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.

Give Your Dental Practice The Boost It Needs With QuickBooks®

Dental QuickBooks - Dental CPA

Here are tips you need to know about using QuickBooks® in your dental practice.

Maintaining the business side of your dental practice isn’t easy. And keeping your books updated and accurate can be worse than a tooth ache. But, with the right software, it doesn’t have to be that bad. For example, when used properly, QuickBooks® is an easy-to-use, affordable accounting software package that can help you finally keep tabs on your practice’s cash, accounts receivable, accounts payable, inventory and more – which can ultimately help you boost the profitability of your practice.

Check Out: Customize QuickBooks For Your Dental Practice

Start QuickBooks® On The Right Foot

Simply purchasing and installing QuickBooks® isn’t enough. Taking this approach will prove to be even more frustrating and time consuming because the records you depend on to manage a profitable practice will be inaccurate, and you’ll just have to start over again anyway. Instead, if you want to get the most out of your QuickBooks® investment, you will need to follow specific steps, in a specific order, to ensure the software is not only working, but is reporting accurate data.

Keep Your QuickBooks® Software Current

The fact remains that basic double entry bookkeeping has not changed in more than 500 years. However, that doesn’t mean that you don’t need to update your QuickBooks® software. Here’s why you need to keep it updated.

If you use QuickBooks® to prepare your dental practice’s payroll, for example, you should be aware that QuickBooks® only supports three years’ worth of releases for payroll. So, with the release of the 2013 version, your 2010 version of QuickBooks® will soon be out of date and will need an upgrade.

If you are using QuickBooks® version 2010 in a web-hosted environment, you will have to upgrade at during 2013, as Intuit requires that web hosts to allow use of only the most recent three versions of QuickBooks®.

Contact A QuickBooks® Pro For Help

Whether you are a new dentist or seasoned pro, dental professionals find success with QuickBooks® every day, but they don’t realize this success alone. Working with a QuickBooks® expert to set up and/or manage your dental practice’s data doesn’t have to be difficult or expensive. In fact, you could help you secure greater profit in the long run just by calling in the professionals. At the end of the day, if you’re not taking full advantage of all that QuickBooks® has to offer, you’re missing out on some pretty powerful tools. The team at Bright Dental can help. With a team of certified QuickBooks® ProAdvisors, our QuickBooks® team can assist with QuickBooks® consultation, set-up, training and support. Email Bright Dental CPAs today to learn more.

By Heather McNichols (New Philadelphia Office)

Are you looking for additional QuickBooks® Resources for Dental Professionals? Check out these links for more insight and advice.

Unlock Your Dental Practice’s Potential With QuickBooks

6 QuickBooks Tips Every Dentist Should Know

Dentistry: It’s Not All White Coats And Drills