No matter the field of business you are in, the challenges and competition are at an ever-high. With the changing dynamics of the market, it is important to have a clear strategy for your business management, accounting advisory and bookkeeping schedule. If you do Dental Practices, and are looking for ways to organize your accounting and bookkeeping practices, then you have come to the right place.
Healthcare is a growing industry and Dental Practices form a core of that. Being a part of this complicated business environment thus requires impeccable accounting and bookkeeping patterns, so that you can benefit from the accurate and dependable numbers to sustain and expand your business in an informed manner.
Here are some of the essential tips and tricks that can make your dental accounting practices shine!
Tip No. 1: Introduce Cost Cutting
Now, there is no rocket science to how this as a step in itself makes your profit margins fatter! It is important that you sit down with your accountant and assess the areas that are dispensable and where you can optimize your costing. Cutting these extra expenses will help you organize your actual required costs much better.
Doing it yourself, is not the way to go! Having a professional who can assess these arenas see where there can be a deduction of taxes, or reduction in equipment & medical costs can be done.
Tip No. 2: Ensure that You Know Your Accounting Basics
As we said in the tip above, bookkeeping is not a task that you should reserve for yourself in your busy dental practice.. But having said that, it is still necessary for you to have a basic knowledge of accounting terms and practices, so that you are not completely detached from what is happening with your books and can absorb accounting advice fully. A simple thing like knowing the difference between profit and cash flow is important. Where lack of cash can lead to a deficit in funds to undertake your daily operations, your profits are the excess of funds left, after you have met with all your expenses. When you have a proper knowledge of terms like these, you are able to avoid confusion and losses.
Tip No. 3: Seek Assistance from an Accounting Software
Accounting has become more streamlined and organized with the accounting softwares that are there to make the job easier. Having the right accounting software for your business, can help you and your bookkeeper communicate in a transparent manner, help you keep all the financial information you need in one place, and make the loss or theft of data impossible. Save time and gain efficiency by having the right balance of a modern accounting software and a bookkeeping team that knows the industry accounting needs of your business.
Also Read – 10 Ways Your Bookkeeper Can Help You Through Covid-19
Tip No. 4: Have and Accountant Who Knows Your Business
Accounting is a universal knowledge, its basics remain the same wherever you go and whatever you do. But what does change, is the way you apply its principles to maximize your client’s benefits. Especially in a dental practice, where no matter you have a stand-alone practice or a chain of clinics, having an accountant who knows your business and its industrial needs to the ‘T’ is necessary. This significantly reduces the chances of errors and is successfully able to handle your business efficiently.
Tip No. 5: Organize Purchase Costs
Dental Practices are required to stay modern and up-do-date with the latest medical technology that is there in the market. By default, it makes the largest cost bracket of your practices, therefore you need to pay extreme attention to it. Sitting with your accounting and analyzing these expenses to understand how you can optimize them and maximize the benefits from your expenses is a must!
Tip No. 6: Check for Internal Issues
If you are to take care of your business, and there are some people in your organization who punch in daily transactions before it goes to your bookkeeper, chances are that there can be errors, or potential frauds. It is important for you and your bookkeeper to keep a vigilant eye on all such practices, so that you can be safeguarded from any such financial threat and malpractice.
Dental practices are ever-important and one of the leading professions globally. With the volume of work it has, keeping up with its bookkeeping and accounting needs is also necessary. Keeping a tab on necessary accounting principles and the primary do’s and don’ts help you assess your business model better and make necessary alterations for increased profits and decreased errors. Having the right accounting team who understands the needs of your industry is the first step in that direction of accounting efficiency and an enhanced financial health.
Read estate becomes doubly complicated as a business when you add the intricacies of property accounting to it. Being unmistakably accurate is important as a single mistake can tarnish your long-standing reputation. If you know what to look for, then chances are you will be able to avoid those mistakes right from the start.
Let us look into all the common property accounting problems that you can face, and their solutions to help undo any deterrents in your accurate and updated bookkeeping.
