bookkeeping | dental professional with reports

Key Bookkeeping Terms Every Dentist Should Know

Bookkeeping

Nothing brings a growing dental practice to a screeching halt like cash flow problems. Basic bookkeeping errors can create a cascading effect, resulting in severe financial problems. As a dentist, you are an expert at your craft. You know all about keeping teeth healthy. Unfortunately, dentists are not normally aware of the needed steps in creating and maintaining an accurate bookkeeping system so that they can become fully aware of the true financial status of their dental practice.

As a dentist, here are a few bookkeeping terms that you should be aware of:

Cash Flow and Profit. There Is a Difference.

Dentists, and the staff that they rely upon to keep their books, are not typically aware of how to read and truly understand financial reports. When you ask for certain information for a particular time frame from your bookkeeper, you may be provided instead with profit figures. You may mistakenly believe that this represents the amount of cash available to you. But this profit number is not representing the available cash for purchases. This can lead you to mistakenly make purchases, incurring significant charges and overdraft fees.

Profit comes from revenue less expenses over a given time frame. The term “cash flow” refers to the money that moves to and from your business throughout the month. Your profits will be determined once you have completed a profit and loss statement. Once you complete your cash flow equation and factor in inventory, accounts receivable and depreciation expenses, you can determine your cash flow.

Chart of Accounts

An industry-standard chart of account is necessary for tracking the amount of money that your practice has spent or received, as well as for the preparation of financial reports. When you establish your accounting system, special accounts must be created based upon dental industry standards. Dentists commonly mistakenly use a general chart of accounts, resulting in an expensive mistake since you will not have the insight necessary to effectively streamline and grow your dental practice.

Closing the Books

You should be closing your books on a monthly basis. This activity includes the reconciliation of various accounts, preparation of your financial statements, and more. You should not be entering transactions after closing your books.

A common mistake that dental practices make is mistakenly entering transactions from a previous time period. This leads to adjustments and balances that do not match the financial reports or bank balance. Left undetected, this causes all future reports, cash figures, and tax documents to be incorrect. This is a costly mistake that can result in harsh IRS penalties.

Importance of Partnering with an Experienced Dental Accountant

When you work with an accountant who has a specialty in dental bookkeeping, you can be assured that you are fully aware of the financial condition of your practice. This means that your financial statements will meet IRS guidelines, General Acceptance Accounting Principles, and dental industry standards. Contact Ash Dental CPA to learn more about customizing your accounting services. 

bookkeeping for dentists | dentist

Bookkeeping for Dentists: Prioritizing Your Practice for Maximum Success

Bookkeeping for Dentists

Your professional training is as a dentist, not an accountant. Should you really be handling your own bookkeeping? There are many advantages to hiring a professional that specializes in bookkeeping for dentists.

You didn’t go through the time and effort of attending dental school so that you had to worry about the hassles of tax preparation and bookkeeping. It doesn’t matter how skilled you are with dental instruments, your practice requires solid financial management to remain profitable and survive.

Although you are rightly focused on your patients, your dental practice is ultimately a business. By neglecting or ignoring the financial aspects of your dental business, you will be compromising patient care. So although considering messy things like margins, revenue and reconciliation may not be what you love, it is completely necessary so that your patients receive outstanding care for their mouth, teeth, and smiles.

Hiring a Professional

Although you are intelligent and are likely completely capable of taking care of your own bookkeeping, you should ask yourself if you should be the one handling it. Just because you can do something does not mean that you are the best person for the task. Intelligence is no substitute for the training that a skilled professional bookkeeper has at their disposal. In the same way that bookkeepers do not take dental work on themselves, you should not be dealing with the hassles of your own bookkeeping.

Depending upon the size of your practice and its associated resources and needs, it may make sense to hire more than one professional bookkeeper. By going with multiple professionals, you can help to prevent nasty things like fraud and embezzlement, as well as expensive mistakes. While you do not need to hire a massive team of accountants, some oversight may prove valuable.

Begin with a Contract

In most cases, dental practices do not require a full-time bookkeeper to maintain their financial houses. But it is not uncommon for dental practices to have an office worker who spends several hours a day performing these types of functions. For these practices, it would be beneficial to hire a professional so that they are not paying someone to pore over paperwork for eight hours a day when only two were needed. You would only be paying for the amount of work that you require and receive.

