Monthly Services

 

 

​Our professional and reliable bookkeeping services are tailored to meet the unique financial and auditing needs of dental practices. Beyond accurate monthly reconciliations, we integrate important month end internal audit procedures to ensure the integrity and trustworthiness of your financial records. Our end-of-month processes are specifically designed to function as simulated internal controls, providing a critical second set of eyes that effectively mimics the benefits of separation of duties. This added layer of oversight is instrumental in early anomaly detection, significant reduction of embezzlement risk, and the proactive safeguarding of your practice's financial security.

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​​Bookkeeping Procedures: A Foundation of Structure and Oversight

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​​Chart of Accounts Optimization (Initial Setup/Review)

We begin by thoroughly reviewing or establishing a dental-specific chart of accounts. This includes differentiating between various revenue streams (if applicable), expense categories (e.g., administrative costs, clinical costs, facility costs, marketing costs, personnel costs), and asset/liability accounts (e.g., dental equipment, leasehold improvements, credit cards, equipment loans). This granular detail is crucial for accurate reporting and effective internal audits.

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What is the benefit?  This ensures consistent and meaningful classification of all financial transactions, facilitating accurate reporting and targeted analysis during audits.​

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Transaction Categorization and Entry

All financial transactions, including asset purchases, operational expenses and business liabilities are meticulously reviewed and categorized in your accounting software.

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What is the benefit? This allows for a current financial snapshot, reduces backlogging, and supports timely identification of discrepancies.

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Journal Entry Creation and Documentation

Any necessary adjustments, accruals, or reclassifications are made via detailed journal entries for transparency. Each entry includes a clear description, supporting documentation references, and the rationale for the adjustment.

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What is the benefit? This helps to maintain a clear audit trail for all non-standard financial movements.

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Bank and Credit Card Reconciliations (Monthly)

Each month we perform thorough reconciliations of all bank accounts and credit card statements. This involves matching every transaction    in your accounting software to the corresponding entry on the bank or credit card statement, identifying and investigating any discrepancies immediately.

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What is the benefit? This is crucial for detecting unauthorized transactions, identifying banking errors, and ensuring the accuracy of cash balances. This forms the bedrock for deposit matching audits.

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Payroll Reconciliation (Post-Processing)

After your payroll is processed (whether in-house or via a third party), we reconcile payroll reports against bank disbursements and general ledger entries, ensuring accurate recording of wages, taxes, and deductions.

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What is the benefit? This allows for verification of the accuracy of significant expense categories and helps detect payroll anomalies.

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Deposit Matching and Verification

We ensure all patient and insurance collections are accurately deposited into the practice's bank account and recorded in the practice management software, minimizing the risk of cash diversion.

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Adjustment Audits

We scrutinize all financial adjustments in the PMS system (e.g., write-offs, courtesy adjustments, bad debt write-offs) to prevent misuse or unauthorized financial manipulation.​​​​​