A Brighter Way
  1. About
  2. Tax
  3. Accounting
  4. Practice Planning
  5. New Dentists
  6. Resources
  7. Blog

Unlock Your Dental Practice’s Potential With QuickBooks

QuickBooks For Dentists - Dental CPA

Are you using QuickBooks at your dental office? Learn more about the tools available to you.

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.

Put Together An Amazing Dental Advisory Team

Dentistry: It’s No All White Coats and Drills

The Business Side of Dentistry: Tips and tools for Dentists

Succession Planning: A Must for Dental Owners

Dental Practice Valuations - Dental CPA

Is your dental practice ready for your retirement? Start your succession planning process now.

If you own your own dental practice you will eventually be faced with succession planning issues, so it’s just good sense to develop a plan now instead of waiting until the last minute when so much could go wrong. With a little help, you can craft a thorough plan that not only takes your wishes into consideration, but also the wishes of your family members.

Success Planning Options For Your Dental Practice

When considering your options, there are really only four alternatives from which to choose. You can:


  1. Transfer the business to the next generation of dental professionals in your family.
  2. Sell your practice to members of your management team.
  3. Form an employee stock ownership plan, or ESOP.
  4. Sell your practice to an unrelated party or liquidate your assets.

Since these options each have numerous, complex issues, they need to be carefully analyzed to determine the best course of action.

 Read Also: What is My Dental Practice Worth? 

It’s How You Start That Matters

Unless you are in the midst of a personal or professional crisis, you probably have no sense of urgency to begin your succession plan, which makes it easy to avoid starting the process altogether – the thought of facing difficult tax and legal obligations isn’t much of a motivator either. But succession planning doesn’t have to be that difficult, especially if you know where to start and what questions to ask.

In order to achieve your desired exit plan you need to prioritize the succession planning process well before your desired time to leave your practice. Work on answering important questions such as:

  • What am I going to do with myself after I leave my dental practice?
  • How much money do I need from my practice to retire?
  • How will my decision about an exit impact my family?
  • How can I be sure the practice will survive without me?

People and situations are different and complex – and there is no such thing as one right answer. Similarly, there is no such thing as a one-size-fits-all program that will guarantee that you will be able to exit on your desired terms. The good news is that if you take time to think about (and answer) the questions above you are well on your way in the process of determining your ideal succession.

Next Steps

Dental practice owners who fully understand their succession options, set a course of action to implement the plan and seek assistance to ensure the plan is being implemented as desired have the best chance of seeing optimal results.

So, are you ready?

Email the Bright Dental CPAs at Rea & Associates to find out how our business valuation experts can help you grow and better manage your dental practice.


By Tim McDaniel, CPA/ABV, ASA, CBA (Dublin office)

Check out the links below to learn more about the benefits of a Know & Grow Valuation.

Do You Have A Realistic Value Of Your Business?

What To Expect From Your Career In Dentistry

Rea & Associates, Inc. | Bright Dental CPAs | 7201 Center St, Mentor, Ohio 44060-4858
phone + 440-266-0077