Going Virtual

In the age of the Internet, bookkeeping for dentists can be performed remotely. One benefit of going with virtual services is that you have access to a much deeper talent pool.

Instead of carefully searching in your local newspaper for a reliable bookkeeper, you will have your pick of the finest financial professionals in the industry. This gives you a better chance of locating a bookkeeper with a specialty in dental administration.

Bookkeeping for Dentists Next Steps

As with any small business, your dental practice does not need expensive audits, hidden embezzlement, or simple inefficiency. Consider the dental health of your patients. A closed office cannot fill a cavity, perform a root canal, or set a crown. Inappropriate dental instruments can lead to undesirable health outcomes, but so do improperly maintained books. By going with a virtual bookkeeper, both you and your patients will keep a smile on your faces.

Contact Ash Dental CPA to learn how your practice can benefit from customized accounting services. Call (508) 458-6789 or book online here.

dentist office | local dental cpa

Why You Should Choose A Local Dental CPA

Local Dental CPA

A dental CPA is experienced and well-educated to help dentists achieve their financial goals. Managing your practice is challenging enough. That is why hiring a local dental CPA is essential to protect your finances and assets. 

At Ash Dental CPA, we offer a variety of services such as accounting, bookkeeping, tax planning, and more. Learn how choosing a local dental CPA can help you and your practice! 

Focus On Your Patients, And We’ll Focus On Your Finances

Your practice offers several dental services to meet the needs of your patients. However, operating a seamless practice requires a lot of back-end work which includes financial management. A local dental CPA can assure that your accounting and bookkeeping are well-maintained. This offers peace of mind with regards to cash flow, tax planning, and more. And if you are ever notified of a tax audit, your local dental CPA can represent you to protect your finances and assets.

Services Offered

Consider Ash Dental CPA. Our firm has over 20 years of experience assisting dentists and their unique practices. As a result, we offer a variety of services to assure we are delivering the best financial guidance. 

  • Accounting
  • QuickBooks Software Set-Up and Training
  • Bookkeeping
  • Payroll Set-Up and Processing
  • Financial Analysis and Consultation
  • Tax Planning, Preparation, and Filing
  • Monthly Financial Reports
  • Tax Audit Representation
  • Review and Compilation
  • Practice Management
  • Dental Practice Purchase and Sale Guidance
  • Practice Incorporation

We want to help our clients achieve their goals That is why we tailor our services to meet your individual needs. For instance, tax planning is customized for each client to take advantage of tax-saving opportunities. Overall, it is very important that dentists seek guidance from a skilled dental CPA to prevent issues with cash flow and tax obligations.

Choosing A Local Dental CPA

It is never too early or late to choose a dental CPA. As a recent graduate, getting your finances in order is essential for a promising career. Likewise, an established dentist still needs a dental CPA to assure they are reaching their full financial potential. 

Learn More

Operating a successful practice requires a committed team of professionals. Therefore, hire a local dental CPA to oversee your finances and opportunities for growth. Ash Dental CPA is always accepting new clients and offers complimentary consultations. Schedule a virtual meeting to learn how our services benefit you! Call (508) 458-6789 or book online today!

dental practice - Bookkeeper for dentists

Bookkeeper for Dentists | Bookkeeping Through COVID-19

Bookkeeper for Dentists

COVID-19 is still relevant for every industry, including dental. Although many practices have reopened and are implementing new protocol measures, bookkeeping needs to be at the forefront as well. Dentists have a lot of responsibilities. Bookkeeping should not be one of them. That is why professional bookkeepers should be maintaining your financial records to assure your cash flow is not interrupted. 

Learn more about bookkeeping below and contact Ash Dental CPA today.

What is Bookkeeping?

In brief, bookkeeping is the financial record keeping of an organization or business. Your professional bookkeeper for dentists reviews transactions, reconciles bank statements, generates financial reports, and more! With their help, your accountant can understand your practice’s financial health and advise you accordingly. Likewise, you can prevent issues such as cash flow interruption, missed payments, and unpaid invoices.

Here is a quick summary of how your bookkeeper for dentists helps!

