All Categories

VIT Blog

Dental CPA Tax and Bookkeeping Services for Dentists and Dental Practices

Dental Bookkeeping

This service is for someone who enjoys entering transactions and managing bills, but who needs someone to check for accuracy. Call now for a free consultation or to set up training with one of our certified bookkeepers. Either way, finding dental bookkeeping services that take the task off your hands can be exactly what you need to focus more energy on your patients. By outsourcing your bookkeeping, you’re giving yourself the ability to do what you do best– improving peoples’ smiles. When making a dental accounting entry, it’s easy for all of the numbers to start running together. Before you know it, there are transposed numbers or expenses recorded in the wrong place.

We often help with catch-up bookkeeping work when onboarding a new client. This is invoice separately from our fixed monthly service fee. See your practice overhead expenses alongside the averages of other practices in the app or compare against industry standards developed by dental CPA firms. Therefore, at the top of our checklist, we list items that we need to remember before we start anything. Equipment is one of the largest expenses of any practice beyond employee payroll.

personal tax preparation

Most accounting software comes pre-loaded with a chart of accounts and tax guidelines so you don’t have to be a bookkeeping expert. A common misstep that happens in dentist bookkeeping is attempting to use a standard chart of accounts to track income and expenses. A standard COA doesn’t provide the same level of usefulness that a dental industry COA would have for your practice. Our dental bookkeeping experts eliminate a time-consuming administrative task from your plate. With structured systems and technology, we streamline your accounting process so you can spend more time with patients.

  • Protect your practice from fraud with our comprehensive bookkeeping services.
  • However, if office managers and staff, are not trained in effective bookkeeping principles, and many of them aren’t, a practice is unable to secure a high margin of profitability.
  • No more questioning your financial standing in the 4th quarter when your CPA is ready to make recommendations for taxes.
  • However, outsourcing can be costly for a small dental office.
  • Keeping track of your business expenses and profits can be difficult.

A high attention to detail is needed to ensure numbers are entered correctly, and the coding is just as accurate. Real time access to our team of bookkeepers, tax & business advisers. It’s confusing and time-consuming to try and remember which purchases or deposits belong to the business.

Dental Bookkeeping Service

It allows you to work with a professional bookkeeper for an additional cost. Combining business and personal transactions might not seem like a big deal until you have to sort through them. Mixing the two types of transactions makes the bookkeeping process much more difficult. Protect your practice from fraud with our comprehensive bookkeeping services. Spend more time with patients and less time hovering over a spreadsheet. We’ll keep track of your revenue and expenses, providing you with valuable benchmarks for sustainable growth.

  • To close your books properly, you’ll need to transfer journal entries to a general ledger account.
  • We know that each business has different and unique accounting needs and we’re well versed enough to be able to adjust our techniques to whatever you need.
  • If you decide that bookkeeping isn’t your strong suit, they also have a paid bookkeeping service to make the process even easier.
  • If so, please consider that every beep you create is taking away from valuable billable time.
  • Accounting is more specialized, and picks up where bookkeeping leaves off.

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 Dental Bookkeeping it in more detail, but this is a good example of what you have to remember to do before you start doing anything. Going back and adding names to all of the transactions after they have been added would be a very time consuming mess.

IRS Unveils Historic Initiative to Ensure Fairness and Accountabi…

It’s an essential part of running a successful dental practice. 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.

  • Information provided on this web site “Site” by WCG Inc. is intended for reference only.
  • Simply put, dental accounting is the process of tracking and managing the finances of a dental practice.
  • We teach you step-by-step how to calculate and compare your practice overhead percentages against the average of other practices.
  • Without our dental bookkeeping checklist, I’m not sure how we would function.
  • As a result, they should be tracked diligently and used to inform financial decisions and reordering.
  • Depending on what works for your business you could also choose to close books annually.
  • If you’re not the one doing your bookkeeping, then this would be great to share with your current bookkeeper or accountant to follow along.

It allows you to keep track of financial information, make informed decisions based on financial reports, and protect yourself against fraudulent financial activity, including tax delinquencies. This blog explains everything you need to know about bookkeeping for dental practices. We share tips on how to manage your books, as well as how you can keep track of transactions.

Leave a Reply

Your email address will not be published. Required fields are marked *

Avatar Mobile
Main Menu x