Our staff of experienced Certified Healthcare Business Consultants (CHBC) and Accountants are committed to providing quality and responsive services to ensure that our clients’ monthly needs are met. We view our role in the monthly financial reporting process as an opportunity to provide our doctors and dentists business strategies that maximize success.
Our commitment to providing timely and accurate financial information for our practitioners is unparalleled. Meaningful monthly accounting reports, bank reconciliations, general ledger and financial statement preparation are key elements that ensure your practice will be well-organized, and run as efficiently as possible day-to-day. Qualified, experienced staff in Raleigh, Cary, Durham and Chapel Hill are available for telephone, email or on site support.
Combining the experience of our seasoned consultants with the assistance of professional staff expertise, every client receives both the personal and professional attention each deserves. We assign a consultant and an account analyst team to work closely with each dental and medical practice. The analyst assists the client or office personnel with day- to-day accounting questions, monthly write-ups and accounting, while the analyst is available for telephone, email or on-site assistance. Our clients rely on the close personal and professional attention we offer. Our clients have come to recognize how responsive we are to their needs. Dedicated personnel are assigned to each client; this provides and maintains continuity in understanding the issues, needs and goals of each client.
As a business owner of a medical or dental practice, you have important things to do, other than bookkeeping and accounting. We take care of your bookkeeping, so you can run your business and generate profits. Each month, we will do the following for you:
- Clean up your general ledger
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
These items formulate a solid foundation for your dental or medical practice. You and your consultant customize the services you need in your Raleigh, Durham, Cary or Chapel Hill office by adding payroll, tax and other financial services as needed.
Clean up and maintain a clean general ledger
The general ledger is the core building block of your financial records. These records make up the “books” of your system. Every transaction flows through the general ledger. A review of the general ledger each month allows us to discover discrepancies, seek clarification, and make sure your books are accurate and a true picture of the practice.
Reconciling your bank accounts each month allows us to keep your books up to date. Bank reconciliation could help you in the following ways:
- Identify lost checks, deposits that do not clear the bank, and unauthorized bank debits
- Detect and prevent excess or unjustified bank charges
- Ensure transactions are posted correctly by the bank
- Know how your business is doing: All accounts must be reconciled and properly accounted
- Manage cash more effectively
- Protect you from unauthorized or fraudulent checks
- You can sleep better knowing your accounts are in balance, reconciled and all checks and deposits have been accounted
An income statement, otherwise known as statement of revenues and expenses, adds an itemized list of your revenues and subtracts an itemized list of your expenses for each month.
The income statement:
- Tracks revenue and expenses so you can determine the operating performance of your practice
- Helps determine what areas are over or under budget
- Identifies specific unexpected expenses: (Phone, mailing, or supply expenses)
- Tracks dramatic increases (such as professional supplies)
- Determines your income tax liability
A balance sheet gives you a snapshot of the dental practice financial condition at the end of each month.
A balance sheet helps you:
- Identify and analyze trends
- Determine if your practice can handle the ebb and flows of revenue and expenses
- Determine if you need to add cash reserves
- Determine if your practice is in a position to expand
- Determine if your practice has been slowing down
Balance sheets and income statements are the most basic elements needed to provide banks, investors, and vendors who are considering extending credit to you or your practice.