lowering dental accounting & bookkeeping costs
Deductions, subsidies, Roth IRAs, capital gains, IRS audits, and returns may be unfamiliar accounting terminology to you as a doctor. However, to make sense of your money as a business owner, you must comprehend these concepts. An excellent dental CPA can help you understand your books and keep correct records while lowering your dental CPA costs and increasing your revenue.
We appreciate that accounting isn’t the most glamorous profession. But, with the help of our industry-leading accounting and dental bookkeeping services for dentists, we help you make things easy and simplify your money. The amount you pay for bookkeeping and accounting is one of the most significant fees in running a dentistry office. Let’s look at some strategies to decrease your dental practice accounting charges so you can take home more money in today’s topic.
Here are five strategies for lowering dental accounting costs in your firm.
- Maintain an organized and paperless environment.
- Be consistent in your communication.
- Don’t introduce any unnecessary services.
- Make use of a payroll service.
- Hire a self-employed bookkeeper.
Maintain a paperless environment by staying organized
It’s a big no-no these days to send actual documentation to your dental CFO. Making copies of everything that comes in the door is a common protocol, and your dental accountants will usually charge you for the time it takes to scan that paperwork into PDFs.
If you scan and email documents, keep everything structured so your Sigma Accountants doesn’t have to sift through an email of documents titled “Image 1,” “Image 2,” and so on. For your accountant, carefully label your PDFs and images, such as “Bank of America 01-31-15.” It’s also much easier to send everything in one email rather than a series of emails with individual files attached. Sifting through takes so much longer.
We understand how hectic practice owners’ lives are. It’s one frantic day after another, which is excellent because it means you’re earning money. However, if you wait a week or more to respond to your CPA for dentists with answers to queries, it will cost you money. This is because they want to finish the project and get it off their plate while your information is still fresh in their minds. However, if a few weeks pass and they forget where they left off, it will take them more time to go over everything again to remember, and it will cost you more money in the process.
Adding Extra Services Isn’t Necessary
Reduce the number of extras added to your dental accounting services. Formal financial statements, many meetings throughout the year, and 1099-MISC preparation are all on the agenda. These are acceptable services; however, you can discover more cost-effective ways to obtain these services throughout the year. For example, use your bookkeeping for dentists for financial statements like tax planning for dentists, and have your payroll agency generate 1099s. You need one or two sessions with your accountant.
Employ the services of a payroll service.
Compared to a payroll service like Gusto, ADP, or Paychex, using your CPA for dentists for payroll services can be more expensive. We get that having it all in one box looks convenient, but amuse me by shopping around to see what’s available and at what costs. You’ll be pleasantly surprised. They’re easy to use, and they’ll even file your payroll tax planning for dentist returns and 1099 MISC forms for you. However, we would advise against using a payroll software platform like QuickBooks/Intuit payroll that needs you to submit your payroll tax reports. There is far too much space for error, and deadlines abound.
Make use of a bookkeeping service.
It may appear that adding your dental service to the dental supply account in bookkeeping for dentist services like QuickBooks is easy, but it is never that simple. Your dental accountants are spending more time than you realize correcting your bookkeeping problems, which is driving up your dental accounting rates.
Instead of trying to do the books yourself, hire a dental bookkeeping service. They will most likely perform it faster and better, saving you money with your dental accountant as well as your valuable time.
Remember that you are free to search around for a Dental CPA and are not obligated to use the one you already have. However, it’s not a bad idea to ask what other dental practice accounting services charge and what they can do for you. Working with a local dental accountant is also not required. We know a lot of Dental Cfo that works with clients all across the country. You have several possibilities, and if you need assistance, Sigma Accountants can assist you in making the decision.