Why Your Dental Practice Should Outsource Accounting Functions
When it comes to performing a root canal or creating crowns you’ve got it covered efficiently and with confidence. However, when it comes to your practice's bookkeeping and accounting you may not be as confident and always aware that your time is better spent on other areas of your practice. After all, you likely didn’t aspire to be a dentist so that you could worry about accounting tasks and paperwork.
“Dentistry is one of those professions where people end up doing the day-to-day part of running their business when they 1) hate it and 2) are losing money by taking the time to do it” said Sarah Bell, DH CPAs Accountant with extensive experience working in dental offices.
Perhaps you have questioned the accuracy of your bookkeeping or maybe you’re simply looking to improve efficiency (especially your own). If either of those scenarios applies it might be time to consider outsourcing your bookkeeping and accounting.
Outsourcing these functions can have a tremendous impact on your productivity and your practice’s bottom line:
- The time currently spent on bookkeeping can be better spent attending to your practice and patients to improve their overall experience.
- Your books will be handled by an expert, so you can be confident in their accuracy and your decisions about running your practice will be well informed. In addition, better bookkeeping oftentimes translates into fewer surprises come tax time.
- Knowing that you have accurate accounting records will give you peace of mind. By leaving it to the experts you will have a better handle on cash flow and you will know “where you stand” at all times. This means that you’re prepared for any emergencies that might arise (a global pandemic for example).
- A financially healthy practice facilitates a strong personal financial plan for YOU that includes aggressive saving in preparation for retirement.
Are you already outsourcing roles such as IT and/or human resources? It makes good sense to outsource such a business critical role as your finances to experts who specialize in dental practice finances. Our world is becoming more virtual everyday so transitioning to a virtual bookkeeping and/or CFO solution is a move in the right direction and one that you might consider sooner rather than later.
At DH CPAS we offer expert RAD accounting services to some of Vermont’s top dental practices. We handle your accounting and bookkeeping tasks for better, more streamlined, financial management which can result in improved cash flow management, accurate record-keeping, and meaningful data reporting. Our RAD services range from basic transactional services to Controller and CFO services.
Our RAD team can help you by providing:
- Cost savings – You won’t need to pay for employee benefits, payroll taxes, hiring and training costs.
- Experience – You get proven, certified bookkeepers that you can rely on and access to experienced CPAs with a wide breadth of industry knowledge.
- Support – You have someone that can help whenever questions arise.
- Flexibility – When you need assistance with a few or all of your bookkeeping tasks.
We are dedicated to helping you with your financial tasks so you can focus on the things that really matter. Our staff can assist with your account reconciliations, bill payments, payroll journal entries, prepare financial reports, assist with time-saving tools, and find remote working solutions.
So, if you are feeling overwhelmed with any of these tasks or simply are tired of doing your own bookkeeping, it’s probably time to outsource.