DENTAL ACCOUNTING SERVICES
Understanding your numbers is critical for dental practices. 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 and keep track of profits. Giving you knowledge of which services are the most profitable. In addition to data entry, our dental accountants organize your information into easy-to-read financial statements.
There are numerous types of expenses that affect different areas of your tax return. From bigger purchases like x-rays to 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 team is experts 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.
Why Use Dental Accounting?
Whether you are a dentist, endodontist, periodontist, or pediatric dentist you need dental accountants. Dental practices have multiple types of expenses and streams of income. Dental 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 office. There’s also dental hygienists, dental assistants, dental technicians, and administrative office personnel. It’s important to keep and maintain proper records 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:
- Have the right information in your hands at the right time
- Effectively tax plan which can save you thousands in taxes
- Eliminate surprises on your tax bill
- Stay on top of your practice’s finances
WHY LYFE ACCOUNTING FOR DENTAL ACCOUNTING?
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 understand that no 2 businesses are the same. Especially those in different industries. We 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.
Our team comprises of Certified Public Accountants. 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.
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:
1. Improperly classifying distributions as salary. Distributions and salary are 2 very different things for tax purposes. One being deductible and the other not.
2. 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. Often times, 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.
3. 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
We take the time to catch up your books to the present month.
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 and begin data entry.
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
We prepare your financial statements. The financial statements include income statements and balance sheets.
We help you use your 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.
“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