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. Even though dentistry is your focus, running a dental practice comes with extra responsibilities that take time away from patient care. One of the biggest and most important of those responsibilities is bookkeeping.
Choosing A Generalist Accounting Advisor
- They’ll need it to help you navigate the unique aspects of dentist accounting, like dental insurance and selling your practice.
- Shaylin and Cole have been fantastic to work with in helping me with business finances, handling taxes, tax planning, and keeping things work smoothly.
- Streamline patient invoicing – Ensure invoices clearly list services provided, payment terms, and due dates.
- At Bench Accounting, we understand the unique needs of dental practices.
- Let’s take a closer look at these two methods and how they might fit your dental practice’s needs.
- Remember that financial management is an ongoing process that requires regular attention and effort.
The rights accounting software backed by the accounting team enables them to provide the best Payroll Taxes services for your dental practice’s daily accounting. You can reach out to your experienced Cooper Norman representative for dental accounting clarification. At Archer Lewis, we provide personalized accounting services, tax tips for dentists, and strategic guidance to help you grow. Our experienced team understands the unique challenges dental practices face and is ready to support you every step of the way. Following this dental bookkeeping checklist ensures your records are accurate, organized, and HIPAA-compliant.
- Our team understands the unique challenges of dental practice management and provides customized services that deliver meaningful results.
- A dental accountant specializes in understanding all the moving parts unique to this industry.
- Some practices do weekly reconciliations, especially for bank/credit card accounts, to catch errors quickly.
- Implement a detailed system of service codes for each dental procedure.
- When in doubt, consult with a dental-specific CPA or employment attorney to ensure proper classification.
- Cash accounting – Common among small dental practices, this method records revenue when payments are received, not when services are performed.
- This isn’t just about crunching numbers—it’s about creating a financial framework that supports your practice’s success.
WHAT DOES A DENTAL ACCOUNTANT DO?
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Best practices to reconcile bank statements in a dental practice
We ensure that you utilize all available tax benefits while fully complying with tax obligations, giving you https://www.bookstime.com/ peace of mind and more time to care for your patients. We take the tedious and time-consuming task of bookkeeping off your hands, managing it with our unique combination of intuitive software and real, human bookkeepers. Dental bookkeeping services are dedicated accounting services personalized for dental practices.
Remember that the label given to a worker doesn’t determine their status—the actual working relationship does. When in doubt, consult with a dental-specific CPA or employment attorney to ensure proper classification. When you manage payroll dental bookkeeping properly, you also stay compliant with labor laws and tax regulations. When you categorize expenses, you can see exactly where your money goes and identify potential savings. Hiring an in-house bookkeeper might seem like a solution, but for growing practices, the added expense can strain your budget.
State and Local Tax Services
- Write off continuing education courses, scrubs, and even in office whitening kits used for demos.
- SaasAnt handles increased volume effortlessly, ensuring your bookkeeping doesn’t become a bottleneck.
- Store records securely – Digital financial records should be stored on encrypted, HIPAA-compliant cloud platforms.
- Dental schools are great at teaching prospective dentists how to care for their patients’ oral health.
- Clearly define how long different types of records should be retained before secure disposal.
Consider investing in technology that enhances operational efficiency, improves patient experience, and contributes to overall practice growth. Regularly reconcile insurance claims to ensure that payments align with the expected reimbursement rates. This practice helps identify any discrepancies and allows for timely resolution.