5 Aspects of Dental Accounting Your Practice Can’t Afford to Ignore
There’s absolutely no reason why a dental practice cannot handle its accounting in-house. In many cases, taking care of the accounting process internally is an excellent way to save both time and money, not to mention the stress of having to wonder if the person or firm you’ve outsourced to is getting the job done right. There are, however, plenty of things that need to be focused on directly in order to ensure that in-house accounting solutions work properly, as otherwise, you may create problems that can be challenging to recover from.
Looking to take things into your own hands? Here are five aspects of dental accounting your practice can’t afford to ignore.
1. Cloud-based Accounting
Let’s face it—if you’re not working from the cloud at this point, you’re effectively putting your dental practice at risk. Why? Cloud-based accounting software ensure that all of your billing information is backed up on multiple servers so that it can essentially never really disappear. This isn’t true of localized accounting software, which is just one hardware crash away from being wiped away forever.
2. Payroll Solutions
Many people associate dental accounting with patient visit costs and insurance calls, which are both certainly parts of the process. What often goes overlooked, however, are things like payroll solutions for employees. Between calculating payroll taxes, avoiding tax penalties and simply making sure everyone on staff gets paid when they’re supposed to, the person handling accounting at your practice needs to have a deep understanding of payroll and have the right software suite to work from at their disposal.
3. Retirement Planning
Another aspect of dental accounting that cannot go overlooked is retirement planning. It’s important not only for your staff, but for yourself, as well. Dentists face excessive student loan debt, exist in a higher tax bracket than many and must deal with equipment/technology fees on a regular basis. Learning the ins and outs of retirement planning for you and your staff isn’t just a good idea—it’s a veritable necessity.
4. Private Dental Plans
The idea of offering private dental plans is both a relatively new concept and one that tends to be very appealing to patients. Learning how to provide a benefit payment plan that’s not only profitable for you, but also a good deal for your customers can help you to escape the boundaries set by dealing with insurance companies. It sets your practice apart from the competition, and it’s not nearly as complicated to set into action as you might expect.
Accounting isn’t just about crunching numbers. Your practice can end up getting a ton of mileage out of performing analytics on accounting data, which will give you a much better sense of how well things are getting accomplished and which goals are either being hit or unreached. In a perfect world, your team should include someone who has a good grasp on dental accounting analytics so as to better plan for the future and increase ROI across the board.
So don’t just assume that accounting needs to be outsourced. With the right knowledgebase and approach on your side, you can successfully handle accounting processes without having to pay an outside vendor to do so for you.