Top Bookkeeping Practices for Dental Offices
- Set up QuickBooks with Meaningful Structure and Order
Your accounting records and processes should be set up in a way that ensures consistent and correct recording of all business transactions. This results in being able to generate valuable reports that will help you, the practice owner, manage and improve operations and profits.
- Keeping Your Accounting Records Current
Falling behind on posting transactions in QuickBooks is one of the most common challenges we see with practice owners. In very little time, a routine monthly task can become an overwhelming project. Keeping your accounting records current is important for managing your business, forecasting cash flow, monitoring overhead, tax planning, and fraud prevention.
- Close Your Books Every Month
The practice of accounting is score keeping for your business; you can’t track goals if you don’t have a system in place to keep score. It’s important to be consistent and “close your books” every month in order to create accurate, reliable reports that track the key benchmarks for your business. Closing your books is another way of saying that you have reconciled your bank and credit card accounts, and have proofed that all transactions have been recorded correctly. Generating accurate financial reports (your scorecard) allows your practice consultant and CPA to guide you on improving your business.
- Monitor for Fraudulent Activity
Whether you do your own books, allow an internal employee do your books, or outsource your bookkeeping, it’s important to have some internal control monitors in place to help prevent fraud at your office. Are you personally keeping track of every invoice paid? Are you tracking key operating stats to make sure your overhead and production is falling within your target range? How are you reconciling your practice management software transaction postings to your QuickBooks accounting records? Without fraud monitors, practice owners are at risk for substantial economic loss.
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