Problem No 1. Separate Business and Personal Records
A common property accounting mistake, which also a generic accounting error, is the mixing of your business and personal accounts into one. This causes immense financial confusion and is not good for the financial health of your business. Also at the time of filing taxes, differentiating between the two can be hard. To avoid such a confusion and to be able to get through your taxes smoothly, it is important to differentiate between the two right from the starting.
Problem No 2. Not Waiting For a Transaction to Complete
In real estate transactions it is common that the disbursement of trust or escrowing deposits before the transactions are completed in real estate. Doing so may cause your brokerage to being non-compliant with the governing body. The main reason for the same as that funds are not considered earned and as revenue, until the deal is closed, the transaction is complete and the property is sold completely. In case this protocol is not followed in the above given manner, then all these transactions need to be revisited by your bookkeeper, which in turn wastes time and effort additionally.
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Problem No 3. Not Having the Right Professional Staff
If you have a team backing your financials who are not experienced professionals then all the hard work that you are putting in your books goes to waste. An inexperienced staff will not be able to successfully handle your account management as they will not be able to understand the industry requirements of your organization and the several federal and state compliances that apply. Therefore, the most important thing is to have a team of accounting advisors and bookkeepers who are aware of the nitty-gritties of your industry and therefore can come up with the best strategic bookkeeping plans for your business.
Problem No 4. Not Taking Taxes Diligently
The tax filing process and its preparation is equally important as doing all the work that goes into it prior to it. Therefore, a common mistake made in property accounting is not following the right filing process and compliance protocols that later have grave consequences. By regulations, you can either use the accrual or the cash method to file your taxes, but this should be attempted to be followed diligently each year. Once you have come to that consensus, you should attempt to stick to it. In such a manner, you will not only be able to reduce your tax burden at the end of the financial year, but you will also get a lot of extra time at hand due to the increased organization.
Problem No 5. Not Taking Backups of Your Files and Data
This is a generic accounting mistake that can affect any business. Gone are the days when businesses used to carry bulks of files and paperwork with them. Now, with the efficiency of cloud-based accounting and digital backups, you can store all the necessary information on virtual interfaces, without having to pay the overhead charges of storing it. You also are able to maintain the safety and protection of this data much better. Additionally, you might lose on some essential information and records, if you have not backed them up effectively. Therefore, it is ever-important to have regularized and standardized backups of all your accounting information from time to time.
Running a business has its complexities, but taking care of your accounting need not be one of them. With the right accounting strategy, a team of professionals and an untiring concern to avoid common bookkeeping mistakes, you can avoid all accounting hindrances and ace the tax season!
The ultimate goal of any business is to increase their financial health and profits. To ascertain this goal, it is important to keep a regular and accurate tab on the financial position of the business. As we all know, maintaining the accounting records of a business is a mammoth task and involves huge operational logistics, never-ending ledger entries, and complex transactions. Therefore, having a healthy and standardized Bookkeeping and Accounting ethic is important to run your business’ other core functions effectively.
Accounting Softwares are your answers to doing all the above-mentioned tasks with finesse, accuracy, expertise, and time effectively. In the current times of running a business, accounting software is now an integral part of your bookkeeping logistics and automates the process of maintaining accounts by eliminating the need for time-consuming manual entries.
List of top 10 Accounting Softwares:
They can escalate your business’ operations and make them smooth and stress-free.
If you are looking for an accounting tool that is seamless, fast, organized, and generates comprehensive data, all in one, then QuickBooks is your pick. This modern accounting management tool is good for users whether they are beginners or professional accountants. It is packed with powerful features like:
- Easy Dashboard
- Sales and Inventory Tracking, etc.
You can create custom professional invoices and have a completely integrated banking feature that updates your statements and transactions automatically. Get a real-time 360-degree view of your business’ operations from anywhere!
The purpose of FreshBooks is to help you carve business decisions on the basis of actual business insights and important financial data. It helps you get access to all accounting functions in cloud-based accounting software, so that you have everything you need, anytime and anywhere. Its a spectrum of usage goes from basic accounting functions to more complex operations like custom invoicing, expense management, and administering Payroll Services. FreshBooks is dynamic and scalable accounting software and it grows as your business grows.
