Dental practices can cost themselves hundreds or even thousands of dollars by making relatively simple accounting mistakes. Here, the CPA and accounting professionals at Only for Dentists detail the top dental bookkeeping mistakes. Recording Transactions in a Previous Period Dental practices should “close their books” at the end of every month, which includes reconciling all […]
Bookkeeping
Why You Must File and Pay Your Employee’s Withholdings on Time
There is zero wiggle room when it comes to handling the federal income taxes and FICA taxes withheld from employees’ paychecks. The taxes are government property, which employers hold “in trust” and then remit to the IRS on a set schedule. Employers are not permitted to use this “trust fund” money for other purposes. Serious […]
What is a PEO?
The acronym PEO stands for “professional employer organization.” These organizations help businesses reduce costs by allowing them to outsource the management of important company functions, such as workers’ compensation, payroll, employee benefits and human resources. By partnering with a PEO, a dental practice or other company can grow its bottom line and focus on its […]
Why Small Businesses Need Agreements in Writing
Small businesses often capitalize on their less formal, more personal, approach to their customers and clients. While there is nothing wrong with this approach in general, it should not extend to business agreements and legal matters. On the contrary, a small business, including dental practices, should insist on reducing all agreements to writing just like […]
What is the Future of Cloud Computing for Dental Practices?
A recent survey conducted by North Bridge Venture Partners and in conjunction with GigaOM Research reveals that the state of cloud computing is strong. 68 percent of business and IT respondents to the survey see “the cloud” as a tool for bringing equal or even improved TCO (total cost of ownership) to their organizations. Among […]
18 Accounting Terms You Should Know
It’s back-to-school time. Learning is not just for children. Why not take a page from the kids’ books and do some learning of your own? QuickBooks is easy to use, intuitive and flexible. But it is not an accounting manual or class or tutorial. If your dental practice is exceptionally uncomplicated, you might get […]