Bookkeeping for chiropractors – specialized expertise
You have trained for years to ensure you can perform a spinal adjustment to perfection, but bookkeeping is an aspect of your business that requires a different set of skills. Bookkeeping for chiropractors, on the surface, is simply tracking the income and expenses of your practice. In reality, it is more than just recording a few expenses here and there, which makes it a bit more complicated.
Monthly accounts reconciliation
Monthly reconciliation of your accounts means that you need to compare your records to ensure that everything is correct. Your chiropractic practice bookkeeping duties have a number of different items to reconcile each month including (but not limited to):
- Bank accounts
- Insurance billing to Accounts Receivable
- Expenses to Accounts Payable
- Cash flow
- Credit card transactions
Reconciling your accounts monthly can be a tedious task, so you should either schedule time to sit with a coffee, your computer, and your financial records, or you can hire an Accounting & Tax Expert for Chiropractors.
Medical bookkeeping & expense tracking
Your chiropractic practice will have both expected and unexpected expenses. The cost of doing business can be surprising for many practitioners, but it is manageable with regular tracking. Regularly tracking your expenses will not only help you to anticipate costs, but it will also help you to eliminate any unnecessary expenses you may be incurring. While you can’t get around ongoing expenses such as payroll, supplies, and facility rental, you may have expenses that can be cut out.
Cloud based bookkeeping for chiropractors
Getting set up properly on a cloud-based accounting software will allow you to avoid tedious manual data entry – and because it is backed up on the cloud you won’t lose your data. Software like QuickBooks Online gives you the opportunity to sync everything in real time. We are Quickbooks Online Certified Advisors.
Consistency & accuracy
There are a number of considerations when it comes to ongoing bookkeeping for your chiropractic practice. The key to managing everything is consistency and accuracy of the data. While some guesswork can be taken out if you are on a cloud based accounting solution, you need to ensure that you keep things as simple as possible. For example, you should consider separating your personal and business finances if you have not yet incorporated your chiropractic practice.
Professional chiropractic bookkeeping practices are an essential part of running your chiropractic practice. If you are focused on building your business, it is often difficult to find time to manage your accounting accurately and consistently. And, of course, you don’t know what you don’t know. We are Accounting Specialists for Chiropractors in the GTA and we can help you focus your time and energy on building your practice instead of tedious medical bookkeeping duties. You can reach us by calling (905)-831-6383 or use our confidential Contact Form.