Dental Overhead Pecentages

dental bookkeeping

For example, the payroll for your receptionist would be considered an overhead expense. In contrast, the dentists’ and hygienists’ payroll would be considered to be part of the Cost of Sales. You run the risk of omitting important information without the use of a dentistry-specific chart of accounts. This might affect you further down the line when you transfer those figures to other financial reports. Assess the provider’s use of technology, including accounting software and security measures. Ensure compatibility with your clinic’s existing systems and a commitment to data protection.

  • Utilize clearinghouses integrated with your accounting software to automate the insurance claim submission process.
  • They will be familiar with accounting systems used by dental clinics and what you need to keep your books up to date and accurate.
  • However, even those options have vastly different impacts on your taxes and accounting, and there’s no one-size-fits-all answer regarding the best choice.
  • We spend a quarter of the year training each new bookkeeper before they officially begin, to ensure you get quality bookkeeping.
  • Dental schools are great at teaching prospective dentists how to care for their patients’ oral health.

Like most consultants and accountants, I encourage dentists to keep a six-lane highway between business and personal finances, even if you are a sole proprietor. If you use the Home & Business version, both your personal and business finances are combined. Using the proper accounting software provides critical insights to the health of your practice. Ledgerbench is your trusted accounting & bookkeeping outsourcing service provider catering to SMBs who want to get their books in order at fraction of local costs. Healthcare is a growing industry and Dental Practices form a core of that.

Your time is better spent focusing on your core business activities (delivering dental care to your patients).

Efficient tracking of insurance payments is crucial for financial transparency and effective revenue management. Another step that is often missed by inexperienced dental bookkeepers would be to reconcile payroll. I can’t even tell you the countless payroll mistakes we find practice owners making after we reconcile payroll each month. Manual paychecks written that don’t match payroll reports, taxes withheld that weren’t paid over, voided payrolls that weren’t voided correctly.

dental bookkeeping

It is important that you sit down with your accountant and assess the areas that are dispensable and where you can optimize your costing. Cutting these extra expenses will help you organize your actual required costs much better. This course perfectly dental bookkeeping summed up the years of education that Sona provided me while working together. I can honestly say that the Percentology course will give you the knowledge and skills to finally get out the business owner hat and wear it confidently.

We do your dental practice bookkeeping with overhead percent benchmarking.

Effective bookkeeping plays a central role in achieving these financial milestones. Analyze financial reports to identify areas of growth and expansion. This could include introducing new services, expanding the patient base, or investing in advanced technology. Have financial statements reviewed by accounting professionals to ensure compliance with accounting standards and the accuracy of financial reporting. Collaborating with tax professionals who understand the intricacies of the dental industry is invaluable for optimizing tax strategies and ensuring compliance.

Fortunately, you can automate those functions with accounting software. And if you really need some extra help we have in-house CPAs and tax experts to help you. All you need to give us some of your time and in return, you can rest easy about your books.

B. Establishing Bookkeeping Processes and Systems

If you want to find out more about selecting the right bookkeeper or are ready to outsource your bookkeeping tasks, Enkel is here to help. We have a team of well-trained and experienced bookkeepers that can assist you with your books and help you stay up to date with all of your dental clinic’s financial needs. An experienced bookkeeper will also help you manage insurance billing and accounting tasks. They will be familiar with accounting systems used by dental clinics and what you need to keep your books up to date and accurate. Our dental bookkeeping experts eliminate a time-consuming administrative task from your plate.