Bookkeeping
Bookkeeping vs. Management Accounting for Dental Practices
Introduction Running a successful dental practice is not just about being a great dentist. It also means managing your finances well. Two important parts of this are bookkeeping and management accounting. Although these terms may sound similar, they are different and serve unique purposes. Many dental practices have bookkeeping sorted, but what about management accounting?…
Read MoreThe Role of Financial Planning in Retirement for Dental Practice Owners
Introduction Retirement is an important phase of life that requires careful financial planning and preparation. As a dental practice owner, it’s essential to understand the unique challenges you may face when it comes to retirement planning. It’s important to consider saving and investing, real estate ownership, dental practice transitions, succession planning, and business valuations to…
Read MoreThe Benefits of Outsourcing Accounting and Bookkeeping for Your Dental Practice
There are many benefits to outsourcing your accounting, bookkeeping, or payroll to a team of CPAs that specialize in dental practices. By outsourcing your accounting and bookkeeping to a team of expert Dental CPAs, you have more time to grow your business. It also saves you money and reduces stress, while providing you with accurate…
Read MoreBookkeeping Outsourcing Nitty Gritty You Need to Know
As a small business owner, you are wearing many hats and balancing numerous pressing tasks requiring , in some cases, immense amounts of time and energy. Your main responsibilities revolve around managing employees, paying expenses, keeping track of inventory, and ensuring excellent customer relations. One area of the business operation that inevitably can prove nettlesome…
Read MoreBookkeeping for Cash Flow for Dental Practices
What is Cash Flow In essence, cash flow is the difference between the money generated by a business – cash inflow – and the cost to operate the business – cash outflow. As it pertains to a small business loan, for example, banks often take it a step further by incorporating personal obligations as part…
Read MoreDental Bookkeeping 101
As a competent dentist, you can fill a cavity with flair and perform root canal with aplomb. But when it comes to immersing yourself in the labyrinth of bookkeeping activities, your confidence level could take a plunge. Afterall, bookkeeping is a specialized field requiring financial acumen and expertise in organizing and preparing financial records so…
Read MoreImportance of Hiring Dental Accounting and Bookkeeping Services for Your Dental Practice
You spent years getting your education and work experience to be able to open your dental practice. And if you pursued the conventional way of obtaining your qualifications and schooling, you likely did not acquire skills in bookkeeping, or accounting for that matter. When you began your dental practice, you focused on the areas related…
Read More5 Reasons Why you Should Hire an Outside Professional Bookkeeper
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. It is ALWAYS best to a different person reconcile the accounts than the person who enters in the transactions.
Read MoreBookkeeping tips for personal property tax tracking
Many counties assess and charge what is known as personal property tax (PPT). PPT is a tax based on a percentage of the assessed value of items and equipment, used in your business, that does not form part of immovable property. (Vehicles are typically excluded from this type of tax.) These tax filings can be…
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