Dental  Accountants

Regain Financial Clarity – Without Your Teeth Out.

 Dental  Accountants

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.

01

Bookkeeping

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.

02

Tax Preparation

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.

03

CFO Services

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.

LYFE Accounting bookkeeper

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 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:

Have the right information in your hands at the right time

Eliminate surprises on your tax bill

Stay on top of your practice’s finances

Effectively tax plan which can save you thousands in taxes

Why LYFE Accounting For
 Dental Accounting
 

Industry Experience

Industry Experience

Our dental accountants have experience in providing accounting services to dental practices. We place you with an in-house professional with experience in dental accounting. You are in trusted hands of someone who truly understands your business and industry

We Have Niche Knowledge

We Have Niche Knowledge

We understand that no two businesses are the same. Especially those in different industries. When you hire our CPA firm, we will make sure to set up your chart of accounts, reports, and returns in a way that is specific to your industry. You will receive reports that are specific to your business.

We Are Certified

We Are Certified

Our team comprises of Certified Public Accountants (CPAs). We have the knowledge, experience and credentials to support the services we provide. We are experts and have combined experience over 35 years in accounting and finance. Rest assured that there is not an accounting issue we have not encountered.

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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:

Recording transactions in the wrong period.

If you are an accrual accounting dental practice, this mistake may happen more often than you think. Accrual practices are supposed to record revenue when earned and expenses when incurred. Oftentimes, this method is confused with the cash method, which is more intuitive. The result of this mistake is costly as it may cause your tax return to be incorrect

Improperly classifying distributions as salary.

Distributions and salary are 2 very different things for tax purposes. One being deductible and the other is not.

Not using an industry standard chart of accounts.

The chart of accounts are accounts used to classify your practice’s transactions and are the accounts used to generate your financial statements. Specific accounts should be set up for the dental industry, that would make financial statement review more accurate and usable for you.

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.


Data Entry

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.


Reconciliation

To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.


Reporting

We prepare your financial statements. These financial statements include income statements, cash flow and balance sheets.


Use Insights

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.

Ready to get started? Schedule a meeting below.

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470-240-1437

CLIENT TESTIMONIAL

“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