17 May Dental Accounting Trends to Watch in 2017
2017 may be halfway over, but that doesn’t mean this year hasn’t brought to the forefront a number of trends in the dental accounting world. While some trends tend to disappear just as quickly as they pop up, others stick around and stand the test of time. Paying attention to where technology and other elements are taking basic principles of accounting can be highly beneficial to your business, and this year has seen plenty of trends pop up.
So, what trends in dental accounting should you be watching this year? Here are just a few to start with, all of which are likely to shape the way accounting is approached in 2018 and onward.
1. Eyes Toward the Cloud
Cloud computing in its modern form has been around for just over a decade, yet the ways in which it affects accounting have never been as omnipresent as they are today. In the United Kingdom, a 90% cloud adoption rate is projected over the course of the coming years, and the U.S. isn’t far behind. While centralized, on-premises accounting software may have been the lay of the land for many years, it’s quickly fading from the limelight as more practices begin to leave it behind and move to the cloud.
The benefits are overwhelming—immediate access to data no matter where you are, better security and an improved user experience across the board.
2. Apps Are Taking Over
Remember when Quickbooks’ desktop application was essentially the only option for computer-based accounting for dental practices? Those days are long gone. Today, accounting is largely handled via devices such as tablets and smartphones, which offer a different approach to the process that many people find to be more intuitive than outdated accounting software. Because apps have opened up so many different options to choose from, a bit of research allows you to find software that’s perfectly tailored to your practice.
Just be sure to heavily vet whichever apps you choose to utilize, as accounting software is not all created equal, and some options may come along with serious flaws.
3. Automation of Workflow is Improving
While many people who are tasked with dental accounting are used to entering data manually, there’s a shift away from this mentality that seems to be growing with each passing year. Workflow automation in accounting is increasingly becoming mixed into the fold, and it’s making daily processes easier for everyone. Imagine a world where you can take a picture of a receipt for things like office supplies or equipment, and then the software you use automatically enters it, right down to specific categories, accounts and other factors—all without any need for human intervention. Believe it or not, this technology is already available, and it’s shaping the future of accounting across all industries.
So don’t just watch as accounting trends pass you by—some are going to disappear, but others aren’t going anywhere anytime soon. Learn to spot trends that are likely to stick around, and your practice will benefit as a result.