Netsuite: Dental Practice Bookkeeping

Owning a busy dental practice requires you to keep many plates spinning at once. Providing innovative treatments, keeping up with the latest in marketing practices, and cultivating long-lasting relationships with patients all require serious dedication. Combining that with understanding that you are not necessarily equipped to deal with the complexities of dental practice bookkeeping and tax planning hopefully you are not doing your bookkeeping yourself. If this is the case, it may be time to take advantage of utilizing Netsuite’s accounting software combined with outsourcing your bookkeeping tasks to our team of dental practice accountants. NetSuite is considered to be one of the premier platforms for dental business accounting. The platform can be tailored to provide semi-automated dental business accounting with its multitude of add-on solutions. Read below to discover how NetSuite can help your dental practice succeed.

A Look at NetSuite’s Capabilities

NetSuite is an all-in-one platform that puts all the financial tools you need in one place. Using NetSuite for your day-to-day dental business bookkeeping and operations can help you enhance your organization processes and better maintain financial records. Here’s a look at the top seven features of NetSuite to help with your dental practice accounting:

  • General ledger

  • Accounts receivable

  • Accounts payable

  • Tax management

  • Asset management

  • Cash management

  • Payment management

Financial Clarity And Accountability For A Busy Dental Office

NetSuite allows you to define custom roles with individual permissions. This characteristic makes it possible to create unique user access based on roles and responsibilities. The multi-ledger functionality of NetSuite allows you to create parallel books and statements to comply with the tax and accounting standards required. Having the ability to create parallel books is essential when it comes to dental business tax planning. NetSuite works for both single-location dental firms and multi-location dental practices. This software consolidates all locations to provide you with real-time visibility and reporting. The result is a platform that gives you actionable insights for immediate and long-term goals.

Saving Time and Reduce Errors

NetSuite’s exclusive General Ledger feature erases the need to make manual entries across a variety of books. Besides saving time, this feature also minimizes your margin of error to acceptable levels. Our team of CPAs can also access this feature to assist with invoice customization, vendor bills, and other items across several accounting books. Records for accounts payable and accounts receivable often have the most errors. To avoid this issue, NetSuite flags invoices that are found to have not matched their respective receipts. Also, forgotten, overpaid, and fraudulent bills can be caught and flagged in real-time. This functionality provides you with accurate, streamlined, and reconcilable reports.

NetSuite Brings Power Through Insights

With NetSuite, you can also see real-time insights regarding your practice’s transactions. Furthermore, NetSuite automatically generates accounting entries without the need to reenter information across different ledgers manually. Its dashboards can also provide you with insights regarding practice-wide performance whenever you need them. Our knowledgeable team of dental practice financial advisers can help you optimize NetSuite’s tools for planning, processing, and reporting critical financial data.

Our seasoned team of dental practice tax specialists is able to use the financial metrics from your NetSuite account to create a tax planning strategy geared towards tax minimization. Accuracy and accountability can help determine how smoothly your dental business tax planning and day-to-day financial operations will go. NetSuite is a tool that creates the right environment for both. Our team will be happy to demonstrate how an accurate, report-based system for managing every aspect of your dental practice’s finances can boost your bottom line, open up new possibilities for strategizing and bring you greater peace of mind. Reach out today to learn more about our dental practice accounting services.

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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.