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Dental Accounting Pros for Your Practice

CoriAnneFavro

Cori Anne Favro

Product Leader

Is your office manager constantly Googling “Dental accountants near me” come tax time or at the end of every quarter? Dental office accounting has the unique problem of being specific to dentists, so why hire an ordinary bookkeeper when you can partner with the nation’s leading dental billing platform suite at eAssist Dental Solutions? We know these types of business decisions don’t come easily and require a careful look into strategic planning and ROI. Read on to learn more about how to best track, manage, and implement a winning financial plan for your practice by partnering with dental accounting pros on the eAssist platform.

Tax accounting for dentists

There are two certainties for every dentist: Teeth and taxes. Each year, your practice is on the hunt to maximize deductions and get every credit you deserve for running a successful practice. Here are just a couple of ways your practice can help itself when it comes to specific tax accounting strategies:

  • Partner with a dedicated dental accountant to realize your long-term goals and create a strategy that works to your specific needs
  • Categorize expenses by deduction or credit potential
  • Reconcile business expenses and deposits with proper bank accounts

Tax planning for dentists

Before you even think about filling out any paperwork for your practice’s taxes, you owe it to yourself to take a close look at the year’s reporting. This not only lets you see how well you’ve done and are currently doing, but you can also double check that the numbers line up the way they’re supposed to rather than running into surprises halfway through preparing your returns.  Take a look at some of the best ways to maximize your tax planning

  • Make sure you are following any rules or changes to your state and local taxes every year
  • Maximizing deductions from every angle, including marketing costs, vehicle maintenance, office and dental equipment and more
  • Review corporate breaks and new federal laws that directly affect your practice

A little planning goes a long way in helping your come tax time. Keeping up to date on new laws is one of the easiest ways you can fully optimize your tax planning and see higher profit returns in the upcoming year. Outsourcing to dental accounting pros can help you to achieve your tax goals through specialized attention and finding you many more of the tax credits you deserve.

Bookkeeping for dentists

Of course, your practice is only as good as the tools you currently have to continually innovate toward your financial goals and KPI targets. Understanding the differences between them and how they connect is essential to getting the most out of your finances.

What types of bookkeeping systems are used in a dental practice?

There are two primary financial systems used in your practice:

  • Accounts receivable:
    This includes your production and all data for treatments, received payments and current balances
  • Accounts payable:
    This is your payment obligations and any outgoing money, debts, and investments with a balance

Correctly reconciling and categorizing your receivables to payables will help you to capitalize on areas of improvement or know whether or not you need to seek the help of a professional dental accountant.

What will a dental accountant cost me?

Accounting services for dental practices can get expensive quickly, and you want the best dental accounting pros on the job. Look for someone with experience in dental account management. It quite literally pays to know what your practice needs from a dedicated accountant, whether it’s as simple as paying your bills on time or as complex as managing multiple expense accounts.

Outsource to the dental accounting pros at eAssist

eAssist’s dental accounting and bookkeeping platform gives your practice the edge it needs to prevent worry about missed opportunities in all areas of your finances:

  • EFTs are reconciled with your PMS and merchant statements
  • Bills paid for you in limited access accounts so you can take your checks home and keep them safe
  • Weekly summary reports on expenditures, collections and bank reconciliations
  1. Essential bookkeeping

Our Essential Bookkeeping Platform is just what you need to relieve you of the tedium of balancing the books whenever a deposit or a bill is paid. Your accountant and whomever else you choose will have complete access to your books at all times and in real time through QuickBooks Online.

  1. Advanced Bookkeeping

Take your bookkeeping to another level of convenience and safety by adding our Advanced Bookkeeping Dental Accounting Platform with Bill Pay. We pay your bills through your bank’s bill pay through limited access accounts. Your staff no longer needs to write checks to vendors or have access to your bank’s online account. You can take your checks home and keep them safe!

Plus, our dental accounting and bookkeeping brand promises are achievable goals that work toward continued profitability and peace of mind for your practice:

  • Daily EFT reconciliation with your PMS and bank
  • Monthly checkbook balancing (bookkeeping service only) by the 15th day of the following month
  • Bookkeeping specialists categorize expenses daily
  • Bookkeeping specialists (as applicable) provide you with real time P&L and other reports by the 15th day of the following month
  • Schedule a monthly call with the primary doctor to review financial health and goals

When you outsource to eAssist’s dental accounting pros, your practice gains the advantage of being able to maximize cash flow, operate at a higher financial efficiency, and help with the yearly bugbear of taxes. Schedule a call with eAssist today and learn even more about how our accounting and bookkeeping services can bring your practice the peace of mind it rightfully deserves during tax time and beyond.

dental accounting pros are on the eassist platform right now

CoriAnneFavro

By Cori Anne Favro

Product Leader

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