Automate & Outsource To Streamline Bookkeeping As A Dentist

1. Automate & Outsource To Streamline Bookkeeping As A Dentist

2. Being able to manage your dental practice from a financial standpoint, as well as ensure compliance and save valuable time, is best achieved with help from a bookkeeper. Because although you can handle all of these administrative tasks yourself as the practice owner, it isn’t usually an efficient or cost-effective approach, particularly for those without expertise in the area. Professional bookkeeping services for dentists will streamline all processes associated with bookkeeping, giving you the time and mental energy to focus on building your practice and satisfying your patients. Here are some ways in which you can optimize your bookkeeping processes, and keep everything flowing towards profitability:

3. Automate as many routine tasks as possible Many bookkeeping tasks, such as categorizing transactions and entering data, are essential but time consuming. But if you could reduce the amount of time devoted to this through automation, why wouldn’t you? Here are a few activities prime for automation: • Invoice and reminder generation • Tracking of expenses • Bank reconciliations

4. Some of the tools available for automating are QuickBooks online, Expensify and Wave. Instead of investing in these tools yourself, why not find local bookkeeping services who already use it, so that you can benefit from them free of cost. Keep your records consistently well-maintained Even if tax season is a long way off, being prepared for it can start early in the financial year, and with records that are well-maintained, you can make sure that all financial data is accurate. Here are a few things you can do to aid good record-keeping:

5. To prevent backlogs, update books on a weekly basis • For easy access and reliable backups, use storage that’s cloud-based Some of the tools commonly used for record-keeping, are Dropbox, Google Drive or Hubdoc. Make good use of financial reporting Giving you a wealth of insights into the overall financial health and performance of your dental practice, financial reporting is a useful tool. Here are some of the reports you or your bookkeeper should be generating:

6. Cashflow statement • Profit and loss statement • Balance sheet With these reports, you and your bookkeeper can identify trends and areas in which it might be possible to make improvements, as well as make financial decisions that are driven purely by data. Integrate tools Any tools that you or your bookkeeper use can be integrated to help keep workflows streamlined, and reduce the time spent entering data manually.

7. Here are some ideas for tool-integration: • Sync your bank accounts and payment processors with your accounting software • Track expenses and billable hours better by connecting your project management tools With such integration, you can make sure no efforts are being duplicated, and that updates across all platforms are in real-time. Consider outsourcing

8. For many dentists and practice owners, outsourcing is a super convenient and efficient way to manage bookkeeping and other associated administrative tasks. Here are some activities that could easily, and effectively, be outsourced: • Payroll processing • Tax planning and preparation • Monthly reconciliations Professional outsourcing gives you immediate access to expert knowledge, while giving you more time to focus on the things that are really important to you, such as patient care and marketing.

9. Outsourcing can be even more effective if you partner with a company specialising in dental bookkeeping, as they will have in-depth knowledge of the dental industry as a whole, and will be able to give you industry-specific advice and guidance. With the automation of basic but time consuming tasks, the keeping of up-to-date records, integration of tools, and industry-specific outsourcing, bookkeeping can be made so streamlined you might not even notice it!