Dental Accounting Keeps Collections Accurate & Everyone Honest
Accountants are supremely helpful when running a business. They help with all things financial, and can even assist with monthly payroll. This service is invaluable, and almost always outsourced to a knowledgeable company that can take the weight of line-item finances off of the business owner’s never ending to-do list. As a dental practice owner, do you feel lost when it comes to finding an accountant to help you? I am here to tell you that you are lost no more! There are dental accountants that are experienced in helping dental practices, and I am here to give you all the details.
What is dental accounting and bookkeeping?
Dental accounting and bookkeeping is general accounting as you know it, but tailored to the special accounting needs of a dental practice. Dental Accountants can help balance your day sheets — including check & electronic-funds transfer insurance payments — and make sure all payments in your practice management software reconcile with your bank account. Imagine the peace of mind you could have as a business owner knowing that your bank account and practice management software reflect the same numbers month after month.
Along with your daily accounts receivable, you also have daily expenditures: marketing costs, vendor & supply costs, technology costs, and more. A dental accountant works alongside you to help set financial goals and budgets, and make sure you stay within those budgets for monthly and yearly expenditures.
How does a dental accountant help with collection accuracy?
Reconciling your practice management day sheet with your bank account is incredibly important to ensure that checks are posted accurately. Insurance electronic-funds transfer (EFT) payments also need to be reconciled to ensure the payments were deposited to the correct bank account.
Did you know that insurance companies have deposited funds incorrectly to the wrong bank account? Did you know that front desk staff may invert a number by mistake? It’s true. Mistakes happen — we are all human — but having a dental accountant in your corner guarantees that human error mistakes from insurance companies or staff are caught and reconciled immediately.
What else can a dental accountant do for my practice?
Different dental accountants may provide different services, but here are some of the services that a dental accountant could do for you and your practice:
- Balance your checkbook
- Reconcile insurance and patient payments with your bank account
- Dental practice bill pay
- Office staff payroll
Did you just breathe a sigh of relief? With all the practice management logistics you handle on a daily basis, giving these tasks over to a trusted specialist frees up your valuable time to focus on other important areas of growth for your practice.
At eAssist, we have incredibly knowledgeable dental accounts that can provide any and all of the services listed above and give you financial peace of mind.