Bookkeeping & Accounting
The $1,500 Question Every Dental Owner Should Be Able to Answer
By Ed Gabriel, CPA, DrillDown Solution, and David Harris, Forensic CPA, CFE, MBA, Chief Executive Officer, Prosperident Most of the dentists we work with are excellent clinicians and capable business owners. Very few are trained investigators, and they should not have to be. Yet there is an uncomfortable reality that comes with owning a dental…
Read MoreHow Benchmark Data Changes the Way You Run Your Dental Practice
Running a dental practice without benchmark data is like driving without a speedometer, you may feel like you are moving in the right direction, but you have no way of knowing whether your pace is right, too slow, or headed for trouble. Benchmark data gives practice owners an objective reference point: here is what a…
Read MoreWhat Does a Dental CPA Actually Do? (And Why Your General Accountant Can’t Replicate It)
Your general accountant files your taxes, keeps your books in order, and makes sure you stay compliant. That work has value — but if your accountant does not work exclusively in dentistry, there is a significant amount of financial guidance they simply cannot provide. The difference between a general CPA and a dental CPA is…
Read MoreWhat to Look for in a Dental CPA: A Guide for Dentists
Running a dental practice isn’t just about patient care—it’s also about managing your finances, taxes, and future growth. That’s where a great dental Certified Public Accountant (CPA) comes in. But how do you pick the right one? Firstly, you’ll need one with deep knowledge of the dental industry. A dental CPA should have an understanding…
Read MoreBookkeeping vs. Management Accounting for Dental Practices
Introduction Running a successful dental practice is not just about being a great dentist. It also means managing your finances well. Two important parts of this are bookkeeping and management accounting. Although these terms may sound similar, they are different and serve unique purposes. Many dental practices have bookkeeping sorted, but what about management accounting?…
Read MoreAccounting For Dentists – Recommendations For Dental Practice Accounting
There are many facets of dental practice accounting. It requires a review of your historical and current financial data, a detailed plan of objectives and goals, and a strategic accounting budget. A well-crafted budget serves as a roadmap for business success, allowing you to allocate resources efficiently and understand the sales and expense targets needed…
Read MoreThe Role of Financial Planning in Retirement for Dental Practice Owners
Introduction Retirement is an important phase of life that requires careful financial planning and preparation. As a dental practice owner, it’s essential to understand the unique challenges you may face when it comes to retirement planning. It’s important to consider saving and investing, real estate ownership, dental practice transitions, succession planning, and business valuations to…
Read MoreThe Benefits of Outsourcing Accounting and Bookkeeping for Your Dental Practice
There are many benefits to outsourcing your accounting, bookkeeping, or payroll to a team of CPAs that specialize in dental practices. By outsourcing your accounting and bookkeeping to a team of expert Dental CPAs, you have more time to grow your business. It also saves you money and reduces stress, while providing you with accurate…
Read MoreBookkeeping Outsourcing Nitty Gritty You Need to Know
As a small business owner, you are wearing many hats and balancing numerous pressing tasks requiring , in some cases, immense amounts of time and energy. Your main responsibilities revolve around managing employees, paying expenses, keeping track of inventory, and ensuring excellent customer relations. One area of the business operation that inevitably can prove nettlesome…
Read MoreBookkeeping for Cash Flow for Dental Practices
What is Cash Flow In essence, cash flow is the difference between the money generated by a business – cash inflow – and the cost to operate the business – cash outflow. As it pertains to a small business loan, for example, banks often take it a step further by incorporating personal obligations as part…
Read More