Generate Financial Reports and Balance Sheets

Obtain an accurate understanding of your revenue, profit, expenses, and more.

Manage Account Payables and Receivables

Never miss a payment and stay on top of invoices to assure a steady cashflow.

Reconcile Your Bank Accounts and Operating Credit Cards

Assure that every transaction is accurately accounted for. You’ll need this information for tax records and to detect unusual transactions that may be fraudulent.

How to Maintain Your Bookkeeping During COVID-19

Maintaining your bookkeeping records during the pandemic is simple. Hire a bookkeeper and choose virtual services. You’ll help flatten the curve while staying current on your bookkeeping. In fact, virtual bookkeeping has existed for years but has now become even more popular. This is due to the need of keeping America operational while minimizing unnecessary contact. 

How Does Virtual Bookkeeping Work? How Does It Help My Practice?

Your bookkeeper for dentists will customize your services to best fit your needs. In general, virtual bookkeeping is done online using cloud software such as QuickBooks. Have receipts? Just upload them using the software. Your virtual bookkeeper for dentists will review and record them as usual. Additionally, meetings are held via video conferencing and screen sharing. 

Schedule a Call With Us

Learn more about hiring a bookkeeper for dentists. Ash Dental CPA has over 20 years of experience assisting dental professionals and their unique practices. Our services include bookkeeping, accounting, financial guidance, tax planning, tax prep and filing, tax audit representation, practice buy and sell, and more! Call  (508) 458-6789 or book online today. Our team looks forward to assisting you.

tax day july 15th

July 15th Tax Day |  Have You Filed Yet?

Tax Day

The days are approaching to file your taxes. Due to COVID-19, this year’s tax day was postponed to July 15th. Many Americans have filed already but there are several who have not yet. As a dental provider, you may have been quite busy maintaining your practice to stay afloat during the pandemic. Preparing and filing may have been pushed to the bottom of your to-do list. Fortunately, Ash Dental CPA offers tax preparation and filing for dentists. Learn more about our services below and contact us today!

Virtual Tax Preparation and Filing for Tax Day

Many Americans find filing their taxes to be challenging. It shouldn’t be with help from a qualified tax specialist. Now more than ever, filing your taxes virtually is the safest and easiest solution. In fact, Ash Dental CPA has over 20 years of experience preparing and filing taxes for dentists. Dental providers can utilize our virtual tax filing services to submit their documentation and file from home or office. 

Tax and Financial Planning

Tax obligations occur every year. That’s why it is essential to plan your taxes by taking advantage of tax-saving techniques. Depending on your financial situation and goals, our tax specialists can create a plan to minimize your tax liability. In addition, your tax planning appointment can be virtual! Simply book your appointment online here.

Financial planning is just as important. Our professionals will guide you through your estimated revenue and expenses for the upcoming year. We will also present the best plan of action to generate the most profit based on current market trends. Ultimately, your success is our goal!

Resolving Tax Issues for Dentists

Tax issues are common especially when many professionals attempt to file their taxes on their own. Luckily, Ash Dental CPA offers Tax Audit Representation. Regardless of your tax issue, contact us to learn how we can help resolve it. It’s always recommended to hire a licensed tax representative to protect your best interests. Learn more with a consultation as every tax solution varies by case.

Bookkeeping

The best way to make filing your taxes easy and stress-free is to hire a professional bookkeeper. This person is knowledgeable at properly maintaining your financial records. They also provide monthly generated reports to showcase your cashflow status, expenses, profit, revenue, etc. We also offer virtual bookkeeping for individuals and dental practices. By combining your bookkeeping with tax planning, filing taxes will be an easier task.

