The Role of Accounting and Bookkeeping in Dental Practice Management: Best Practices and Tips » My Dentist Hub

The unique aspects of running a dental practice can complicate these processes. For example, accounting for your revenues properly despite the complexities of insurance billing can be one of the most significant challenges. In addition, I am unconditionally committed to be the best technical dentist I can be. I have averaged over 100 hours of continuing education each year over the last five years. I have also been recently honored, when I was named to the Visiting Faculty at the Scottsdale Center for Dentistry. There I volunteer extensive time and energy to the pursuit of clinical excellence through continuing education.

We are more than your typical bookkeeping and accounting firm . . .

That makes it a hassle to get a clear view of the company’s financial status. Information provided on this web site “Site” by WCG Inc. is intended for reference only. https://www.bookstime.com/articles/what-are-t-accounts This Site may contain references to certain laws and regulations which may change over time and should be interpreted only in light of particular circumstances.

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• You might be running a larger dental practice, or the job is just too much to hand off to an office manager.
• We bring reputable employers and quality candidates together to make a productive and satisfying working environment for everyone.
• This involves accurately tracking income and expenses in order to properly report taxes to the government.
• We spend a quarter of the year training each new bookkeeper before they officially begin, to ensure you get quality bookkeeping.
• Besides, a firm with more than one dentist can use benchmarking data to determine the revenue share of each partner.

When I say formally, I mean going to the gear icon in QuickBooks Online and clicking the “Reconcile” feature under the tools menu. There are some things to remember before you dig into bookkeeping because if you start to work and you have forgotten to do something a certain way, it could be quite the mess to go back and make changes. Therefore, at the top of our checklist, we list items that we need to remember before we start anything. QuickBooks is faithful to produce a new version annually, but you only need to upgrade your version every couple of years.

We do your dental practice bookkeeping with overhead percent benchmarking.

The most common payroll processing services in dental accounting include the 1099s preparations, personalized payroll reports, direct deposits, unemployment claims, and W-2s and W-3s preparation. Align your dental practice with your financial targets by conducting a dental practice benchmarking. A dental accounting firm uses benchmarking dental bookkeeping data to highlight areas that require adjustments for the proper function of the business. Dental practice benchmarking service may include strategic business planning, office operations assessment, and merger assistance. Besides, a firm with more than one dentist can use benchmarking data to determine the revenue share of each partner.

DENTAL ACCOUNTING FAQS

Understanding accounting basics can help dentists manage their practice’s finances effectively and make informed business decisions. Effective bookkeeping is essential to the success of your dental practice. Bookkeeping for dental practices typically involves recording transactions in a system of accounts, such as a general ledger or accounting software (we utilize QuickBooks Online). This is a separate system from the office’s patient management system (think Dentrix or Open Dental). While the patient management system records production and collections, the QuickBooks Online accounting system is synced with bank, credit card and loan accounts.

• If you choose an in-house or part-time contract bookkeeper, there may be a capacity limit to the amount of work they can handle themselves.
• By regularly reviewing these statements, dental practices can make adjustments to improve their profitability.
• Dental practices present unique accounting challenges requiring specific dental bookkeeping and accounting services.
• It might also impact your ability to get approved for financing or find investors.
• A Generalist doesn’t understand the profit levers of a dental practice like we do.