Operating a dental office is hard work.
Bookkeeping for a successful practice isn’t an easy undertaking either.
Accounting, auditing and bookkeeping functions are vital to a dental office’s overall financial health. And with the energy and dedication invested into caring for patients, the bookkeeping side of the business can easily get overlooked.
Bookkeepers are specialized professionals that can handle the financial complexities of business finance. Their in-depth understanding of tax law, accounting standards and other financial know-how can get the financial side to shine as brightly as the front end of the business.
Here are five reasons why an experienced bookkeeper will add value to your dental practice and help you successfully navigate the financial waters no matter how turbulent they become.
Free up time to focus on core functions
You’re in this business for a specific reason: providing high-quality dental care to your patients. Running QuickBooks and scanning spreadsheets shouldn’t be something you invest a lot of time in.
Bringing a financial expert onboard gives dental practice doctors and assistants the capacity to fully focus on their core competencies. There’s no need to add more to your already full plate by having to worry about taxes, accounting and financial management.
Avoid tax-season chaos
With changing tax laws and fast-approaching deadlines, dental practices can enjoy a permanent reprieve from tax-season chaos with the help of a tax professional.
A professional virtual bookkeeper will work hand-in-hand with accountants or tax consultants to review that all tax liabilities are in order, potentially saving the practice large sums of money.
Tax pros will also produce year-end reports that dental office managers can reference for planning purposes. The projections and forecasts will be invaluable bits of information if the practice plans on expansion too.
Prepare for the unexpected
It can come at any time, no matter how much due diligence and care dental offices put into tax planning. A bookkeeper will equip a dental office with all the tools and resources that will be needed in the event of an audit.
In light of the pandemic, a lot of dental offices applied for grants, loans and other programs to stay ahead. This extra financial wrinkle adds a layer of complication, which like anything else, is subject to a possible audit.
Create greater work-life balance
Dental professionals deserve the balance of work and life. But if they go it alone in their financial bookkeeping, this balance can quickly become one-sided.
Partnering with a bookkeeper relieves some stress associated with financial management, freeing up time to pursue endeavors outside the office with family and friends.
Never make late payments
With everything moving so quickly, there’s always a possibility of a misstep when it comes to paying debt on time. While you’ve never missed a payment, it’s not uncommon to have submitted at least one a little late. Paying late can result in hefty fees, interest of even fines.
A bookkeeper makes those possibilities go away and will help the practice save money and the headaches of late payments.