FAQ

Question 1

If I have a specific question about my books, can I contact you? How fast do you respond?

Answer

Yes. Typically we are a phone call away. If we miss you, we typically reply within one business day.

Question 2

Why do I need to hire a dentist-specific bookkeeper?

Answer

You don’t.

However, here are 5 reasons a dentist-specific bookkeeper is better for a dental practice:

They’ll have less questions and less time requirement from you as the dental practice owner.
They work with a chart of accounts that caters specifically to dental practices.
They are aware of dental vendors and might be able to provide you suggestions when you need them.
Hiring someone who speaks your language might be easier to work with. A dental-specific bookkeeper would know “collections”/”production” and the difference between them. They’d know the difference between dental supplies and lab expenses.
They can provide tidbits of information that can identify problem areas and ways to improve them to increase profitability.

Question 3

What’s included in the bookkeeping service?

Answer

Downloading information from various sources (bank/ credit card/payroll websites.)
Recording all transactions in accounting software.
Reconciling bank/credit card statements.
Recording monthly journal entries.
Recording payroll entries (we do not provide payroll services).
Preparing balance sheet, profit and loss statement, cash flow statements and general ledger.

Question 4

What additonal reports are included by OnTimeBooks?

Answer

Advisory Reports

Top 10 expenses
Owner Earnings
Owner Cash Flow
Where did my cash go?
EBITDA

Question 5

I haven’t posted or reconciled my accounts in months - can you help me catch up?

Answer

Yes. However, we hope that you'll be a monthly client after catchup.

Question 6

Do I need to sign a long-term contract?

Answer

No, if you are signed up for bookkeeping services only.

Question 7

Do you require that I use any specific software or systems?

Answer

You don’t need bookkeeping software if we are doing bookkeeping for you. You don't need to signup for QuickBooks online or Xero. We use an internally developed software for bookkeeping.

Question 8

How often do we meet?

Answer

The first time we finish the financial statements, we will have a meeting with the dental practice owner/spouse to help you understand them. This is an accounting crash course and helps dentists undertand accounting as related to their business.

After that, it’s on an as needed basis to answer any financial statement related questions.

Question 9

What’s covered in our meetings?

Answer

We’ll go over the financial statements and answer any questions you may have related to the financial statements.

Special Reports: We’ll go over the financial statements. We’ll review how the dental practice progressed from a revenue standpoint, discuss Overhead Ratios and Bench Marking Analysis. Areas of improvement.

Question 10

Can you also do our taxes? Do you answer tax questions?

Answer

Certainly, if you are signed of for Tax Projections and Planning add on.

Answering tax questions requires expertise in taxes and a good understanding of an individual’s tax situation. Hence, we limit answering tax questions to only clients signed up for Tax Planning and Projection add on.

Additionally, when preparing tax returns individuals always want to (and always should) aim to pay as little taxes as possible and avoid surprises. In our experience this is close to impossible on a consistent basis without Tax Projections and Planning add on.

We apologize for being stringent about this.

FAQ

Frequently Asked Questions

Advisory Reports

We are Here to Help Your Dental Practice!