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Expert Dental Bookkeeping Services to Track Your Growth!

Are you looking for financial experts who can help you track growth for your dental practice? We want to help you unlock your true potential. Our dental bookkeeping services assist you with all those complicated accounting processes and cost analytics so you can focus on taking that practice to the next level!

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Why You Need Expert Bookkeeping for Dentists

Improved Cost Control

Running a dental practice means having to wear multiple hats at one time. Don’t spread yourself thin through a constant tug-of-war between catering to your patients and ensuring your records are updated. Expert support allows you to delegate some of that financial analysis to experts who can identify where you can save cost. With our experts, you can save considerable overhead costs, including excess money wasted on supplies, equipment, and staff salaries.

Better Revenue Management

Do you know where your revenue comes from? What are the streams that are most responsible for generating the largest percentage of revenue for your dental practice? All these questions are best answered when you have access to the best bookkeeping services for dentists to help you track and analyze all your revenue sources. This data can help you optimize your revenue streams and identify areas where you need to invest.

Fraud Prevention

Effective and efficient bookkeeping services should include fraud prevention mechanisms that help prevent, identify, and cure any potential fraud. Embezzlement cases aren’t uncommon in dental practices which can lead to significant financial losses. Protect your investment and your financial records by leaning on experts providing dental bookkeeping services that keep your money secure!

Growth and Stability

Dental practices are known to often expand and provide services in more than one location once they grow. If you have a dental practice that operates across multiple locations, our bookkeeping services for dentists can be the perfect addition to the mix. We can provide you with financial forecasting, CFO services for strategizing and decision-making, as well as extensive plans you can follow for expansion. All in all, your practice is in safe hands!

Tax Compliance

Dental bookkeeping services are incomplete without the mention of tax compliance. The IRS continues to update and expand upon the hurdles your business needs to pass through to be considered tax-compliant. Our accounting experts are known to stay updated with the latest tax laws that are specific to your industry. You can rely on our experts and use the time you save to focus on your practice!

Industry Specific Knowledge

Monily’s accounting professionals are known to specialize in multiple backgrounds and have accumulated industry experience in managing books for various types of businesses. This arms them with the industry-specific knowledge and insights they need to understand the unique challenges your dental practice may face. This includes complex issues such as insurance billing concerns, supply management of dental tools, and patient fee schedules. Our bookkeeping for dentists can add structure to your financial processes and help you make better decisions.

Better Decision Making

Speaking of which, better decision-making is a huge plus anytime you sign up for one of our services. Although it flows through most of the previously mentioned benefits, it deserves a mention of its own. The more access you have to detailed financial reports the more empowered you will ultimately feel to make better decisions. Our financial experts can help you allocate your resources to the revenue sources that make you the most money!

Support During Audits

We assist you with the preparation of accurate and organized records so that you don’t have to face any hiccups during audits of your dental practice. Having a well-documented record of all your transactions ensures a smooth financial review and overall ease during the compliance checks and regulatory requirements that are commonly expected at the end of the fiscal year.

Financial Insights and Strategy

With expert bookkeeping and accounting services for dental practices, you can expect much more valuable insights from industry experts who know specific KPIs for dental practices. These offer you actionable strategies that you can use to improve various areas of your business.

Improved Cost Control

Running a dental practice means having to wear multiple hats at one time. Don’t spread yourself thin through a constant tug-of-war between catering to your patients and ensuring your records are updated. Expert support allows you to delegate some of that financial analysis to experts who can identify where you can save cost. With our experts, you can save considerable overhead costs, including excess money wasted on supplies, equipment, and staff salaries.

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What Do Monily’s Dental Bookkeeping Services Include?

  • 1.

    Transaction Management

    Efficiently record all patient payments, insurance reimbursements, and vendor expenses. Ensure accurate categorization of transactions for easy financial tracking. Reconcile bank and credit card statements to prevent discrepancies.

  • 2.

    Budgeting

    Create detailed budgets tailored to your dental practice’s unique financial goals. Monitor expenses and adjust budget plans as necessary to optimize cash flow. Provide regular reports to help you stay within your financial limits.

  • 3.

    Financial Forecasting

    Analyze past financial data to predict future revenue and expenses. Develop all-inclusive financial models to guide long-term planning and decision-making. Identify trends and potential financial challenges to stay ahead of the curve.

  • 4.

    Receipt Tracking

    Implement digital solutions for easy and efficient receipt management. Ensure all receipts are accurately categorized and stored for tax purposes. Regularly review and organize receipts to maintain a clean financial record.

  • 5.

    Loan Application Assistance

    Prepare and organize all necessary financial documents for loan applications. Provide detailed financial statements and projections to strengthen your application. Offer guidance on the best loan options and terms available to your practice.

  • 6.

    Debt Restructuring

    Evaluate your current debt structure and identify refinancing opportunities. Negotiate with creditors to secure better interest rates and repayment terms. Develop a strategic plan to reduce overall debt and improve financial stability.

  • 7.

    Coordinating with Your CPA

    Act as a liaison between your practice and your CPA to ensure unified communication. Provide your CPA with accurate and up-to-date financial data. Facilitate timely and efficient tax preparation and filing.

  • 8.

    QuickBooks, Sage, and NetSuite

    Set up and customize QuickBooks, Sage, or NetSuite to meet your practice’s needs. Provide training and ongoing support to ensure efficient use of the software. Regularly update and maintain software to keep financial data accurate and accessible.

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Why Monily?

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FREQUENTLY ASKED QUESTIONS

We Are Here To Help You

Dental bookkeeping services are dedicated accounting services personalized for dental practices. They include managing financial transactions, tracking revenue and expenses, handling payroll, preparing financial reports, and ensuring compliance with tax regulations specific to the dental industry.

Dental-specific bookkeeping is important because it addresses the unique financial needs and challenges of dental practices. This includes managing patient billing, insurance claims, equipment purchases, and regulatory compliance, ensuring that the financial health of the practice is accurately maintained and optimized.

Dental bookkeeping services can benefit your practice by providing accurate and timely financial information, improving cash flow management, reducing administrative burdens, and ensuring compliance with tax laws. This allows you to focus more on patient care and less on financial management.

When selecting a dental bookkeeping service provider, look for experience in the dental industry, familiarity with dental-specific accounting software, strong references from other dental practices, and a clear understanding of the regulatory requirements for dental practices. Effective communication and a personalized approach to your practice’s needs are also crucial.

The frequency of financial reports can be customized to meet your practice's needs. Typically, dental bookkeeping services provide monthly, quarterly, and annual financial reports. These reports include income statements, balance sheets, cash flow statements, and any other relevant financial data to help you make informed decisions about your practice.

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