12 Jul Improving Efficiency in Dental Accounting: Tips You Can You NOW
What is time? If you ask many people, they’ll tell you it’s the chronological equivalent of money. The whole “time is money” thing may seem overplayed, but there’s actually quite a bit of truth to the classic adage. Accounting can be a tedious, time-consuming process, and if you don’t approach it with efficiency, you’re only going to be wasting time—or money, depending upon how you look at it.
You’ve taken the time to dial-in your processes, they there’s clearly still some room for improvement. What can you do? Here are a few tips to help you become more efficient when handling dental accounting, each of which can carry over to other aspects of your life as well.
Communicate Your Needs
There are a number of things that can hold up practically any stage of the accounting process, foot-dragging on the part of those who owe you information often finds itself at the very top of the list. In a perfect world, you’d have access to all the information you need in order to finish a task, but more often than not, dental accountants rely on others to provide access to crucial numbers and logistical details.
By speaking your mind and learning how to better communicate your needs, you can nip this issue in the bud and help to ensure it doesn’t become a trend that continues into the future.
Put in Place and Adhere to Monthly Cutoff Policies
Monthly cutoff policies with accounting don’t only exists because they’re a good idea in theory—they should serve as strict guidelines, to be followed under all circumstances except in the case of an emergency. It’s easy, though, for people to forget about invoice submissions, expense recording deadlines and other timely needs that often fall through the cracks. The end result is inaccurate accounting no matter how much effort you put into the process, which further backs up the need to make monthly cutoff policies set in stone.
Find the Right Software Suite
In the modern age, reliance on paper documentation isn’t doing anyone any favors. Aside from handing a receipt to a patient after a visit, just about everything that relates to finance in your practice needs to be handled digitally, which means learning how to get the most out of using accounting software. While there are a great deal of different types of accounting software available, the vast majority of them handle the same basic groups of functions. Differentiating points can often be found in the software’s UI, which is why it can be so helpful to try a number of different types of software suites out before settling on one in particular. The more comfortable you feel using a particular piece of software, the more efficient you’ll be in the end.
Boosting efficiency as a dental accountant may seem tricky—you’ve probably got a full plate in front of you as it is. Focus on streamlining things, however, and you’ll end up thanking yourself once the benefits begin to show themselves.