The Dentist and owner of this practice was concerned that her books were “not being done correctly”. Her heart’s desire was to “bury her head in dentistry”. However, she realized that before she could do that, she had to be sure that her financial records were being maintained properly. She needed to be able to see accurate financials on a monthly basis, which she could use to make important business decisions for her practice.
Solution:
Initially, we performed a review of the QuickBooks file. By reviewing various reports, we were able to determine whether entries were being done correctly, and whether all transactions were being captured and allocated appropriately. Upon completion of the review, we provided a diagnostic report showing our areas of concern due to discrepancies and balances that did not tie out to the bank statements.
At that point, we recommended that a tune-up be performed on the QuickBooks company file.
Here’s what we did next:
Entered the transactions for the current month, just to get the books up to date
Reconciled the books against the previous year-end tax return
Verified starting balances for all balance sheet accounts against the statements, and made adjustments wherever necessary
Reviewed the profit and loss, looking for inconsistencies and performing any research necessary to resolve these discrepancies
Reconciled the W-3 and 941’s against the salaries/wages and payroll tax accounts
Reconciled all loan, credit card and bank accounts by month
Submitted updated financials to their tax preparer
Results:
Since we began working with this client, they are enjoying immediate access to accurate and informative financial reports, which they are able to use to make important decisions regarding their business. She can now do what she loves most, and that’s helping her patients to keep their “beautiful smiles”.
