Outsourcing bookkeeping services can be a strategic decision for dental practices looking to streamline financial management, enhance expertise, and focus on core business activities. This allows you to focus more on patient care and less on financial management. Effective accounting and bookkeeping are essential for the success of your dental practice.
Accounting Tips for Dentists
Reconcile claims against Explanation of Benefits (EOBs) – Regularly review EOB statements to catch underpayments, missing reimbursements, or denied claims. If a payment is lower than expected, compare it to your practice’s fee schedule and identify discrepancies early. Submit insurance claims promptly – Delayed submissions lead to delayed payments. Establish a structured workflow to submit claims immediately after treatment to reduce waiting periods. Negotiate with suppliers – Secure better payment terms with dental suppliers to avoid unnecessary financial strain.
Taxes for Dental Practices
You continue to provide excellent patient experience, paying your bills and employees. We enter the activity in our software to track your financial activity. We record it consistent with other dental practices to ensure they are comparable. You should review your dental practice’s finances regularly, preferably on a monthly basis.
Our Team
- I’d love to work together to support the financial health and long-term success of your practice.
- Michael and Company, CPA has developed a particular expertise in helping California dentists successfully manage their practices with maximum efficiency and profitably.
- Based on that initial consultation, we then implement the tools, services, and advice necessary to make effective financial decisions.
- Overall, our goal is to streamline your financial management process, saving you time, and relieving you from the complexities of bookkeeping.
- If you are a dental professional with taxable income, it is highly recommended you hire a dental CPA to help your practice with complicated tax issues exclusive to dentists.
- By properly managing their bookkeeping, dental practices can ensure their financial stability and compliance with tax laws.
Our job remains being professionally detached, giving you information and letting you decide within our ethical guidelines and your risk profiles. Let’s schedule a time to review tax reduction strategies and generate a mock tax return. Accurate and timely information leads to better business decisions. Trends and techniques in accounting are always changing, especially as new technologies emerge. SAGE has found that 90% of accountants think accounting is going through a cultural shift that favors technology.
Accounting and Bookkeeping for Dentists
On the other hand, most dentists take comfort in knowing they have hired someone who does dental bookkeeping every day to handle their information. QuickBooks, Xero, Waveapps, etc. all make you feel like you are a bookkeeper but didn’t you go to a zillion years of school to be a dental bookkeeper… you put all that hard work in to be a dentist. Megan has been providing bookkeeping services to dentists for over 3 years. DJ has been providing bookkeeping services to dentists for over 10 years.
Regularly analyze financial reports generated from bookkeeping data. These reports offer a comprehensive view of the clinic’s financial health, allowing for informed decision-making. Data-driven decision-making is a cornerstone of https://mefson.com/2025/09/17/stale-dated-check/ successful practice management.
Consider taking advantage of Section 179 to expense the cost of https://www.bookstime.com/ qualifying equipment in the year of purchase. Utilize financial forecasting to anticipate future cash flow needs. This proactive approach allows you to plan for upcoming expenses and allocate resources accordingly. Clearly communicate payment terms and follow up on any overdue payments. QuickBooks Online syncs smoothly via third party connectors, cutting duplicate entry. Personal draws should follow a set schedule so owners do not starve the practice of working capital.
Why is accounting important for dental practices?
DBA uses secure systems, internal controls, and HIPAA-aligned processes to protect financial data. At Haven, we understand that every founder’s priority is running a thriving practice—not wrestling with complicated bookkeeping software or lengthy tax forms. Benchmark your practice’s financial performance against industry standards.
Dental practices face several unique challenges in accounting, so bookkeeping for dentists they need tailored solutions to stay on top of their finances and run smoothly. This isn’t just about crunching numbers—it’s about creating a financial framework that supports your practice’s success. We’ll provide you with a simple list of five items to gather so we can get started. We understand you’re busy with patients, so we’ve made the process quick and easy. Log into our Client Portal dashboard anytime to see your income, overhead targets, and spending trends. Instantly see how your overhead compares to industry benchmarks and our client averages so you can make smarter decisions with confidence.