Doctors and dentists “practice” medicine and their practices must be treated as businesses if they’re going to financially succeed.
But sometimes doctors get caught in a unique conflict between their compassion and their need to meet operating costs.
The end result is often a frustrated, exhausted, and unhappy doctor or dentist. Happy patients need happy staff, and happy staff needs a happy doctor.
Sherman Oaks Accounting & Bookkeeping powered by One Source Services bookkeepers specialize in keeping doctors and dentists happy. They understand the unique challenges and demands of running a medical or dental office and are experienced medical & dental bookkeeping professionals.
A medical or dental office’s debt burden can be significant. Especially for a new practice if the doctor brings educational debt in addition to debts incurred establishing the office and equipment. On top of that, some doctors hire practice consultants and financial advisors to help get their businesses started.
All of these expenses must be carefully tracked including lenders, loan balances, payments, etc. Not to mention daily expenses, deposits, payroll, and more.
An experienced bookkeeper is a record-keeping master who will accurately manage data, analyze it, and then make suggestions to improve financial performance and save money.
Sherman Oaks Accounting & Bookkeeping powered by One Source Services understands that it may be difficult for some doctors to delegate bookkeeping to an outside company. After all, doctors are smart, capable professionals who can probably reconcile their own bank statements.
However, they delegate many other tasks they could undoubtedly do themselves: drawing blood and giving injections, for instance. As they should! A doctor or dentist’s time would be much better spent doing what they are highly trained to do and honing their special set of skills.
With outsourced bookkeeping, doctors and dentists will be more available to do what they are trained to do with the assurance that the books are being done right. Financial statements will be more meaningful, tax liabilities will be reduced, and financial problems will be proactively identified and resolved.
A good bookkeeper will turn a doctor’s work into numbers, then convert the numbers into financial statements.
Our bookkeepers take it a step further by making the statements meaningful and understandable to the doctor.
A doctor or dentist would not leave a patient’s treatment to chance. They would systematically analyze a patient’s symptoms and test results before coming up with an educated treatment plan.
Similarly, they should not leave their medical practice’s finances to chance. By turning to financial professionals like Sherman Oaks Accounting & Bookkeeping powered by One Source Services, doctors can make their practices more financially stable and adaptable.