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 So, with the release of the 2013 version, your 2010 version of QuickBooks® will soon be out of date and will need an upgrade.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 Clay Rose, CPA (Dublin 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

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.

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6 QuickBooks Tips Every Dentist Should Know

You have finally decided to purchase a copy of QuickBooks to help take your dental practice to the next level. You have heard of (or maybe you have seen) all the great things it can do. But you really aren’t sure what version you need. Or maybe you have actually purchased the software, but you are still staring at the box, wondering what to do next. Here are a few tips every dentist should know when using QuickBooks in their practice.

6 Easy Ways To Master Quickbooks

1. Choose The Right Version

When you research the QuickBooks software, you will quickly discover that there are three versions available. While it is helpful to review the benefits of each version, I would personally recommend QuickBooks Pro for a dentist with a startup practice. This version is ideal if you know that you will have three users or less. It is also the most basic of the QuickBooks choices and the cheapest. If you will have five or more people using the software, however, consider one of the other versions.

2. Opt To Work Offline

The Internet is a great tool for so many aspects of your practice – just not where QuickBooks is concerned. At this time, QuickBooks online has too many flaws. Until they are corrected, I would recommend staying away from this version of the software.

3. Become A Master Of Your Files

The key to keeping good, clean files is to set up proper categories within the software. This means categorizing all of your charts properly (i.e. assets, liabilities, equity, income, expenses). Next you will want to use the icon bar, located on the top of your screen, to set up your customers and vendors.

4. Order Matters

It is so important to enter your data in the proper order. For example:

  • When you are entering money that was received from your patients:

– When your patient pays you for a dental service, click on the “create invoices” option on the Home page and choose the patient’s name.

–  Click on the “receive payments” icon, which is also located on the Home page. At this point you will choose the payment method the patient is using and the amount of their payment.

– When you are ready to deposit the payment into your practice’s bank account, click on the “Record Deposits” option on the Home page and, from the payment list that appears, select the payment you would like to deposit.

  • When you are entering money that you paid to a vendor:

– Click on the “Enter Bill” icon found on your Home page and fill in the vendor’s name and the amount owed to the vendor.

– When you are ready to pay the bill, click the “Pay Bills” icon on the Home page and select the bill you would like to pay, the payment date and the payment method.

5. Reconcile Every Month

At the end of the month you, or your Bright Dental CPA, must reconcile the bank account. To do this, simply click on the “Reconcile” option on your home page and make sure the beginning balance on your screen matches the beginning balance on your bank statement. Then just check off the items until the reconciliation difference is zero.

6. Generate The Right Report For The Right Request

Now that all your information has been inputted correctly, it’s time to generate the reports that will help you optimally manage your practice. All your reports can be found by clicking on the “Reports” button on the icon bar. This will open the reports center. Then, all you have to do is choose the category of reports you want to see. Some of the most common reports you will generate include:

  • Balance Sheet – This report will give you a general picture of your practice on any given day.
  • Profit & Loss – This report will show you the revenue and expenses for the time period selected.
  • Accounts Receivable Aging – This report will show how much your patients owe you and if they are past due on their payments to you.
  • Accounts Payable Aging – This report will show you how much you owe your vendors and if you are past due on your payments to them.
  • Payroll Reports – Some practices will use QuickBooks for payroll purposes. If you take time to review this option, you will find lots of helpful information.

These basic tips will help you scratch the service when it comes to your QuickBooks success. Perhaps the most important lesson you can learn however, is to take the time to make sure your categories and information is correct and up to date – otherwise, the reports you generate will be useless. Contact us if you need help updating and categorizing your information.

Need Help? Ask A Professional!

Our dental practice professionals work with dentists like you everyday to help them maximize their business practices. From accounting and bookkeeping to practice management, we have the skills, experience and expertise to unlock your full potential. today if you would like help unlocking your practice’s full potential. Email us today to learn more.

By Dan Bialek, CPA (Mentor office)

 

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