Why Your Dental Office Needs a Bookkeeper

When it comes to the financial health of any dental office, it’s all about bookkeeping. Proper bookkeeping can be the difference between a good dental office and a great one. No matter how strong your customer relationships are, or how many hours you work, your dental office will fail if your bookkeeping fails.



Simply put, bookkeeping is the process of recording all transactions which happen in your business. This includes both the money coming in and the money coming out. Bookkeepers have different ways of recording these transactions, but the main objective of a competent bookkeeper is to record honestly, frequently, and correctly. This is especially important in the medical industry, as there are several laws and considerations which need to be considered.

The benefits of a dental office bookkeeper

All bookkeepers can do the basic tasks expected of a bookkeeper. By generating financial reports and balance sheets, a bookkeeper can provide you with an accurate understanding of your business’ revenue, profit, and expense. This information will be important for tax records and detecting potentially fraudulent transactions.

Consistently hiring a single bookkeeper for your dental office, however, offers several benefits. Yoke Tax professionals, who have several years of experience in the medical industry, are especially qualified in providing these benefits to you.

Experience in your field allows a bookkeeping professional to identify the best ways to save you money. He or she may look through the financial reports which have been written for you over a given tax year. Through their experience with the industry, they will know which tax laws allow you to save money. They will also know which tax write-offs apply to you. This not only allows you to pay the Internal Revenue Service what it’s owed, but it also helps you avoid paying it too much!

Awareness of common practices in your field is also a great benefit. A professional bookkeeper will have experience with identifying common problems and mistakes  which dental offices often run into. They can guide you through these issues in order to mitigate any risks your business experiences.

Expanding your business is a lot easier to do with a bookkeeper. Dental offices which do well may feel the need to expand their workspace. If you wish to purchase property in order to conduct your business, a personal bookkeeper will know the most efficient way of doing so. By determining which loans are dental specific, and providing accurate records of your dental office’s success, your bookkeeper can provide you with favorable terms.

This saves you a lot of money- and headache!- in the long run.

Book a free consultation with a Yoke Tax professional. He or she will help you find all the benefits of hiring a personal bookkeeper for your dental office.

Does your dental office NEED a full-time bookkeeper?

Most of the time, dental offices do not require their own full-time bookkeeper. Many dental practitioners are self-employed and their practice is often their only income. Since a bookkeeper only needs to file one report a week (at most) and provide assistance on any tasks related to bookkeeping, there is little reason to hire a professional for 40 hours of work each week. That wastes the bookkeeper’s time, and it wastes your money.

Rather than paying eight hours of wages (plus benefits!) to an in-house bookkeeper, hire a contractor to carry out the agreed-upon task. This allows you to pay for precisely the amount of work which you need done, and no more.

Dental offices with zero bookkeeping support would especially benefit from hiring a bookkeeper. Experienced contractors like the ones who work at Yoke Tax can begin by doing the work for only a handful of hours per week. Once the dental office sees the amount of slack which this offers them- both in time and resources- it would make little sense to hire a full-time bookkeeper. In addition, this gives the dental practice time to test out their bookkeeping professional before completely committing to working with them in the future.

The flexibility and choice is completely in the hands of the dental office!

Why you should hire a bookkeeper

If you have any more questions on the necessity of bookkeeping in the medical industry, read this article. There are many risks which businesses take on when they hire inexperienced or sloppy bookkeepers. In addition, some business owners are unsure of what they should expect from their bookkeeper, and why an online bookkeeper is a better choice than a physical one. Asking the right questions and getting honest, direct answers is the first step towards success for any dental office.