Get Started Today

Ash Dental CPA offers an array of accounting services to fit every dental professional’s needs. Request a complimentary consultation to learn how our services can be customized to fit your short and long term financial goals. As mentioned earlier, we have over 20 years of experience assisting dentists and their unique practices. Call  (508) 458-6789 or book online today. We look forward to assisting you!

best healthcare cpa framingham ma

How to Find the Best Healthcare CPA

Healthcare CPA Framingham MA

Your healthcare entity shouldn’t have to be wealthy for you to seek the benefits of hiring a CPA. You might feel like preparing your own taxes is taking a lot of your time or it is just too stressful or confusing. Maybe, your healthcare’s tax situation is complex or it has changed so much that you need specialized advice or tips, or you are facing problems like paying off a tax debt or filing back taxes or even fighting an IRS audit. All these may require professional help such as from a CPA (Certified Public Accountant). Finding the best CPA for your healthcare shouldn’t be a challenge. Here are the best ways on how to find the best healthcare CPA.

best healthcare cpa framingham ma

Referrals 

Referrals are most times your best bet. They can come from anyone; your friends, family, professionals like financial advisors, business owners and attorneys. Explain what you are looking for and why so that you can help them steer you in the right direction. Referrals are also a great way to know what you are getting yourself involved with, whether the CPA has a good reputation, experience and is dependable. 

Interviews

Interviews are also a great way of finding the best CPA with particularly the experience you might be looking for. Also, you don’t want to commit your healthcare finances to someone you don’t know. Interviews allow you to meet with the professional first to go over your situation and to also ask the relevant questions. It doesn’t have to be physically; you can even do it over the phone. Just as you would do when you are thinking of hiring new staff to your healthcare, request for references and reach out to those references. 

Experience

Whether it’s from interviews or referrals, find a CPA who has experience in dealing with finances similar to your own, in this case, healthcare. Also, look for someone who has experience in the specific areas in which you need assistance such as handling taxes and dealing with audits. However, how do you know that the person you are hiring has the right experience that is suitable for your needs? The best way to do this is to ask. Give them the chance to explain to you their professional experience and how it relates to what you are trying to achieve. 

Mutual Understanding

Understanding is key in any profession or business. Understanding translates to open communication which is another critical factor. The CPA you hire has to learn what you do and what your business entails before he gets started. Also, he has to walk you through his accounting process and set clear expectations as well for both parties. Additionally, go for a CPA who is eager to work with you and also appreciates your business. Also watch out for the availability and response time of the CPA, since if it is slow then it could be a warning sign for a noncompliant person.

Perform a Background Check

A background check is a good precaution and it could be as simple as searching the CPA’s name on social media to know what is there, what he says as well as what other people say about him. Additionally, you can go extra and contact your state’s board of accountancy to check their CPA’s license status or to find out if they have been censured, disbarred, or has had a disciplinary action taken against them in the past. You might also want to get in touch with your local chamber of commerce for more clarification. 

Contact Us

If your healthcare practice’s finances are getting in your way of working effectively, avoid doing it yourself. Contact Ash Dental CPA for a complimentary consultation. We have over 20 years of experience assisting healthcare practitioners. New clients are accepted. Call (508) 458-6789 or book online. You may also visit us at 945 Concord Street #100A Framingham, MA 01701.

Healthcare bookkeeping framingham ma

Healthcare Bookkeeping Framingham: How Bookkeeping Benefits Your Practice

Healthcare Bookkeeping Framingham MA

Healthcare bookkeeping is the practice of recording business transactions to generate accurate accounting information about turnover, expenses, assets, liabilities, and equity. Maintaining accurate bookkeeping provides many benefits. For example, accurate financial data is useful for medical professionals to make executive decisions such as investments and hiring more staff. Learn more about healthcare bookkeeping below.

Healthcare Bookkeeping Financial Management

Maintaining accurate up to date bookkeeping ensures your healthcare practice can operate seamlessly. Without bookkeeping, you would not know about your practice’s current financial health. In other words, bookkeeping sets the healthcare practice on the right path for financial achievement.

Revenue Optimization

Accurate bookkeeping helps your healthcare business to reduce expenses and implement strategies that increase profit. This is possible with accurate monthly reports that your accountant reviews. Upon his or her findings, short and long term goals are created for financial success.

Budgeting

Bookkeeping is important because it helps health care practice in the budget forecast. Budgeting helps in planning your costs and allocates appropriate resources.  Budgeting enables you to keep your health care practice’s costs to a minimum to be able to meet your targeted profits without compromising quality. Health care practice can use the weekly, monthly or annual budget to plan the costs.  Bookkeeping assists to determine which budget frequency is suitable for your health care practice.

