Dentists and dental professionals face unique accounting challenges. A busy office setting creates a multitude of opportunities for error. Small dental offices may not have access to more complex accounting resources, while larger dental offices are presented with concerns over consistency among offices and differing laws between states.
Fortunately, there is a solution to improve the way you manage the accounting side of your practice. Outsourcing accounting is a logical and viable solution.
Outsourcing makes sense because dental practice accounting is tedious, time-consuming, and complex. Constantly training in-house staff in your dental office’s accounting practices can be costly – both in terms of financial cost and time investment. So, working with a team of professionals specializing in accounting for dental practices is a great idea.
Not sure if your practice is a good candidate to go the outsourced route? Let’s look at common accounting challenges you may be experiencing that indicate it’s time to outsource.
Accounting Challenges Unique to Dental Practices
At times, you may feel like you’re alone dealing with accounting issues in your practice. But you can be assured that others are trying to overcome the same hurdles. If your practice is experiencing the following challenges, it could be a sign to outsource some, most, or all of your accounting to a seasoned team of experts.
Daily Transaction Recordkeeping
Dental offices are busy, so the regular recordkeeping of daily transactions can easily turn into an uphill battle. Front office staff usually take on this task while handling other duties such as answering phones, signing in patients, and dealing with dental insurance claims.
If you find that recordkeeping is backlogged or data is being entered incorrectly into your system, it’s a clear sign that you need an outside resource to support your office staff.
Generating Accurate Financial Reports
The financial reports your system generates are only as comprehensive and accurate as the information that is input. So, if you have inconsistent or delayed entries, it could cause your monthly financial reports to be skewed and inaccurate.
The financial health of your dental practice depends on accurate and timely accounting practices. An outsourced partner can manage financial reporting to ensure that any report you generate is complete and ready to be shared with stakeholders.
Calculating Tax Obligations for Compliance
No dental practice wants to run into issues with state or federal tax agencies. So, accounting issues that relate to calculating anticipated tax obligations or delays in filing returns could be detrimental to your dental practice.
Your in-house staff may not have specific training in this area to know what to look out for and how to ensure your practice is satisfying tax requirements. Working with an external team will ensure that your practice stays on top of the tax aspect of running a healthy and successful dental practice.
Analyzing Financial Statements to Make Business Decisions
To get an overview of the financial health of your dental practice, you likely rely on periodic financial reports. These reports capture growth as well as shortfalls.
If you don’t have insights into the financial performance of your practice, you could be missing out on exciting growth opportunities – or growing in the wrong direction. You will be disadvantaged if you can’t turn accounting data into insights to make logical and timely business decisions.
Working with an outside partner can help you interpret the data, identify trends, and help you make informed decisions that impact the future of the practice.
Dental Practice Accounting Solutions Offered by Finlyte
Now that we’ve identified common challenges that dental practices experience with accounting, you may have questions about who exactly can help you. The ideal option is working with a partner such as Finlyte with expertise in accounting practices for your industry.
We provide a level of professionalism, consistency, and reliability that is unmatched. We can enhance your practice through outsourced accounting services that take critical tasks off your team’s plate.
We offer a cohesive and streamlined process for supporting dental practice management, including handling these key tasks:
- Process payments.
- Generate monthly cash flow reports.
- Perform monthly reconciliation of bank statements, credit cards, prepaid services, accruals, and balance sheets.
- Support accounts receivable and receipts.
- Organize and track data to prepare useful and accurate reports.
- Support compliance, tax, and other key aspects of your practice.
We offer additional outsourced accounting services tailored to your practice’s specific needs. Whether you need us a little or a lot, we can scale our services to fit your practice.
Although it is a big step for any dental practice to outsource accounting, it can be beneficial for the financial health of the practice. By allowing our professional team to assist your team, you can focus on growing your practice, providing high levels of patient care, and making educated decisions about where to take your dental practice next.
Plus, we are adamant about data security. Your financial information and patient records will be safe with us. We specialize in proactively guarding client information by continuously updating our safety protocols to match the industry standard.
Considering Finlyte for Dental Practice Accounting Outsourcing
As a dental service provider, you may be concerned about the process of changing processes or potential downtime during a transition. Fortunately, our streamlined process makes switching over simple for your practice.
We communicate openly about each step in the process, strive for accurate timelines, and work with your team so that everyone is on the same page about what to expect from preparation to implementation to maintenance.
Any concerns are addressed before we even begin the implementation process. Our team of professionals then has a checklist they follow to get our clients set up with outsourced accounting services, and we follow through with continued support.
If you’d like to know more about our solution, reach out to us to schedule a consultation. Our team is ready to speak with you about dental practice accounting challenges so that we can strategize a practical solution that fits your practice.