If you are using Windows 10/8.1/8/7 and need accounting software, then Sage is the top choice on the market. No matter what your business and accounting goals are, Sage adapts itself to suit and fit your needs. You can manage your books and then extend the data on the cloud for ready availability anytime and anywhere. There are additional options of Sage Live and Sage X3 so that you can always be in tandem with the needs of the customers. The only downfall of sage is that it involves a decent learning curve and it is not something that can be readily grasped by beginners.
If you want to surpass just having an accounting software and need a complete business solution that not only streamlines your business but makes the management simpler, then Tally is the right choice for you. This accounting software is an all-rounder when it comes to a user-friendly interface, versatile businesses, key accounting features, business management capabilities, budget management abilities, and prompt banking functions. All your operational needs are taken care of by single accounting software. There is a high-grade data encryption and backup facility with a very simple installation procedure.
Wave is cloud-based free accounting software that is also one of the main choices of freelance accountants. But as it is free, its main downfall is that it has limited features, no app support and is not suitable for large businesses. However, if you are just starting up, or need to see how accounting software works, then it has key accounting features in its kitty. You can connect bank and credit cards, receipt scanning, invoicing and elementary bookkeeping and payroll functions to start your journey of using accounting software.
Zoho Books too is an all-in-one accounting solution for your business. Be it expense tracking, comprehensive and detailed reporting, banking functions, and spending management, Zoho books can do it all. Its core functions include the key accounting operations and it is ideal for small businesses. Although, we do not recommend it for large businesses as it is cloud-based and does not have effective desktop integration as well as lackluster payroll functionality.
The NetSuite ERP is a cloud-based accounting software that is designed to meet the needs of dynamic and fast-growing SMEs. It automates key accounting processes like inventory management, revenue management, order management, and key functions like accounts payable, accounts receivable, general ledger, tax management, etc.
This accounting software is trusted by millions of organizations globally to streamline their accounting requirements and also for its seamless integration with CRM, inventory, and order management tools. You get an audit trail visibility, financial planning, payroll management, and flexible invoicing amongst many excellent features of the NetSuite ERP.
SAP is an accounting software helps simplify the global accounting functions and makes it fast, accurate, and seamlessly automated so that you can continue to run your business operations without any worry. It is easily expandable and dynamic, it can synchronize with Microsoft applications like Word and Excel and is complete with basic and simple data sharing. The only cons that SAP has are that it has a complicated and time-consuming initial set up and often requires third-party support and additions to achieve its full experience.
Dynamics Accounting Software
Dynamics 365 is a product of Microsoft’s many competent software offerings. It automates operations wherever possible and organizes maximum accounting functions with minimum time management requirements. It is packed with quite a punch with all the basic software functions already in place like invoicing, payroll, payables, and receivables. It is built for big businesses and offers comprehensive industry-specific accounting solutions.
With over 2 million installations worldwide, Busy is the perfect accounting software for micro, small and medium-sized businesses. Its popularity is a result of the business tools and comprehensive accounting functions that it is packed with. It is based on excel functions and has a wide range of video tutorials available to be accessed from even the most remote locations.
Choose What Your Business Needs:
Every business has differing accounting needs on the basis of the industry you are in and the size and stage of your business. This blog gave you a review of the top 10 accounting software in the business and their unique strengths and functionality. On the basis of what your business needs and the scalability requirements of your organization, you can choose the accounting software that is the best fit for you. After all, the right accounting solutions will help you save time, money, and increase your accounting efficiencies so that you can run your business without any worries!
The base purpose of being a part of any transaction of goods and Services, or as we call it, doing ‘business’ is to be paid for it. Any transaction is considered complete and worth to be added in a business’ revenue, only when there is a final transaction of payment made. Now it is easy to go on any word processor, draft an invoicing and send it to the concerned party to wait for the payment. Or, you can always use an invoice generator and fast track the whole process.
In this blog we will tell you the best free Invoicing Software there are in the market, that you can avail and make your payment gateway easier. But before that it is important to know what are the key features that you need to look for in these software.
