Running a dental practice can be hard work. Aside from having to perform actual dental work on patients, running an office as an efficient business can be a complicated series of receipts, expenditures, and entries into spreadsheets or forms before it’s all sorted. While you probably have a rough estimate of how your practice is doing, it’s never bad to have more good information around.
Dental bookkeeping services can help you outsource some of this stress and worry to a third party so that you no longer have to organize everything yourself. It can also take some of the load off of your staff so that they can focus on more important things, such as taking care of your patients and making them feel comfortable. Once you know the benefits of having a great dental bookkeeping service, you might wonder how you ever existed without one!
You Can’t Plan for the Future Without Records
You might have a primitive version of dental bookkeeping services that you’re using right now and think that it works fine. But when you want to estimate expenses and properly plan for the future, are you really prepared to look at all of your income and expenses and figure out what goes where? Instead of playing guessing games and looking at Excel spreadsheets, have it all organized in one place with proper dental bookkeeping services. Not only will it be specific to your dental practice, but it will follow specific practices that are relevant to your industry. By planning now and counting every penny, you’ll be far more prepared to invest in the future and handle any unforeseen expenses that come your way.
It Can Be Hard to Keep it All Straight
Even if you’re relatively experienced with bookkeeping, trying to manage the expense categories and keep everything straight in a dental practice can be mind-boggling. There are usually standard procedures to follow for organization, but you may need to be reminded of them often. For example, the dental overhead expense categories and percentages of income are as follows: Personnel (Team) Costs 24-28% of Income, Facility Costs 10% of Income, Clinical Costs 12-14% of Income, Other Business Costs 11% of Income, Discretionary Costs 2% of Income, Owner’s Compensation, and Other Doctors and Profit 35-40% of Income. If you didn’t follow that the first time, don’t worry. By using dental bookkeeping services or hiring a dental practice management consultant, they can help you sort out the best workflow for your office instead of wallowing in an organizational nightmare.
Reduce Liability by Knowing Where Every Penny Is
It may happen that sometime in the future, you come across a legal situation in which money has gone missing or is unaccounted for without reason. In the past, if you’d organized this yourself or left it to your staff, you might shrug your shoulders and wonder where this money went. If it’s really far in the past, you might literally not possess the receipts or records of how this money was accounted for. But if you’d invested in dental bookkeeping services, you’d be able to refer to your practice records at any time with ease. Often you can agree upon a certain length of time that records will be kept and refer or access them at your leisure. By controlling your records now and in the past, you’ll be on your way to a brighter business future.
When You’re Organized, You’re On Top of the World
Business is much more pleasant and fun to be a part of when you’re organized and on top of things. When you invest in accounting business services for dentists or dental bookkeeping services, you’re making your practice more efficient and helping out your staff and patients alike. Instead of being buried in a mess of paperwork and constantly wondering how much you’re spending vs. taking in, you’ll be able to “balance the books” with ease and efficiently plan for the future. In turn, this will help you to be able to de-stress from work and be a better dentist for your patients. With proper dental bookkeeping services, you’ll be the best dentist you can possibly be. If you’re in need of help in this area, don’t waste any time in contacting OnTimeBooks today!