quickbooks bookkeeping for dental offices

Proper bookkeeping allows dental practices to monitor their financial health, make informed decisions, and meet their financial obligations. QuickBooks accounting software is affordable and fast, the perfect combination for a dental practice. However, even if you already use QuickBooks for your practice’s business accounting, it can be extremely helpful to work with a dental CPA from Reliance Consulting, LLC. Our expertise with QuickBooks, combined with our deep knowledge of dental practice management, will further streamline your monthly and annual accounting practices.

  • Without our dental bookkeeping checklist, I’m not sure how we would function.
  • The final collected revenue in these two separate systems should reconcile (match) at the end of the year.
  • Generating regular reports for cash flow, profits, and losses allows you to keep tabs on the state of your practice and better positions you to understand the difference between cash flow and profit.
  • With the rapid expansion of group, multi-location and multi-specialty practices, more and more doctors are wondering what are the big dental service organizations (DSOs) doing.
  • Depending upon the amount of information needing to be updated and the changes within the software itself, it could present data compatibility conflicts if you become further behind.
  • This helps your accountant, but it can be even more helpful for your own understanding of the practice financials.

And if the amounts are only entered into QuickBooks as lump sums, the amounts applied to Withholding, Social Security, or Medicare cannot be accessed. The payroll company pays the payroll taxes, files the payroll reports and creates the W-2s at the end of the year. Au contraire, QuickBooks for dental managers is an amazing financial, organizational tool [insert geek smile] (and that’s not just my inner geek speaking).

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Reports – The report customization is extremely limited in QuickBooks Online. At this writing, the Chart of Accounts can only be arranged alphabetically by account type. Your Chart of Accounts is the most important aspect of your QuickBooks use and the way you review reports is based on its design.

QuickBooks Desktop is a one-time purchase installed on your clients’ work computer. We offer multiple versions depending on your clients’ needs—Pro, Premier, and Mac. ADP, Paychex, and others (CPAs) https://www.bookstime.com/ offer to pay your employees by check or direct deposit. Typically, the employee’s hours are calculated, hopefully, reviewed, and either called into the payroll service or entered on their website.

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With QuickBooks, and financial reporting in general, automation is your friend. Ingenious dental practice payroll tools that save dentists time and money. This is important to do every month so you have accurate numbers. And the QuickBooks Online reconcile feature will walk you through reconciling any account on your balance sheet. It also leaves you and your CPA historical reconciliation reports which CPA’s depend on for their review work. Give it a try if you haven’t, then add this to your checklist to be done every month.

  • Downloading an online copy to convert back to QuickBooks Desktop Pro is problematic.
  • As the number one accounting software for businesses, using QuickBooks is convenient and efficient, but only when the initial set up is performed properly.
  • The important aspect of any accounting system is its ability to affect behavior that can improve the financial health of the dental practice.
  • Free accounting software is appealing if you’re starting a practice on a budget.
  • What is your budget and how does the cost fit into your budget?

If you’re not ready to get more freedom with our bookkeeping service, you can still take steps to improving your practice for free by subscribing to our blog. Build your knowledge of the numbers with our weekly blog posts. Whichever way you decide dental bookkeeping is best for you, make sure your loan balance on the balance sheet matches the principal balance of your loan that the bank has for the specified period. Make it easier to view and access multiple client files and work how you’re most comfortable.