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To Outsource Or Not To Outsource

Outsourced Accounting Dentists - Dental CPA

Heather McNichols, Rea’s director of accounting services, joins Mark Van Benschoten, CPA, CGMA on an episode of unsuitable on Rea Radio to talk about outsourced accounting. Listen to the podcast now.

Your dental practice exists to provide a specific service – to make people feel more confident about their smiles. And your patients expect you to be able to deliver. But, in addition to practicing dentistry, you are expected to be a business owner who sends your small business’s invoices out on time, pays your vendors, meets IRS filing requirements successfully tackles range of other duties you never knew you were expected to know are completed on time and on budget.

But before you throw your hands up and declare the task to be impossible, take a minute to learn how you can make the impossible possible with a little outsourcing magic.

When it comes to outsourcing, particularly outsourced accounting, your service options are virtually endless. You could be looking for a team to take on your entire bookkeeping, payroll or receivables responsibilities on a semi-permanent basis or you could break down a project and have only a few parts of it temporarily outsourced – it’s really up to you.

For example, if you are a new dentist who is just beginning a career in dentistry outsourcing can be incredibly helpful. Why? Because at this stage, you are likely focusing on purchasing equipment, hiring a team of assistants, and marketing your new practice. That means there’s not a whole lot left in the budget to hire an accountant; and even if you could afford it, you probably couldn’t guarantee more than a few hours of work each week. In this scenario, outsourcing your accounting tasks is an ideal solution. Read on for six more reasons why you might want to consider outsourcing for your dental practice.

6 Reasons Dentists Choose To Outsource Accounting Work

  • Temporary Absence: A member of your accounting team has to take a temporary leave of absence; outsourcing can help you fill the gap on a temporary basis.
  • Fraud Protection: Your team can handle your dental practice’s invoicing, but for internal control purposes outsourcing your accounts payable responsibilities may provide an added layer of protection.
  • Ensure Confidentiality: Payroll can be a touchy subject, which is why it may be best for all parties to have your payroll managed outside the practice.
  • Eliminate Turnover: Hiring a person requires an investment of time and money. So when they move on after having only worked for you a few months, the thought of doing it all again can be discouraging. You won’t have this problem when you outsource. In fact, you will gain the certainty of knowing that the work will always be done and that the person preparing it is a highly trained professional in the field.
  • Avoid Software Costs: Outsourcing your accounting services also allows you to avoid the costs associated with purchasing and upgrading computer software such as QuickBooks, Peachtree and the Sage products. That’s more savings that can be invested elsewhere in your office.
  • Guaranteed Compliance: Government regulations change frequently, especially in the payroll sphere; and having outdated information can be costly. Outsourcing gives you access to people who make it their business to know if and when changes occur.

The staffing challenge your dental practice is facing is unique. But customizable solutions are available regardless of whether you are a new dentist or a seasoned dental professional. Email the Bright Dental CPAs at Rea & Associates to find out how outsourcing can help your practice thrive.

By Heather McNichols (New Philadelphia office)

Unsuitable IconWant to learn more about outsourced accounting services? Check out EPISODE 16 of the podcast UNSUITABLE on Rea Radio. On this quick 19-minute episode, OUTSOURCING: QUITE POSSIBLY YOUR MOST POWERFUL RESOURCE, Heather discusses some of the common misconceptions business owners have about outsourcing, among other topics.

Internal Controls for Dental Practices

Small Steps You Can Take to Make a Big Difference in Your Practice’s Financial Health

An interest in teeth is necessary to becoming a dentist, but did you know that an interest in business is important, too? All too often, dentists start their own practices without recognizing that they’re actually starting their own businesses. Now they have to wear two hats: compassionate health care provider and shrewd business owner.

internal controls DentistsAs a dental practice owner, you’d like to believe the best of your employees…that they’re dedicated and upright and would never even consider stealing from you. Hopefully this is the case if your practice, but taken as a whole, fraud in small businesses, including dental practices, is surprisingly high. In fact, the Association of Certified Fraud Examiners (ACFE) estimates that the typical organization loses 5 percent of its revenues to fraud each year.

As do teeth, businesses need preventative care to stop problems from developing. One important kind of preventative measure: internal controls – the processes and systems that protect your practice from employee fraud.

Internal Controls Best Practices

Follow these internal controls best practices to decrease your risk of fraud and keep your practice healthy and profitable:

  • Conduct a risk assessment to identify areas where fraud may occur.
  • Set a tone that your practice takes ethics serious.
  • Segregate duties to ensure that no one employee is responsible for all steps of the accounts payable or receivable process.
  • Train employees on the proper use of practice resources and how to report misuse of resources.

Dental Internal Controls Help

Want to get started on fraud prevention in your practice, but don’t know where to start? Contact Rea & Associates. Our Bright Dental CPAs will perform an internal control review or conduct a fraud assessment. We’ll help you create the policies and procedures you need to keep your practice healthy.

Related Articles:

10 Ways to Protect Your Dental Practice from Theft

The Red Flags Rule…Does it Apply to Your Practice?

Assess Your Internal Controls

internal controls - dental fraudAn interest in teeth is necessary to becoming a dentist, but did you know that an interest in business is important, too? All too often, dentists start their own practices without recognizing that they’re actually starting their own businesses. Now they’ve got to wear two hats: compassionate health care provider and savvy business owner.

As a dental practice owner, you’d like to believe the best of your employees — that they’re dedicated and upright and would never even consider stealing from you. Hopefully this is the case if your practice, but taken as a whole, fraud in small businesses, including dental practices, is surprisingly high. In fact, the Association of Certified Fraud Examiners (ACFE) estimates that the typical organization loses 5 percent of its revenues to fraud each year.

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