Expert Bookkeeping Services for Dental Practices in Newfoundland
Running a successful dental practice in St. John’s or anywhere in NL requires a sharp focus on both patient care and business management. KevinCPAs provides the specialized bookkeeping services that dental practices need to thrive. We understand the unique financial landscape of dentistry—from lab fees and supply costs to equipment financing and associate payroll—and provide the clear financial insights you need to make informed decisions and grow your practice.
The Unique Financial Needs of Dental Practices
Dentistry is a unique blend of healthcare service and retail business, with high overhead and specific financial challenges that demand specialized bookkeeping.
Managing Lab Fees and Dental Supply Costs
We meticulously track your largest variable costs—lab fees for crowns, dentures, etc., and dental supplies. This provides the detailed data you need to control expenses, evaluate supplier pricing, and accurately calculate your cost of goods sold.
Tracking Equipment Purchases and Maintenance
From digital X-rays and CAD/CAM systems to chairs and sterilizers, we properly categorize equipment purchases as capital assets and track maintenance costs, ensuring accurate depreciation and tax deductions.
Handling Dental Insurance Claims and Payments
We reconcile payments from multiple insurance providers, track outstanding claims, and manage patient accounts receivable, ensuring your revenue is collected efficiently and accurately.
Our Dental Practice Bookkeeping Services
Daily Production and Collection Tracking
We reconcile your daily production reports from software like Dentrix or Open Dental with actual collections and deposits. This allows you to monitor your collection ratio and accounts receivable aging closely.
Dental Supply Inventory Management
While not full-scale inventory management, our bookkeeping tracks supply purchases and usage trends. This provides reports that help you optimize inventory levels , reduce waste, and avoid urgent supply orders.
Equipment Depreciation and Amortization Tracking
We calculate and record monthly depreciation on your capital assets, providing accurate data for your balance sheet and tax returns, and giving you a true picture of your practice's net worth.
Staff Payroll and Benefits Administration
We handle full-cycle payroll for your entire dental team—including hygienists, assistants, and administrative staff—ensuring timely, accurate payments and compliance with all CRA remittances.
Newfoundland Dental Industry Bookkeeping
Understanding NL Dental Association Guidelines
Our services are aligned with the business practices and expense norms common among dental professionals in Newfoundland, ensuring relevant and practical financial management.
Managing Provincial Health Program Billings
For services covered by provincial programs, we ensure these billings are tracked and reconciled separately, providing clear reporting for these specific revenue streams.
Handling Local Business Tax Requirements
We ensure your books are perfectly maintained for HST reporting, correctly accounting for the mix of taxable and exempt dental services as defined by the CRA.
FAQs for Newfoundland Dentists
Yes. Based on your historical financial data, we can help create cash flow projections to model how a new equipment purchase will impact your finances, helping you make a confident investment decision.By tracking production and related costs by service category (e.g., hygiene, restorative, ortho), we can help generate reports that show you the net profit margin for each area of your practice, informing your focus and resource allocation.
While it varies, a well-managed practice typically aims for an overhead of 55-65% of collections. We can benchmark your practice's overhead against industry standards and help you identify areas for improvement.
We can set up the financial tracking to accurately report the production and collections for an associate dentist, ensuring smooth and transparent calculations for their compensation, whether based on a percentage or other model.
We record patient refunds accurately, ensuring they are properly posted against the patient's account and reflected in your financial statements. We also track credit balances on patient accounts for future use.
Yes, this is a core specialty. We manage both your corporate and personal bookkeeping, ensuring all transactions between you and your professional corporation are correctly documented for optimal tax treatment and CRA compliance.