Medical Practice Payroll

Bookkeeping assists you with staff payroll and scheduling. Staff planning and remunerating too many employees can generate unmanageable overheads and reduce profits. The small number of employees can result in delays in the delivery of services and can cause the patients to run to new health care providers. Staff in medical practice are often required to work overtime to make sure patients are properly cared for. Bookkeeping includes confirming the payroll numbers for example staff overtime payments.

Cash Flow Forecasting

Bookkeeping improves your cash flow by providing information which may be required to enhance better cash flow management in your medical practice. For example, reducing the amount of time spent by patients to make payments. Regular bookkeeping will enable your health care practice track when your supplier’s invoices are paid. Bookkeeping information advice on daily or weekly cash flow projections to be able to meet your medical practices needs. Weekly cash flow projections enable you to plan in advance when money inflows are less compared to money outflows. This enables the medical practice to meet its obligations such as paying it staffs and suppliers on time

Contact Us

Healthcare Bookkeeping Framingham MA

Operating a successful growing practice requires accurate financial reporting. Fortunately, Ash Dental CPA offers healthcare bookkeeping services. Learn more by contacting Ash Wasilidas CPA today. He has over 20 years of experience assisting healthcare practices of all sizes. Clients may call (508) 458-6789 or book online. Moreover, you may also visit us at 945 Concord Street #100A Framingham, MA 0170.

Ash Dental CPA Proudly Serves Healthcare Practices in:

Ashland

Framingham

Holliston

Hopkinton

Marlborough

Midfield

Natick

Northborough

Sherborn

Southborough

Sudbury

Wayland

Wellesley

Westborough

Weston

 

Tax Audit Representative for Dentists

Tax Audit Representative for Dentists

Let’s face it: nobody wants to deal with taxes. Doing taxes every year is challenging enough for most individuals. Such a task is even more burdensome for dentists. Companies and private practices have to deal with confusing tax laws. If a dental practice is not prepared, they could face a hefty tax bill. Plus, there is the risk of being audited.

An audit occurs when the IRS reviews a company’s or an individual’s financial information to ensure it is accurate. Audits are often done randomly, although if your tax return sets off red flags, such as shows an unusually large number of deductions, then the IRS may ask to audit your account.

Tax Audit Representative for Dentists

If you do not have documentation to back up your claims, the IRS could ask you to pay more money. If you disagree, you can file an appeal. This is where having a tax audit representative can come in handy. A tax audit representative serves as an advocate to protect your rights. They can gather the paperwork needed to file an appeal. If you do end up owing money to the IRS, a representative can negotiate on your behalf.

With the right tax audit representative working with your practice, you can avoid a financial nightmare. Ultimately, you can reduce your tax bill, get the most deductions for your practice and even avoid an audit altogether.

Why Hire a Tax Audit Representative?

As a dentist, you’re busy hiring staff and treating patients. Do you have the time, patience and knowledge to wade through all your documentation and keep accurate records? Probably not. On top of that, chances are that you are not even remotely familiar with current tax laws and deductions. In fact, this can cause you to lose out on thousands of dollars in benefits.

Your focus is on dental care, and it should be. That’s why you should hire someone who is focused on finances to handle your tax issues.

The right professional offers many benefits, such as a dental CPA. Dental CPAs assist with tasks such as bookkeeping and tax filing. They can help you plan for the future and ensure you get the most deductions possible. In addition, they find ways to increase your revenues while ensuring you’re in compliance with the law. Nonetheless, if you are ever audited by the IRS, a tax professional will defend you.

Contact Us Today.

At your dental practice, your focus should be on patient care. This can be challenging, however, since finances are a huge aspect of your business. Without close attention to finances, you could lose out on revenue and be forced to shut down your practice.

Ash Dental can help maintain your accounting and finance operations. The president, Ash Wasilidas, CPA, has helped companies of all sizes protect their assets and grow their businesses. He focuses on professional service and strives to help clients find solutions to business concerns. Furthermore, dental professionals are encouraged to call (508) 433-0029 or fill out the online form. Moreover, his office is located at  945 Concord Street #100A Framingham, MA 01701.

