So you’re running a successful dental clinic, and it’s growing at a good pace. Accept it or not, you must be a handful with all the patients coming and the circumference of your services expanding. A very important operation at your dental clinic is dental accounting and bookkeeping. And that must be becoming a lot difficult to handle with all the increasing flow.
The truth is – it is the most important time to keep a hold on your bookkeeping and make it effective. Because with more patients coming in and an expanded number of procedures being performed – the chances of errors also increase.
You need to see if your taxes are being rightly paid, your books are properly being closed, and you have an adequate insight into your financial standing to empower future growth. Keeping your bookkeeping practice effective and superb can really help streamline your profits. After all, the primary objective of a dental practice is to attain maximum revenue, just like any other business.
But first, take a look at why efficient bookkeeping is significant for your dental practice.
Why Is Efficient Bookkeeping Significant For Your Dental Practice?
Since revenue is the primary thing for a dental practice, just like any other business, money management should be the most critical operation. A growing dental practice has lots of patients coming in – maximizing the number of books and accounts to be managed.
With all the pressure of delivering quality patient care and other stuff, it’s difficult to manage all those books efficiently. However, you cannot simply ignore that.
The better you’d be able to manage your books, the easier it would be to prepare your financial statements. And only the rightly prepared financial statements could help determine your revenue the right way. Also, it can help you make adequate financial projections and know the routes towards further growth.
If you want to see your practice growing in the right direction and your revenues upstream, an efficient bookkeeping practice is essential.
Here’s How To Make Your Dental Bookkeeping Practice Superb and Effective
Take a look at these amazing tips and get inspired!
Thoroughly Review The Tax Guidelines
Since your bookkeeping practice falls under the specified tax guidelines of your state and the industry, it’s always the best practice to review them thoroughly. Whether you’re handling the books yourself or have hired a professional bookkeeper, it’s good to have the knowledge of tax guidelines.
It can help you understand the best ways of accounting for all your income and expenses. The better would be your knowledge of the taxing policies and guidelines, the better you’d be able to manage taxes, pay them on time, and save your practice from overdue penalties.
A good dental practice reconciles its accounts at the end of every week. And doing that could become a little difficult as your practice grows. In situations like these, a solid background in the taxing guidelines could really help. It can prevent you from making errors and assist you through avoiding any measure that might be against the law.
Ensure Closing Your Books The Right Way
If you’re managing the books yourself, remember to close them at the end of every month, and that too the right way. With your books closed properly every month, it becomes a lot easier to prepare your financial statements for both quarterly and annual purposes. It also helps you reconcile each different account the right way.
In addition to that, you must understand that no changes or updates can be made once an account is closed. Any changes made after that can maximize the chances of errors – leading towards inaccurate financial recording and the incorrect filing of taxes.
If your dental practice is growing and there’s an unstoppable flow of books and accounts every month, the best option to tackle them is acquiring a dental practice management system. There are multiple such systems available in the market offering great features and assistance. You can easily integrate one of these into your dental office setup, learn to use them effectively, and be able to manage hundreds of books and accounts effectively.
However, you might need professional assistance to integrate and operate such dental practice management systems the right way.
Integrate Bookkeeping Tools and Software
QuickBooks and Xero are the most used cloud-based dental accounting software. They have been designed to cater to all the bookkeeping and accounting needs at a dental clinic. With these tools and software at hand, you can easily automate all the processes – making it a lot easier to handle hundreds and thousands of books and accounts at a time.
However, just installing software isn’t enough. You’ll definitely need to know the accounting principles and understand their implementation. You should understand which tools and features best assist your requirements – as they grow and expand over time.
From managing your payroll and the installation of new equipment to handling your patients’ accounts and much more – these bookkeeping software and tools come with immense features. It’s totally up to you to choose the features aligned with your needs. And for each feature you integrate, training would be required without a doubt.
Align With Your Industry-Specific Chart Of Accounts (COA)
Most dental offices tend to make this mistake – using the standard chart of accounts as a guide to track down their income and expenses. The truth is – the dental industry is entirely difficult from the common businesses, and it definitely requires a different treatment.
There’s an industry-specific chart of accounts (COA) available for the dental offices that have been made in consideration with operations of this field. It has all the features specified for dental bookkeeping and aligning with that can definitely bring you a greater utility. In addition to that, aligning with an industry-specific COA minimizes the chances of errors and neglecting significant information.
COA is a lot handy when you’re preparing your financial statements. They can help you prepare the perfect financial statements for your dental practice – ensuring you get proper insights to empower future growth.
Outsource Your Dental Bookkeeping
The above-listed ways of making your dental bookkeeping practice effective are great without a doubt. However, managing all your books and accounts alongside delivering quality patient care could be straining for a dental practitioner. It can impact your overall productivity and might negatively affect the quality of care you provide to the patients.
Especially when your practice is growing – accounting and bookkeeping become much more time and effort-intensive. A great way to tackle such a situation is outsourcing your dental bookkeeping operation. It’s a cost-effective solution and often results in better results and improved productivity of your clinic.
While it saves a lot of your time by managing all the bookkeeping stuff in one place, it also declines the chances of errors at the same time. A professional dental bookkeeping company comes along with specialists from the industry – having years of experience and knowledge. They know exactly how to manage your accounts and books the right way – reducing the chances of errors to a negligible figure.
Make Your Dental Bookkeeping Practice Effective With DentalRevu
DentalRevu is a top-tier company offering the most effective dental bookkeeping services. With all the latest technology at hand and experienced professionals on board, we take pride in assisting our clients to manage their books the finest way. They’re industry specialists and know exactly to manage dental books and accounts in a manner your practice experience exponential growth.
Though the top four ways mentioned to make your dental bookkeeping practice effective are great, you can genuinely need professional assistance to ace them. If so, feel free to get in touch with our representatives and get your consultation scheduled. Our dental bookkeeping experts would love to brief you about the significance of efficient dental bookkeeping and how our exquisite services can help attain that without hassle.
Contact us today to get your books and accounts managed the right way!