The Most Common Dental Bookkeeping Errors | Schiff Dental CPA

Welcome to Schiff & Associates, CPA, your trusted partner in dental accounting excellence. As Schiff Dental CPA specialists, we understand the unique financial intricacies of dental practices and are dedicated to helping you avoid costly bookkeeping errors. Let’s explore some common mistakes and how our specialized services can help mitigate them.

  1. Neglecting Monthly Book Closure:
    Dental practices must close their books monthly to reconcile accounts and prepare accurate financial statements. Failure to do so can lead to discrepancies and potential IRS penalties. Our proactive approach ensures timely book closure, helping you maintain financial accuracy and compliance.
  2. Using Non-Standard Chart of Accounts:
    Utilizing an industry-standard chart of accounts tailored to dental practices is essential for effective financial management. Our expertise in dental accounting allows us to customize your chart of accounts, streamline expenses, and optimize profitability.
  3. Understanding Cash Flow vs. Profit:
    Profit and cash flow are distinct aspects of financial health. While profit reflects revenue minus expenses, cash flow considers receivables, inventory, and depreciation. Our comprehensive analysis helps you grasp these concepts and make informed financial decisions.
  4. Proper Classification of Expenses:
    Misclassifying personal expenses and distributions can result in tax underpayment and compliance issues. Our meticulous approach ensures accurate categorization of expenses, minimizing tax liabilities and maximizing deductions.
  5. Specialized Accounting Services:
    Choosing a general accountant may overlook the unique needs of dental practitioners. Our dental accounting firm specializes exclusively in serving dental professionals, offering tailored solutions for tax planning, financial reporting, and practice management. With Schiff Dental CPA, you receive dedicated support from experts who understand your industry inside and out.

Don’t let accounting mistakes hinder your practice’s success. Contact Schiff & Associates, CPA, today to learn how our specialized dental accounting services can optimize your financial performance and propel your practice to new heights. Partner with us for peace of mind and prosperity in your dental journey.

Schiff & Associates, LLC
Phone: 410-321-7707
100 West Road, Suite 410
Towson, MD 21204