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, 17 August, 2020

5 Reasons Why you Should Hire an Outside Professional Bookkeeper

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Why hire an outside bookkeeper when you have a spouse, office manager, or front desk person that is capable of
fulfilling the task? In general, we tend to expect others to be able to do the same things we think we can do despite having very different backgrounds. I see it all the time between leaders and their teams. What seems simple to one person is overwhelming to another. 

Becoming overwhelmed doesn’t make them any less capable; it means you need to hire for the right skillsets for specific jobs. Would you hire your accountant to be in your front office? While we have some of the most personable accountants in the business at DrillDown Solution, there is a reason they are CPAs.

Busy dental office manager

Time

You hired your team to manage your patient flow and collections. Spending their time juggling too many hats often leads to headgear showing up in all the wrong places. You could end up with both an unhappy team and unforeseen consequences stemming from an inexperienced bookkeeper. 

Accuracy

Accurate bookkeeping is essential for four main reasons. One, if your books are incorrect, you could have a cash flow problem and not know it. Two, there could be consequences to your tax liability that could either result in trouble with the IRS or an increase in tax liability. Three, up to date and correct records help you make quick decisions when emergencies or opportunities arise. Lastly, having an unbiased, outside set of eyes will enable you to catch any fraud if that should happen. When your team is involved in managing your books and making transactions having an outside bookkeeper review the accounts against the actual statements can catch fraud or mistakes.

Continuity

 Life and business are a long string of changes over time. Whoever does your bookkeeping could go on maternity leave, find a new job, decide the viral exposure is too much for them to continue working in dentistry. Whatever the reason may be, knowing you will always have someone consistent to work with your team, whether they’ve been with you for ten years or you hired them yesterday, ensures that you will always have accurate books regardless of what changes may come.  

Perspective

Although you may know the state of your business, it helps to have a second pair of experienced eyes to have a grasp of what is happening with your financials. Your bookkeeper puts your financials in order and runs a report to show how you are doing each month. Better yet, they likely know what those reports mean and can help you interpret them. It may seem straightforward, but you might be surprised at what your bookkeeper can see that you may not. 

Between working in the day-to-day needs of the business and putting out the daily fires that pop up, something
likely is skipped along the way. Often what is left out is paying the bills.
Late payments may result in impacting your credit, which in turn may influence how you run your business. 

Financial Obligations

It may feel enticing to save money by doing everything with your current resources, but in fact, a professional bookkeeper saves you more. Using the services of a professional and experienced bookkeeper reduces the level of risk for human error, lack of knowledge, missed payment, and tax obligation due dates, and lost accounts receivable.  

Choose Drilldown Solution for Your Dental Practice Financial Management Needs!

At Drilldown Solution, we are your one-stop-shop for all financial management and business consulting for your dental practice. When you partner with Drilldown Solution, you gain access to exceptional accountants and CPAs who can give you expert guidance and advice on all dental business consulting matters.

Drilldown Solution offers a full suite of financial services that include bookkeeping, accounting, tax preparation, and dental consulting. We have the expert team to help any dental practice thrive, even under the current COVID-19 pandemic circumstances. We accomplish this with a three-part system comprised of patient-experience excellence, financial focused operations, and accountability.

Our goal at Drilldown Solution is to put your dental practice in the best financial position possible, utilizing proactive processes and personal care!

Heather Porter

DrillDown Solution was founded in 2004 and has helped thousands of people save on taxes and achieve their best financial position possible.

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