You’ve worked hard to become the owner and manager of your own dental practice, and even though you couldn’t be happier to get to this point in your career, you are quickly realizing that some aspects just aren’t as fun and exciting as others. Take bookkeeping, for example. To you, it’s a necessary evil. You understand that it’s an essential component to running a successful business, but in reality, you’d rather be … pulling teeth.
Bookkeeping doesn’t have to be painful – QuickBooks has been helping dental practice owners, like yourself, make sense of their finances easily and efficiently, which gives you more time to fix smiles and grow your practice. Keep reading to learn about the many ways QuickBooks can help you.
Get Control Of Your Cash Flow
- Manage Bills and Accounts Payable – When you use the “enter bills” and “pay bills” functions in QuickBooks, you have the tools you need to keep your vendors paid on time and happy. Paying your bills directly through QuickBooks via the online bill pay option or by printing checks helps to reduce unnecessary data entry and increase productivity.
- Reconcile Accounts – Using QuickBooks to reconcile your bank accounts, credit cards, loans, lines of credit and payroll liabilities on a consistent basis will empower you with the knowledge of exactly how much cash you have on hand.
- Customized Chart of Accounts – Your practice’s chart of accounts is all about your specific needs. Therefore, you should take a little time to customize it. And remember to resist the urge to make it overly complicated. This chart should provide you with the information you consider to be the most valuable to you can make educated decisions based on the actual financial health of your practice. You can create customized industry benchmarking charts to see how you compare to other dental offices.
- Class Tracking – Classes are a way to track your data in a way that is meaningful. You, for example, might find value using location as a basis for tracking data; other dentists may choose to focus on departments or vendors. Your QuickBooks preferences are personal and unique to you so make sure you set them up in ways that make sense to you and your managing style. And following benchmarking
- Owner-Memorized Reports – Develop a custom set of reports you find particularly useful to run your practice. You can create a list called “owner reports” and memorize important reports to that list to make them easily accessible.
Master The Skill Of Financial Reporting
Oftentimes dentists consider QuickBooks to be a one-stop-shop and the software’s ability to generate accurate financial reports quickly helps facilitate that view. When you fail to run and analyze your financial reports along with your production reports, you simply are not getting the best use of everything QuickBooks has to offer for your dental office. Simply put, if used correctly, QuickBooks can be the tool that helps you make key business decisions quickly and efficiently.
Want to find out more about QuickBooks and ways in which it can help you and your bustling practice? Email the Bright Dental CPAs at Rea & Associates to learn more.
By Chris Roush, CPA (Millersburg office)
Read the articles below for more tips on how grow your dental practice.