Taxes and financial statements aren’t the only areas that could be affected. It might also impact your ability to get approved for financing or find investors. Potential lenders want to see clean and precise financial data when they’re deciding to approve your business for credit. As a result, you’ll likely have high fixed costs, and you must be careful to avoid cash flow issues. To help you set yourself up for success, here are some common pitfalls dentists fall into that you should know to avoid.
Therefore, hiring a trustworthy firm with a good reputation is essential. Overall, dental bookkeeping requires attention to detail and base knowledge of bookkeeping guidelines. You’ll need to use an industry-specific chart of accounts, reconcile financial data and make sure that the books are properly closed each month. However, few practices need to hire a full-time dental accountant for their financial planning.
Our suggestion: Use the course to uplevel your office manager or spouse to CFO.
Percentology turns your bookkeeping data into a visual performance dashboard to eliminate noise, discover where you stand, and track what matters most. We help dentists stop feeling lost with their Profit & Loss report by transforming it into a benchmarking tool that measures success. With tasteful touches from Columbus’ own Elm & Iron, experience the warmth of your dental home. From the moment you enter your dental home, warm smiles and open arms will help you feel at ease and relaxed as we start the journey to your most confident smile. Bookkeeping services are beneficial for a number of different reasons.
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. At Titan Web Agency, we partner with dental practices to help them market their businesses to reach more patients and increase their profits. That includes providing advice in relation to the financial aspects of managing a dental practice. That’s why we’ve created this guide to help you select the best dental bookkeeping firm to help grow your practice.
Download these documents and save with bookkeeping records
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 invest in leading technologies to ensure our patients have access to the latest tools in modern dental care. Whether intentional or not, fraud is a real problem in the dental industry.
