookkeeping for Dentists

A proper tracking of this cost is essential to ensure that there is no unnecessary cost involved. However, even those options have vastly different impacts on your taxes and accounting, and there’s no one-size-fits-all answer regarding the best choice. As a result, it’s a good idea to consult a tax or legal expert to help you make this decision. Sometimes the financial part of business just isn’t in your wheelhouse, or it’s something you’d rather not spend your time and effort on and want to outsource.

A survey by Clutch found that only 54% of small business owners even engage in the fundamental act of maintaining an official budget. Getting a business checking account is very similar to a personal checking account, it’s quick and easy. That said, you still need to do it early, before you start incurring expenses.

Small Business Accounting & Bookkeeping Services

Quantum offers separate accounting packages for both individuals and practices so you can stay organized and compliant. Ask your bookkeeper or CPA if your bank accounts, credit card accounts, and loan balances are being reconciled monthly. If the answer is no, find out why and determine if monthly reconciliation is necessary. Here at Bookkeeping dental 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. For small practices, it’s difficult to devote sufficient training and staff time to ensure that books are properly maintained.

• Dentists, like any other business owner, have to worry about the financial aspect of their practice.
• Bookkeeping and accounting are two of the most important aspects of any dental practice, and they are tightly integrated.
• Also check out our write up, How to Calculate Cost of Goods Sold for Your Dental Office.
• If we also partner with other industry consultants to support our clients.

The legal entity that you choose for your dental practice will determine the way in which you’ll handle taxes, payroll, and other financial matters. Consider consulting with an experienced accountant to evaluate different business structures and determine which one best suits your needs. For example, a sole proprietorship involves fewer administrative tasks than a corporation or partnership but carries more risk should something go wrong. Practicing dentistry provides many rewards, including treating patients to help them achieve healthier smiles – but it also requires careful attention to finances in order to stay afloat.

Check How You Make Financial Decisions

If there’s no time for you or your staff to keep up with the books, then you might be in need of some outside help. Meru Accounting is a leading Accountant consultancy firm having the head office in Ahmedabad, Gujarat. The firm is successfully run by CA Rushabh Shah and CA Harnish Shah and has elevated its wings in the countries like Australia, Newzealand, UK, and the USA. Ideally, you want to create a tech stack that integrates seamlessly.

This can help dentists avoid mistakes and costly errors that can have negative consequences for their practice. Accounting is a complex field, and it’s important to hire someone who specializes in dental accounting. A general accountant may not be familiar with the nuances of running a dental practice, which can lead to inaccurate reports and financial losses. At Quantum, we specialize in dental accounting so you can rest assured that your books are kept up-to-date and accurate. Although you didn’t go to business school, you are a business owner, and we want to ensure you have the necessary tools to understand how to manage your business. Today we discussed the importance of having a good balance sheet that’s complete and accurate, which in turn leads to a complete and accurate P&L statement.

Accounting

Create efficiencies that free your team to deliver great patient experiences and opportunities for growth. Working with a bookkeeping service or an all-purpose advisory team helps dentists stay focused on patient care, knowing that their financial records are professionally maintained and monitored. If you’re too busy seeing patients to keep up with your dental practice’s bookkeeping, don’t simply let this critical work go undone.

To reiterate again what we’ve been talking about, anything related to your dental practice has to be recorded on the balance sheet and it should be reviewed monthly. You need complete and accurate financial statements in order to make decisions. There is a lot to consider when keeping your dental practice bookkeeping correctly up-to-date. This checklist breaks it down with important steps you can you follow and build on as you work through your own bookkeeping each month and year. We have a different checklist for the end of the year when closing the books for the CPA to take over. We download and organize all month-end bookkeeping related documents for our dental practices into Dropbox folders for each client.