We set up systems to manage accounts receivable and ensure timely insurance claim reimbursements. Yes, we handle payroll processing for net sales hygienists, assistants, and administrative staff, including tax withholdings. Golden Apple has built up a large portfolio of experience serving small businesses out of Jacksonville, Florida, and across the nation for more than 15 years. We have the knowledge and expertise to ensure full accounting compliance and ease your administrative burden.

Build your dental practice & personal success, together.

• Our team of experienced dental accountants and financial professionals provides exceptional service and support to our clients.
• If you use the Home & Business version, both your personal and business finances are combined.
• For details of supplies made by hospitals, hospices, pathology laboratories or other state-regulated institutions providing healthcare, read Health institutions supplies (VAT Notice 701/31).
• It can help to work with a tax professional who is familiar with dental practices.
• If so, please consider that every beep you create is taking away from valuable billable time.
• We also offer business specific customized reports, employee payroll reports, AP & AR management, paying invoices, running payroll,  and much more.

Three primary financial statements you should focus on are the income statement, balance sheet, and cash flow statement. The income statement provides a summary of your revenues and expenses, offering insights into your practice’s profitability over a specific period. Profit and loss statements, also known as income statements, are a crucial tool for dental practices to monitor their financial performance. These statements show the practice’s income, expenses, and net profit (or loss) over a given period of time. By regularly reviewing these statements, dental practices can make adjustments to improve their profitability. If you have employees, payroll processing can be a time-consuming and complex task.

Bookkeeping Services for Dentists

But your expertise may not extend to a thorough knowledge of accounting or finances. One of the biggest mistakes that business owners make is not taking an opportunity to reflect on how they are running the business from a financial perspective. While you are busy taking care of customers and employees, networking, and sharing your passion, your business could be heading toward disaster or not running as efficiently as it could. Many business owners make the mistake of thinking that a spreadsheet that they enter things into and reconcile once a month or on a weekly basis is going to be enough to keep their business in the black. That is like someone thinking that brushing their teeth once a week is good enough to keep their oral hygiene on point. While the spreadsheet is better than nothing, there are a ton of tools that do the job better, more efficiently, and that ultimately save you time and money down the road.

Financial Planning and Analysis

You can normally deduct only the amount of this that relates to your taxable supplies. However, you cannot normally deduct input tax that relates to your exempt supplies. This includes VAT incurred on the drugs or appliances that doctors have personally administered, injected or applied to their patients in the course of medical treatment. VAT may be due on any other items that dentist bookkeeping you supply to patients, read section ‘3 Pharmaceutical goods supplied with or without medical treatment’, including medicines dispensed by a doctor against a private prescription.

By following these strategies, practices can avoid penalties and maintain financial integrity. Features are similar between the two, but with very distinct differences. QuickBooks uses a full chart of accounts with assets, liabilities, and equity accounts in addition to the income and expense accounts. The reports are all built on these available accounts and can be exported into Microsoft Excel® spreadsheet software for further analysis. A dental practice is often comprised of a number of dentists operating from the same premises. When there’s more than one dentist within a practice there may be payments between the dentists in respect of shared facilities, equipment, prostheses and staff.

Dental Bookkeeping Services and Software

By implementing cloud-based accounting software, you’ve seen how the burden of financial tracking is reduced, allowing you more time to focus on patient care and practice expansion. As a dentist, you’re adept at ensuring your patients leave with a smile, but how confidently can you say the same about the health of your practice’s finances? Establishing a robust accounting system isn’t just beneficial; it’s essential for the survival and growth of your dental practice. From creating detailed financial statements that offer insights into your business’s performance to implementing precise bookkeeping practices that track every penny, these steps are critical. Yet, selecting the right methods and technologies that align with dental industry standards requires careful consideration. Let’s explore how tailoring these practices can streamline your financial processes and uncover potential areas for growth https://event.heliosgaming.fr/2022/05/23/kpmg-archives/ and savings in your practice.

Accounting Services for Dentists

• Save time with automated accounting—ideal for individuals and small businesses.
• Utilize clearinghouses integrated with your accounting software to automate the insurance claim submission process.
• Clear and transparent communication is essential for a successful partnership.
• Dental practices are subject to various industry-specific laws and taxes, which can vary by location.
• Without proper expense monitoring, you miss cost-saving opportunities and risk budget overruns.

Organized record-keeping, structured processes, and regular reviews contribute to the overall success and sustainability of dental clinics. Integrating accounting software with patient management tools makes everything more efficient. Centralizing data ensures smoother workflows and accurate financial records. These issues require significant time and knowledge of financial administration. Our dental practice accounting firm has extensive experience working with dental practices of all sizes and types.

KEEP YOUR FINANCES IN ORDER

Get $30 off a tax consultation with a licensed CPA or EA, and we’ll be sure to provide you with a robust, bespoke answer to whatever tax problems you may have. You can connect with a licensed CPA or EA who can file your business tax returns. How do you know exactly what was ordered for inventory – or whether it was enough – without digging out the invoices? QuickBooks has an inventory solution available that Quicken does not provide. Though Quicken does have a payroll solution called QuickPayroll®, it is additional software to Quicken. QuickBooks comes with its payroll built in and is easy to set up and use.