Accounting for Dentists: 3 Tips for a Profitable Practice

Accounting for Dentists

Accounting for Dentists | Success has no true definition as everyone values achievements differently. But in the dental industry, success means loyal patients, office efficiency, a growing practice, minimal expenses, and large profits – to say the least. That’s why we highly recommend that all dentists have a dental CPA. There are many factors that affect a dental practice, both positively and negatively. However, working alongside an accounting expert, will allow your practice to grow. A profitable practice is easy to obtain with an experienced dental CPA. Hire one. And afterwards, be sure to follow these 3 tips to maintain a profitable practice.

accounting for dentists framingham ma

Reduce Expenses

Reduce costs sounds like a no-brainer. But, you would be surprised at how easy it is to overspend while maintaining operations. Dentists are busy, and it is easy to overlook your expenses. No worries. Your dental CPA will provide you with a financial analysis and show you how to reduce your expenses. Follow his or her recommendations, and you will gain more profit or opportunities to invest.

Learn Financial Terms

Financial terms such as “profit” and “expense” are almost common knowledge. And as a dental professional, you are highly educated, well-rounded, and very busy! This is why you need a dental CPA to help you understand your practice’s unique financial status and roadmap for success. That means learning additional financial terms such as cash flow, accounts payable, accounts receivable, accrued expense, balance sheet, gross margin, and so much more. These terms have generic definitions but what do they mean for your practice? Find out with a dental CPA and base executive decisions using this valuable information.

Maintain Appointments with Your Dental CPA

Meet with your accountant as often as they recommend, and be prepared. What new challenges have you faced since your last visit? How did your revenue change since implementing the recommendations made by your CPA? Ultimately, your dental CPA will review your generated reports to be sure you are on track in meeting your short and long term goals. They will also suggest new recommendations, if needed. Remember, they are experts at growing dental practices so rely on their assistance.

Learn More

Accounting for Dentists | As mentioned earlier, there are many factors that affect a dental practice. Learn how to best grow your practice with a dental CPA. The team at Ash Dental CPA has over 20 years of experience. We proudly accept new clients, and we encourage you to schedule a complimentary consultation today. Call (508) 433-0029 or book an appointment online. Moreover, our office is located at 945 Concord Street #100A Framingham, MA 01701.

Dental Practice Purchase: 2 Key Tips

Dental Practice Purchase

Dental Practice Purchase | Purchasing an existing dental practice is both exciting and overwhelming. Once the legal work is complete, how do you properly transition? And before that, how do you find a successful practice? Great questions. Many dental professionals struggle with this part of the transaction. Therefore, we simplified the process. Learn more below and contact us today.

dental practice purchase

Research

As you already know, purchasing an existing dental office is a huge investment.  Make the right choice! But, how? It’s actually quite simple. We recommend identifying what you envision your ideal practice to be. Is it sophisticated and conservative? Or, is it more casual and family-oriented? Everyone has a different preference. Therefore, choose what works for you and not what you think others would choose. In the end, you will be representing the office and your personality should reflect the atmosphere.

Once you’ve identified your preference, look for similar practices. And now that you’ve narrowed your search, research their employees, success rate, and community. Can you overcome the office’s challenges such as competitors and patient turn-over? How so? This is when you should consult with a dental CPA as they understand the market and current trends of the industry. They will assure you if your selection is ideal and recommend further steps to make it successful.

Communicate

Before signing on the dotted line, request a meeting with the current owner and staff to learn of their service procedures. What are their follow-up routines for before and after an appointment? When a patient walks in, how are they greeted? What are common complaints or existing challenges? Once you know of the office’s strengths and weaknesses, think of how you can take it to the next level. In other words, how can you improve the patient’s experience and the office’s success rate?

After the purchase is complete, acquaint yourself with the patients and community. Be transparent and introduce yourself. Patients are quick to compare service so be sure to offer a better one with the knowledge you gained from your meeting. Also, acknowledge patient feedback. You may stumble upon an opportunity to further enhance your new practice.

Learn More

Every dental practice purchase and transition is unique and requires a personalized plan for success. Learn more by scheduling a complimentary consultation today. Our office has over 20 years of experience guiding practices of all sizes and structures. Call (508) 433-0029 or booking an appointment online. Additionally, our office is located at 945 Concord Street #100A Framingham, MA 01701.