Dental Bookkeeping: The Guide to Selecting the Best Dental Bookkeeping Firm

Bookkeeping is one of the most important functions for a dental practice. Dental business owners rely on bookkeeping to ensure they are spending their money appropriately. A reliable and competent bookkeeping service is worth its weight in gold, especially a service geared toward the dental industry.

• Any firm you hire should be completely transparent about fees and charges.
• Xero is a cloud-based platform, which can be accessed securely from any location with an internet connection.
• The dental bookkeeping firm you hire will be responsible for tracking your cash flows and expenses and possibly managing your payroll too.
• Seychelle is a Maryland-based personal finance writer and business owner.
• QuickBooks does take time and effort but once you get the hang of it you’ll be able to manage your Dental offices bookkeeping easily.
• Combining business and personal transactions might not seem like a big deal until you have to sort through them.

In addition to asking about security measures, we recommend asking specifically about HIPAA compliance. You should ask if the firm has ever experienced a data breach or been charged with a HIPAA violation. If you hire a virtual bookkeeper, you should plan on having a face-to-face interview via Zoom or Skype.

Close Your Books The Right Way

With years of training and expertise, we know how to help your practice achieve greatness. Our goal is to help you discover how to be more efficient and profitable. By getting the right systems and reports in place we can measure how your practice is doing regularly and then work on increasing your profit. Remember that reviews and references are helpful, but they shouldn’t be the sole basis for your decision. Use them to get more information and ideas, but also think about other factors like the service provider’s knowledge, use of technology, and compliance measures.

• When our focus is on the immediate claims needed for patients, those accounts that are a few months old become easier to forget.
• Doing it yourself or hiring an in-house inexperienced bookkeeper can result in costly mistakes.
• Outsourcing accounting will get experts working for your accounting task who can do all activities speedily to improve the accounting process.
• The answer is to use a an experienced dental accountant to take care of your bookkeeping, who also has knowledge and experience of working in the industry.
• When checking client references and online reviews, consider the size and type of dental practices the bookkeeping service provider has worked with.

The cash method is way simpler because there are no accounts receivables and accounts payable but it doesn’t provide as much detail. The other and more common way is the accrual method,  with this revenue is recorded when the invoice is sent regardless of when you receive the payment. And vice versa expenses are recorded at the time you receive the bill regardless of when you pay. Xero is a cloud-based platform, which can be accessed securely from any location with an internet connection.

Why Dental Bookkeeping Made Easy?

Just because you’re capable of doing something doesn’t mean that you’re the best person for the job. As intelligent as you are, you most likely cannot manage your books as effectively, efficiently, and accurately as a skilled professional bookkeeper. Just as bookkeepers do not perform their own dental care, you should not be handling your own bookkeeping. Using QuickBooks Online allows you and our team to access and work on your bookkeeping in real-time. Bookkeeping and accounting is a little consuming process where some activities takes longer duration to complete.

• A local bookkeeper can come into your office if you prefer or access your accounts remotely.
• Accurate bookkeeping is the engine that will keep you running smoothly, help you make pragmatic financial decisions and plan sensibly and positively for the future.
• Receive weekly reports showing collections, expenditures and whether or not all bank debits and credits match.
• But that flexibility doesn’t benefit only the virtual professionals.
• As you examine your reconciled financial information, you should be able to identify figures that do not line up as well as find aberrations.
• Now that you know what bookkeeping is and why it’s important you might be wondering How do I actually do bookkeeping for my Dental office?
• Tyson Downs, the owner of Titan Web Agency, has years of experience working with small businesses and helping them meet their revenue goals.

Our healthcare accounting and bookkeeping services keep the finances organized. We offer monthly work on your finances and provide comprehensive reporting to give powerful insights into your business. It’s all backed by our team of professionals who will ensure your business is running smoothly. Hiring a https://www.bookstime.com/articles/dental-bookkeeping firm to keep financial records and help you achieve your practice growth goals is a good investment. You can use this guide to research bookkeeping firms, evaluate their services, and choose the right bookkeeper for your practice.

Increase Your Profit

In addition to promoting accuracy, using the right technology should translate to fewer billable hours because it can save time. Calling references will allow you to get a handle on what their experiences have been like and help you choose the right firm for your needs. Meru Accounting is a leading Accountant consultancy firm having the head office in Ahmedabad, Gujarat. The firm is successfully run by CA Rushabh Shah and CA Harnish Shah and has elevated its wings in the countries like Australia, Newzealand, UK, and the USA. If for whatever reason that number does not exactly match, that means that there is something wrong with the transactions that you’ve categorized.

If they don’t, make sure to ask what technology and automation they use. You should also check to see if they have experience with the accounting or bookkeeping software that you use. Experience is also necessary because a bookkeeper without dental or healthcare experience may not understand industry regulations, including HIPAA compliance. As we mentioned above, one of the key duties of a professional bookkeeper is to create a chart of accounts. While any bookkeeper can do some of the things necessary to organize and track your practice financials, hiring someone with specific industry experience is the best option. Outsourcing will enable CPA’s to work for the dental clinic who can give a better level of accounting efficiency.

Improve and Track Your Growth!

It is helpful to remember that under every balance sheet, the accounting principle should remain true that liabilities, plus owner’s equity, must always equal assets. One of the key aspects of dental bookkeeping is the consistent recording of patient information. This includes the patient’s name, address, contact information, and insurance information. This is used to generate invoices and to track payments made by the patient and the insurance provider. Accurate record-keeping of patient information is crucial for efficient billing and collections, as well as general compliance with legal and regulatory requirements.