Not Your Grandfather's Bookkeeper!
How is Today's Progressive Dental Bookkeeper Different?
Can they really help the Dentist with more than keeping records?
If you are lucky enough to be a third or fourth generation dentist, then you probably remember your grandfather's (or grandmother's) practice procedures being very different from today's modern practice. We all know the amazing advances that have been made on the clinical side, so we will only be going back in time to the business side. A time when there were no computers other than the calculator and advertising was something the dentist just didn't do.
Old Business Practices
In your Grandfather's practice, there were no computers, so everything was done by hand. The bookkeeper probably came in a couple days a week to gather information needed for the books and went into the back room to record it. Maybe the bookkeeper was also the office manager and did double duty of data entry and office/secretarial type work. Since information was not readily available and took longer to receive (snail mail), monthly reports were not a common thing. Most efforts were spent on making sure the data entry was accurate, it balanced (no math errors) and ready for tax season.
Computers are a game changer
I am sure you are aware of what your computers do for your practice. It would be impossible to survive without your practice management software. On the business side, billing and collections are more efficient. Scheduling and patient relations are made easier. The information you have access to with a few clicks on the computer from your PMS is incredible. We could go on and on. Computers have changed your bookkeepers profession drastically too.
Technology for the Bookkeeper
For the bookkeeper, they now have accounting software that can automate many functions, such as pulling transactions from your bank. Using the accounting software can eliminate math errors and give more real time information enabling monthly reports. The bookkeeper can also use a document fetching software to gather information. All can be done online without ever having to go to the dental office, making it more flexible for the dentist and bookkeeper.
Advanced Bookkeeping/CFO services
So what does today's bookkeeper look like with all this modern technology? If you are a dental practice owner that is looking to be proactive with your business decisions, then you will be looking for a bookkeeper that does management style reporting that is accurate and in real time (Real time being the 10th or 15th of the following month for reports). This means your reports will be in accrual basis that includes information from your practice management software such as AR. Your expenses will be reflected when they were accrued and services when rendered to have a clearer picture. Expenses will be grouped in categories that make sense and can be compared to the industry standards (Benchmarking). Having a good foundation and accuracy can also help your bookkeeper to assist you in budgeting if you see an area that needs work. Maybe you would like to do some forecasting to see if you are on the right track (Where is your cash flow headed). Projections could be helpful if you are thinking of making some changes. Maybe adding a hygienist or an associate. If the bookkeeper specializes in dentistry, they can even help spot unhealthy trends in your practice. Today, they can help you do much more than record data for taxes.
Are you a Proactive Decision Maker?
Have you been a dental practice owner making decisions based on what has already happened (Making the best of tax season)? Would you like to be a practice owner that has accurate, real time information to make proactive decisions? Would you like to be able to work with your bookkeeper and CPA to grow your practice and improve your bottom line? If this sounds like you, please contact us at (904) 422-6500 or Bookkeepingaesthetics@gmail.com. To Learn more or schedule an appointment, click the button below: