Custom Bookkeeping Services For Dentists

As the owner or manager of a dental practice, your primary focus is rightfully on patient care and experience. However, the books still require your attention. Lowden Financial can help you manage your monthly bookkeeping tasks, provide customized reports and statements, handle and analyze accounts receivable and payable, and seek opportunities for better profits.

To schedule a complimentary consultation, please fill out our form. We would be happy to speak with you and prepare a custom proposal.

Dentists Need Professional Bookkeeping Services

Dentists and oral hygienists can see 8, 10, or even 15 patients per day, and when you add up multiple chairs, you have a sizable client base to deal with. That's a high number of accounts, payments, expenses, and other transactions to handle. Furthermore, you have to keep insurance in mind, as well as a revolving door of dental instruments and products for your patients to take with them.

It can be easy for bookkeeping tasks like categorization, monthly reconciliations, and profit and loss statements to get lost in the flux.

Furthermore, dental practices are getting acquired, or acquiring other practices, at historic rates. If you want to be eligible for a large payout upon retirement, you need to have a history of carefully maintained books.

What Our Expert Bookkeepers Can Do For Dentists

Among many other tasks, here are a few ways our bookkeeping and accounting services can transform your business.

Setting Up QuickBooks For Easy Owner Access

Whether you have all of your expenses tracked in a spreadsheet, notebook, or in a software platform, we can step in and optimize your books. We typically execute a professional setup of Quickbooks, input all of your past financial data, categorize your expenses, and set up reports and dashboards that you can access in real time. You will now have P/L, cash flow, revenue, expenses and other information right at your fingertips.

Bank Reconciliations and Transactions For Dentists

We need to ensure that your dental practice's financial records are accurate via regular bank reconciliations. We'll compare Quickbooks with your bank statements, comb through credit card transactions, and identify any discrepancies. From dental instrument purchases to lab fees, we can make sure that you aren't losing money due to fraud, inefficiencies, or other issues.

Reconciling Payroll Into Dental Departments

Your practice likely has multiple departments or services, and each contributes differently to your practice's overall financial health. Reconciling payroll into these departments can help you understand the labor costs associated with each segment, be it general dentistry, orthodontics, or cosmetic services. In the end, this will allow for more informed staffing decisions and help you analyze the profitability of each service offered.

Dentists Need Access To Monthly Financial Reports

Monthly financial reports, including balance sheets, income statements, and cash flow statements, can help an owner/operator make important decisions. We equip our clients with all of the information they need before hiring, opening a second location, or seeking an acquisition.

Calculations of Your Dental Practice's Overhead Percentage

Do you know your practice's overhead costs in relation to income? If not, we can calculate the overhead percentage and shed light on your biggest expenses, as well as opportunities for cost reduction. This can be incredibly important in an industry that requires specialized equipment and supplies.

Your Comprehensive Bookkeeping Service For Dentists

From the monthly closing of your books, to bank statement reconciliations and categorization of expenses, we can handle everything for you. You have gloves and orthodontic supplies on order, sterilizers that may be depreciating, software subscriptions that you forgot about, not to mention insurance and ongoing education. Let us keep track of your revenue and expenses so that you can focus on improving the patient experience at your practice.

To schedule a complimentary consultation with a CPA at Lowden Financial, please send us a note at your earliest convenience. We would love to share our expertise with you.

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