QuickBooks Tips Reloaded- Part 1

One of our Dental CPAs, Deana
, posted an article in the January issue of Dentaltown
magazine discussing QuickBooks:
10 Tips to Stay Organized and Efficient
. We received so much great feedback
from clients and others in the dental community who found the article
really helpful. So we decided to further discuss Deana’s QuickBooks tips in a
3-part series blog post!
These tips help educate dental practice QuickBooks users on what they should be doing to not only better manage and organize practice finances but also help the practice advisers, especially in regard to
practice decisions.
Here is Part 1 of Deana’s QuickBooks Best Practices Tips:
.     1..     The Beginning: Basic Booking Tips to Jump Start Your Journey 

Maintain separate accounts
The rule of thumb for any business is to always keep personal and
practice checking accounts separate. Your business is a separate entity, so
never comingle funds.
Keep Track of your receipts to support your
Keeping accurate expense records and updating your records regularly is
the best way to ensure organization and efficiency.  Whether it’s scanning your receipts or using
a filing system- don’t throw them away. They can be used for record
verification when you least expect it.
Have a spare credit card for practice
Using a separate credit card for your professional practice expenses is
key. Also reconcile your credit card’s expense statements monthly- even if you
can only spare 30 minutes to do so. By reconciling your expenses on a monthly
basis, your records will remain up to date and accurate. So when
your financial manager goes in to pull reports, they can do so more efficiently
without waiting time digging around to find missing receipts.
Selecting the best QuickBooks Software Version 

Choose the version of QuickBooks that best suits
your practice’s needs
QuickBooks Pro- For practices that are just
starting out and are more focused on getting up and running
QuickBooks Premier- For more established
practices that are expanding their business and service offerings
QuickBooks Enterprise- For practices that have
more complex levels of record keeping and need more flexibility in targeting
the software specifically to their needs
QuickBooks Online – For online access for dental
practices on any level
Our Dental CPA team recommends QuickBooks
online, so you can login anywhere at anytime. There is no software data to
manage and the system is automatically upgraded. Your data is stored on the
Intuit servers so there is no need to process manual backups. If you have an
offsite bookkeeper, QuickBooks online makes it easier for them to access your
books from anywhere, that’s less time spent commuting to the office!
–        3.   Creating Customizable Chart of Accounts
If your practice is in its early stages, and you
are not sure as yet which reports you prefer to see, start with a Standard
Dental Chart of Accounts. QuickBooks will generate a chart of accounts based on
the type of business entered at initial startup, in this case, a dental
practice. Here is an example of a Chart
of accounts for a general dentist


With QuickBooks, and a trusted Dental CPA on your side, being organized
and ensuring that your practice’s finances are accurately managed is simple. Regardless
of the size of your Dental practice, you want to ensure that you are running
your business efficiently by having good bookkeeping and accounting practices.
Stay Tuned for part 2 of our three part series on Ten Tips to Stay Organized
and Efficient. You can also check out Deana’s original Dentaltown article here.
For information on questions specific to your
practice’s accounting needs, contact Deana
or reach out to any of our Dental CPAs by emailing info@dentalcpas.com