Dental bookkeeping – the case for outsourcing to an expert
Good bookkeeping is the nuts-and-bolts of every thriving business, including every profitable dental practice.
Accurate bookkeeping is the engine that will keep you running smoothly, help you make pragmatic financial decisions and plan sensibly and positively for the future. It’s the foundation for growth and represents the attention to detail that you must get right in order to deliver the highest-quality patient services. Get it wrong and there’ll be a domino effect, a chain reaction that could jeopardise not only your business’ success, but the standard of care you provide.
When you have the full picture of all the financial transactions going in and out of your practice, you’ll know how it is really performing – a busy waiting room doesn’t always tell the whole story. Once all sales, purchases, assets and liabilities are factored into the bigger picture, you’ll see if you need to reassess and readjust, to lead your business back to the path for profit and keep it there.
The little things that add up
Poor bookkeeping will end up costing you time as well as money. Badly-kept books mean chasing invoices. You might miss cost inefficiencies (are you paying too much for utilities?), you may miscalculate your tax liabilities and end up spending frustrating hours unravelling any issues.
The answer is to use a an experienced dental accountant to take care of your bookkeeping, who also has knowledge and experience of working in the industry. That’s where we come in.
Why use a specialist dental accountant? Well, there are unique financial challenges with running a profitable dental practice.
Knowing whether your spend on dental material and lab bills is within industry norms is something that only a dental specialist accountant will know. The same applies to associate percentages and whether your dental hygienists should be hourly or on a percentage; be paid via the payroll or self-employed. Or being able to identify easy wins to boost practice profitability just by bringing overheads within the benchmark of a dental practice similar to yours.
Outsourcing your bookkeeping will free up your and your practice management team’s time, leaving you to focus on providing an efficient service and exceptional dentistry. Outsource to a specialist and you’ll see a return on your investment, because they will keep the business in good financial health, so it can run smoothly.
Not only do our experts know the specific nuances of financial planning and record keeping relevant to good dental accounting, but they also use innovative software that means they can provide this service remotely. Xero is a cloud-based platform, which can be accessed securely from any location with an internet connection. All your financial information – including historical data – will be at your fingertips and easier to share, available to view instantly without taking up any office space. It’s a modern way of working that will allow you to do things even better.
To find out how we can help you with your dental bookkeeping, contact one of the team today, on: 020 7376 9333, or email email@example.com.