Dental Bookkeeping, Bookkeeping Services, Dental Practice Bill Pay

Reconciliations are important because they can help catch overdraft transactions and fraudulent financial activity. I see more startups and business owners struggle with keeping business and personal expenses clearly defined and separate from each other than any other thing regarding bookkeeping. QuickBooks does take time and effort but once you get the hang of it you’ll be able to manage your Dental offices bookkeeping easily. You’ll also be able to run reports, estimate budgets and have a full grasp on your financials.

Of course, we also recommend paying close attention to how well they communicate during the evaluation process. Having the answers to these essential questions will enable your practice to allocate your time more effectively so your dental practice makes even greater progress. As your dental practice grows and you realize more revenue, be cognizant of how much is profit and what proportion should be designated for expenditures. It is prudent to reconcile your accounts as frequently as possible, but, at the very least, your practice should do so monthly.

Did you go to dental school to become a bookkeeper?

We provide expert oversight of your bookkeeping to help you along the way. We provide QuickBooks and bookkeeping training and expert supervision. This service is for someone who enjoys entering transactions and managing bills, but who needs someone to check for accuracy.

Ensuring everything is going through the proper channels will save you time and money in the long run. In many instances the problem usually occurs due to the fact that either some transaction was duplicated and counted twice; for that instance, you’ll need to find a duplicate transaction and delete it. If for whatever reason that number does not exactly match, that means that there is something wrong with the transactions that you’ve categorized.

Your time is better spent focusing on your core business activities (delivering dental care to your patients).

Similarly, unpaid bills can be a significant obstacle for practicing dentists trying to manage their finances effectively. Keeping track of vendor bills is essential for avoiding late fees or other punitive measures suppliers take if you make payments on time. Proper bookkeeping can be the difference between success and failure for your dental practice. Many standard challenges may arise when managing your financial information and prevent you from achieving financial success. Sage Accounting is a cloud-based platform purpose-built for dental practice, offering basic and advanced accounting capabilities. Every business whether big or small requires a certain amount of cash on hand to be able to run smoothly.

DrillDown Solution helps dentists and small business owners reach the best financial position possible. Knowing where your money originates from can assist you in evaluating the success of your dental practice. If you’re not ready to get more freedom with our bookkeeping service, you can still take steps to improving your practice for free by subscribing to our blog. Understanding these common bookkeeping issues and how to address them is essential for keeping your business in top shape. Finally, secured and unsecured borrowing explained involves setting budgets so that you stay within spending limits while still achieving desired goals.

You will be starting with our onboarding accountant, and she will walk you each step of the way.

At the end of every day, you need to run a proofing report to ensure that everything has been entered correctly and that there has been no embezzlement. The proofing function compares cash, checks and charges to the amounts typed into the program. Your staff member makes the entries, but it is you who need to check the proofing sheet. As mentioned earlier, the main purpose of bookkeeping is to reconcile financial information and make informed decisions based on those results. Your QuickBooks account is connected to your online dashboard where it automatically calculates your practice overhead percentages, as we update your bookkeeping every few days.

To put it simply bookkeeping is recording all the transactions that happen in your business. Bookkeeping plays a vital role in understanding how your dental practice is doing financially. Data privacy is a huge concern for anybody who treats patients and provides healthcare services. We’ll get into compliance later, but protecting your patients’ personal information is and should be a priority for every dental practice. Before hiring a dental bookkeeping firm, here are some of the things you should consider (and do) to ensure you find the right firm for your needs. We understand the desire to be more hands on with your financial information.

. . . and our Full Service Bookkeeping for dentists

There may be certain times when you need to make a notation in the books, such as for a no-charge or reduced-charge service. 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. Drill Down Solution offers a full suite of financial services that includes bookkeeping, accounting, and tax preparation.

• They do my bookkeeping for all locations and I have never been more at ease with how they handle everything.
• After you are done with categorizing all of the transactions for that certain month’s bank statement.
• Luckily having a good Accounting software makes the reconciliation process A whole lot easier.
• Zoho Books offers features such as automated invoicing, payment tracking, and financial reporting so that users can always get up-to-date information on their finances.

She’s passionate about helping others out of financial pitfalls she’s already dug herself out of. Most of her finance knowledge stems from her career as a Financial Consultant and Branch Manager at the 7th largest US bank. You can arrange your chart of accounts to track the areas that pertain to your business model.