You should consider hiring a bookkeeper or outsourced bookkeeping firm that has payroll training to help you manage these complex duties. We often help with catch-up bookkeeping work when onboarding a new client. That’s why we offer a free hidden growth report to help dentists find tens of thousands of dollars in immediate revenue potential.
For example, debt is one of the primary budgetary challenges for dental practice owners. Not only do dentists carry sizable student loans, but they also usually have to take out business loans to afford the equipment they need. However, few practices need to hire a full-time dental accountant for their financial planning. Instead, you’re often better off paying for outsourced accounting and tax services from a Certified Public Accountant (CPA) firm.
Things to Consider When Hiring a Bookkeeper for Your Dental Practice
If you decide that bookkeeping isn’t your strong suit, they also have a paid bookkeeping service to make the process even easier. It allows you to work with a professional bookkeeper for an additional cost. It gives you a clear view of the financial state of the business and can be used to make your business run more efficiently. Whether you’re doing it yourself or delegating it to your office manager there are a few helpful tactics you can use to simplify the process.
A standard COA doesn’t provide the same level of usefulness that a dental industry COA would have for your practice. First, dental practices can go with the traditional route of being a participating provider. That dental bookkeeping means you’re in-network with a dental benefit plan and usually involves collecting payments from insurance companies and patients. Of course, software can make many other aspects of your finances more efficient.
Bookkeeping Services for Dentists
In conclusion, effective financial management is essential for the success of your dental practice. By implementing the best practices and tips we’ve discussed, you can streamline your finances, reduce stress, and focus on providing quality patient care. Remember that financial management is an ongoing process that requires regular attention and effort.