What goals do you have in mind for your practice when you look two years into the future? A more strategic plan for handling oral medicine practice accounting could help you get there. Let's discuss some principles of good oral medicine practice bookkeeping.
The Basics of Oral Medicine Practice Bookkeeping
A system that interweaves oral medicine practice tax planning and accounting in a single platform could boost operational efficiency. That often requires you to use one accounting platform with multiple dashboards. Here's the rundown for keeping it all together smoothly:
- Tracking and accounting for all practice expenses
- Reconciling accounts on a consistent schedule
- Creating and maintaining detailed records for all transactions
- Tracking employee salaries
- Tracking equipment purchases
A good tracking system is essential for oral medicine practice tax planning. Good records help boost opportunities for deductions for expensive equipment and supplies. This is a detail that may not seem as pressing to staff members who don't necessarily understand the importance of what potential deductions mean for your practice's bottom line. Building accurate tax reporting right into your daily dashboards should get everyone on the same page.
Don't forget about integrating business-management tools into your main bookkeeping platform. That might look like integrating existing platforms like QuickBooks with a newer software program to put things like billing and invoicing in the same environment. Ultimately, your staff could potentially improve efficiency and productivity by hours each week. There's also the potential to reduce common billing errors that are costing you time and money every month. It's also necessary to consider making sure any platform or procedures you're using to handle accounting deliver HIPAA compliance.
How to Bring Operations and Bookkeeping Together
You may always be looking at the micro and macro levels when running an oral medicine practice. Things like chart of accounts, accounts payable, accounts receivable, cash-flow tracking, and payroll processing are constants. However, you're potentially creating a rift between actions and insights if you don't have a way to generate financial statements and budget projections automatically.
Working with an experienced medical accountant to see where everything needs to come together may be your next step. An oral medicine practice CPA may be able to review things like balance sheets, deposit accounts, and cash flow when assisting with quarterly reporting or expense reports. It's also worth examining better options for freeing up capital and managing cash flow if your practice is in expansion mode.
Get Support: Creating a Dynamic Oral Medicine Practice
The reality is that a busy practice may not leave you with a lot of time to mull over your accounting and tax practices. The good news is that oral medicine practice CFO business advisory services provide comprehensive support. If it's time to consult with an expert, Fusion CPA is here. Our oral medicine practice financial advisers serve to help practices of all sizes grow into more efficient and profitable enterprises. Let us show you the potential benefits of getting the right oral medicine practice CPA looking at your books. Our team specializes in established practices, new practices, and growing practices. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
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.