Understanding your numbers is critical for dental practices- whether start-up dental facilities or established ones. Our dental accountants help you with business planning, tax planning, and bookkeeping. These tools allow your practice to flourish and remain flexible in a constantly changing business environment.
Dental bookkeeping services classify all transactional information in the appropriate category. This allows you to identify income and expenses while keeping track of profits. Doing so will give you knowledge of which services are the most profitable. In addition to data entry, our dental CPAs organize your information into easy-to-read financial statements to help you make smarter decisions on your dental facility.
Determining your tax liabilities and tax return, as well as studying the tax law that involves your practice is not easy. For one, there are numerous types of expenses that affect different areas of your tax return. From bigger purchases like x-rays to practice management software. This information needs to be accurately represented on your tax return, while also ensuring you’re taking the right amount of depreciation. Our professionals ensure that your tax return is done correctly, the first time.
Dentists need part-time CFO services to help manage the financial aspects of their business. Our accounting firm’s team is expert at learning your particular practice, taking your specific records and projecting sales and expenses up to 1 year ahead. With this information, you can predict the resources you’ll need at any given time and avoid under/overspending on resources.
Expert Dental Accountant Ready To Serve You
Whether you are a dentist, endodontist, orthodontists, oral surgeon, periodontist, or pediatric dentist, you need dental accountants. Dental practices have multiple types of expenses and streams of income.
Dental practice accounting makes it possible to accurately and efficiently manage it all.
Not only do you need to keep track of the daily and overall financial management of your practice, but you also need a proper payroll system in place. It takes more than a dentist to operate a dental professional office. There’s also dental hygienists, dental assistants, dental technicians, and administrative office personnel.
And while your main priorities should be to build your facility’s brand awareness through various marketing services, it’s also important to keep and maintain proper financial records. This is so your staff can have the records they need surrounding their pay, taxes, and benefits.
Benefits Of Dental Accounting
If you want to grow your dental practice, you need to know your numbers. Furthermore, you need to use those numbers to make the best possible decisions. In addition to this, dental accounting allows you to:
Why LYFE Accounting For
Common Dental Accounting Mistakes
Dental accounting is so specialized that it’s easy for you or other accountants to make simple (yet costly) mistakes to your bookkeeping. Here are just 3 mistakes that non– dental accountants make:
Our Methods To Dental Accounting
Catch Up Your Books
We take the time to catch up your books for the present month.
Set Up Chart Of Accounts
We set up your chart of accounts so that reviewing your financial statements is easy and tax return filing is a breeze.
We gather data. Whether you use Paypal or a credit card processor, we incorporate that information into your books. We will also connect your financial accounts to your bookkeeping software such as QuickBooks, Xero, Freshbooks. After that, we will now begin data entry.
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
We prepare your financial statements. These financial statements include income statements, cash flow and balance sheets.
These figures will be more beneficial for you if you can use them to grow your practice or even do a practice transition. We will help you use your financial reports and KPIs to make informed, profitable decisions.
Your Dental Accounting Should Make You Smile
There’s no doubt your dental practice needs accounting but more so, you need the service of dental accountants.
The dental industry is specialized. The service provided, jargon used, equipment needed are all special to dental offices. Your accounting is no different. You need accounting services that serve your particular needs.
You are more than a dentist but also a business owner. And all business owners need their accounting to be right so they can make the right decisions, at the right time.
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“I had an awesome experience at LYFE Accounting. My accountant was really knowledgeable & professional. She got me the maximum refund possible…I would recommend LYFE Accounting to any & everyone.”
– P. Griffin