6 Tips for Dental Bookkeeping That You Need to Know About

When it comes to dental bookkeeping, there are a few things you need to know in order to make sure everything is done correctly and in a timely manner. Here are six tips to help you get started.

Keep Track of Your Expenses

When it comes to dental bookkeeping, it’s important to keep track of your expenses. This includes the supplies you purchase, the services you provide, and your marketing costs. By keeping track of your expenses, you can ensure that you are making a profit.

One of the most important things to track is your supply expenses. This includes the cost of dental products, such as dental floss, toothpaste, and dental dams. It’s also important to track the cost of office supplies, such as paper, pens, and printer ink.

You should also track the cost of services you provide. This includes the cost of labor, as well as the cost of materials. It’s important to make sure that you are making a profit on the services you provide.

Finally, you should track your marketing expenses. This includes the cost of advertising, as well as the cost of marketing materials. By tracking your marketing expenses, you can ensure that you are getting the most for your money.

Keep Your Records Updated

It’s important to keep your records up-to-date, especially when it comes to your income and expenses. This will help you stay organized and ensure that your bookkeeping is accurate.

Use Bookkeeping Software

There are a number of different bookkeeping software options available, such as QuickBooks, Wave, and Xero. Using a bookkeeping software can help you keep track of your finances and ensure that your records are accurate.

QuickBooks is one of the most popular bookkeeping software options available. It is easy to use and can help you track your income and expenses. Wave is another popular option, and it is free to use. It can help you track your income and expenses, as well as your invoices and payments. Xero is another option that can help you track your finances. It is also easy to use and can help you manage your bills, invoices, and payments.

No matter which bookkeeping software you choose, it is important to ensure that your records are accurate. This will help you stay on top of your finances and make sure that you are able to make informed decisions about your money.

Separate Your Personal and Business Finances

It’s important to keep your personal and business finances separate. This will help you stay organized and ensure that you are keeping track of all of your expenses and income.

Have a System for Tracking Payments

There are a few different ways to track payments. One way is to use a spreadsheet. This can be a good way to track payments for your own personal use. You can also use a payment tracking system like QuickBooks. This can be helpful if you are a business owner. It can help you keep track of payments that you have made and received.

Set Financial Goals

It’s important to set financial goals for your dental practice. This will help you stay focused and ensure that you are making a profit.

Conclusion

Keeping good dental bookkeeping is important for a number of reasons. It can help you keep track of your expenses, make sure you are making a profit, and file your taxes correctly. By following these six tips, you can ensure that your dental bookkeeping is as accurate and efficient as possible.

If you are looking for specialized dental accounting experts, Ash CPA has got you covered. For over 20 years we have been assisting dentists and other healthcare professionals with practice management, bookkeeping, accounting, tax planning, and more. For more information, check our website today!