Running a medical or dental practice means juggling claims, reimbursements, and compliance—while keeping cash flow healthy. Use these tips to build accurate, audit-ready books. For hands-on help, see our Accounting & Bookkeeping Services.

1) Separate Practice & Personal Finances

Keep a dedicated operating account and credit card for the practice. Structure correctly from day one with our Business Consulting.

2) Reconcile Bank & Merchant Deposits Monthly

Match EHR/merchant batch reports to bank deposits and adjust for fees/chargebacks. If you’re behind, our Business Tax Preparation team can help with cleanup and monthly closes.

3) Map Your Chart of Accounts to Medical Ops

Use categories for provider payroll, supplies, lab fees, malpractice, rent, equipment leases, and EHR. We’ll design the right structure via consulting.

4) Track AR by Payer & Procedure

Segment A/R by payer (Medicare, Medicaid, private) and procedure type to see reimbursement timing. Pair your EHR with Outsourced CFO & Controller Services for KPI dashboards.

5) Digitize Receipts & Keep HIPAA-Aware Workflows

Use secure, access-controlled document storage; attach receipts to transactions. If the IRS asks for substantiation, our IRS Representation Services protect your practice.

6) Get Payroll & Provider Compensation Right

Use compliant pay codes for providers vs. staff, stipends, and benefits. We can implement and review payroll processes—see our Payroll Support.

7) Watch Sales/Use Tax on Supplies & Retail

Practices that sell products may owe sales tax. Track nexus and file correctly with our Sales Tax Filing help.

8) Close Monthly: P&L, Balance Sheet, Cash Flow

Review gross margin by service line, payer mix, and overhead trends. For advanced analysis, consider our Outsourced CFO Services.

9) Plan Quarterly Estimates & Year-Round Tax Strategy

Coordinate write-offs, Section 179/bonus depreciation, and retirement plans. Explore our Tax Preparation for Personal and Business.

10) Audit-Readiness & Compliance Culture

Document procedures, approvals, and user access. If notices arrive, don’t panic—our IRS Representation team will respond and resolve issues.

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Frequently Asked Questions (FAQs)

Which bookkeeping software works best for medical practices?

QuickBooks Online paired with your EHR provides strong reporting and audit trails. We set up feeds, rules, and reports via our Bookkeeping Services.

How do we manage payer reimbursements and denials?

Track A/R by payer and aging buckets; use denial codes to fix root causes. For oversight and KPIs, consider our Outsourced CFO.

Can you help if we’re months behind on the books?

Yes—cleanup/catch-up gets you current, then we establish a monthly close. Start with Business Consulting and move into ongoing bookkeeping.

Need Bookkeeping Built for Medical & Dental?

We help clinics and practices with compliant payroll, payer A/R, monthly closes, sales tax, and tax planning. Schedule Consultation