Some of the factors that you should keep in consideration before going ahead with a free software that aids you with invoicing are:
- You should be able to generate unlimited invoices without having to upgrade to a premium plan and pay a fee later.
- It should be simple, intuitive and fast. The learning curve needed to get a hang of the software should be minimum.
- And the most important thing in today’s day and age, is that it should be open to accepting online payments easily! Be it credit card payments, bank transfers or wire transfers.
Best Free Invoicing Software for Business in the Year 2020:
Payment and Paypal are almost synonymous at least for millennial. This is true because it has been on and dominating the business of free invoicing software for almost 20 years now. It has a lot of recognition, credibility and the added advantage of a fully functional mobile app, that can help you with invoicing on the go! There is a dedicated tab on paypal just for invoicing where you can see the paid and the unpaid invoices easily. The customers who you send the invoices to, will also receive it on their paypal accounts, where they have the liberty to make the payments through any mode of their choice.
This online invoice generator will make your life so much more easier. Be it from generating the bills to finally collecting the payment, Shopify makes the process increasingly easy. There is always additional credibility that it already has by being one of the greatest e-commerce platforms in the world, their custom invoice generator is of a premium standard and can do away with all your invoicing woes.
Whether you are planning to create tax, simple or business invoices, online invoices has you covered. In fact, it is so organized that you do not even need to make any modifications from your end. It can support mobile devices to give you added flexibility and it also has a very convenient preview button that helps you assess the invoices before you send it to the clients.
If you are looking for a combination of convenience and efficiency then Billdu is your go-to option. It brings in enormous ease into the process of generating invoices. There are many forms of billing included in this software. Some of them are
- Budget estimating
- Expense reporting
- Alternative forms of invoicing
There are three products that form different intensities and user bases of Billdu; these are, Billdu Online, Billdu Mobile and Billdu Page.
Zoho is already known in the accounting business for its accounting software and wider efficiency. Because of their expertise in the business, they have now come to spread their wings wider and work in more niche fields in accounting. Their invoicing system is one such presentation. You can create invoices easily be it whatever your requirements are. From freelancers, to SMEs, Zoho’s invoicing system has something to offer to everyone.
As an accounting platform, Wave is known widely already. It is made keeping in mind small business owners and freelancers. You can track your outgoing expenses, create subsequent reports and connect your bank details as well. There are unlimited capabilities that you can get out of this software for all your invoicing needs. Be it unlimited customers, invoices, or expenses, it can handle everything.
If you are a freelancer and want to create invoices that are readily available then Invoiced is the right choice for you. With every invoice, you can create additional terms and conditions or notes that need to go with the bill. You can use the software to either send it via email, or download and directly send it.
As a freelancer, if you need to create an invoice generator that is fast and convenient then Invoiced Home is your option. It is a beginner-friendly option where you can make invoices easily where there are templates and personalizing options. You can add logos and make it fancy. Make things uncomplicated in your billing process with invoice home.
The Invoice Machine
Again, a great deal for freelancers and businesses who want it easy. Generate invoices, manage their organization and send those invoices as well. This although is not necessarily a software as it works directly on the web browser.
If you are looking for a premium option, then this is the way to go. Invoice Ninja has a free version as well, where there are 4 pre-assigned templates. Well, it doesn’t just end there, it also has 30+ payment gateway options and it practically accepts all of the client preferences possible under the sun. Although, if you upgrade to the premium version, you will get ten more of these templates as well as removal of the software limitations.
The Way Forward
The best way to run a business is when your logistics are not just practical, but efficient and operational. Having automated invoice processing, that is not just free, but time saving and prompt is the best way to make sure that your business transactions get the accurate and active closures it deserves. To add to that, when you have consecutive reporting, and the ability to please your customers instat\ntly by incorporating multiple payment gateways, there is nothing to stop you!
We hope that this blog helped you zero down on the best choice for your free invoicing software that can make your invoice generation stronger, accurate and faster. With seamless billing, your business can touch new heights of efficiency.