Useful Accounting Tips for Chiropractic Practices
We use our proven three part methodology to take your business to the next level. When expenses exceed revenues, your practice ends up with a net loss for that period. You must figure out why these losses happened and attempt to prevent a repetition. Many small businesses require financing to get started, and chiropractors are no exception. Bookkeeping is a chore, it’s not your area of expertise and now that your small business isn’t so small anymore, you just can’t do it all. Rest easy and know your books are being managed by experienced professionals.
The Four Basic Income Elements
Our clients, on average, enjoy savings of about $30,000 – a significant impact on your bottom line. Just like any other business, a chiropractic clinic needs to keep track of its sales, expenses and other financial information. A good bookkeeping and accounting professional will help your chiropractic clinic grow over time. Offering virtual bookkeeping services to help chiropractic business owners achieve financial clarity, organization and freedom. Our team of professionals understands tax requirements for chiropractic practices and will tailor their approach to cater to your clinic’s specific needs. Golden Apple takes care of the bookkeeping basics so that you always have accurate and up-to-date financial information at your fingertips.
Optimizing the business side of your Chiropractic practice can be a struggle.
However, we do require that you sign our engagement letter that includes our terms and conditions. We can discuss more about what is required on our discovery call. On the call we will ask questions to learn about your business and your needs so that we can tailor a solution for you. After signing an engagement letter and paying for your first month of service, we will walk you through our onboarding process. Our mission is to improve your accounting processes to maximize your bottom line and grow your practice.
Why You Should Choose ChiroTouch for Your Chiropractic EHR
If you’re researching accounting firms and bookkeeping providers for your chiropractic practice, look no further than Golden Apple Agency. Our meticulous, customized bookkeeping and accounting services will keep your financial health in order while you look after your patients. The P&L boils down to “sales minus expenditures equals profits,” or your net chiropractic income. It permits you to determine the practice’s net profits so you have the numbers to make financial projections. Along with the P&L, your practice’s business documents must include the cash flow statement and balance sheet.
Advisory and Growth
As a chiropractor, dealing with finances can sometimes be as complex as understanding the human spine, but fear not, we’re here to support you. Our mission is to streamline your financial management, particularly when it comes to taxes, making it a smooth process for your practice. We’ll examine your current financial situation, crafting strategies to minimize your tax expenses.
We pride ourselves in being very responsive to our clients important inquiries. We strive to respond within 24 hours (except over weekends and holidays or when out on vacation). If we are very busy, we will respond to let you know we’ve received your email and will address it shortly. Although we specialize in working with Chiropractors and understanding their nuances, we also work with small businesses from other various industries. Get bookkeeping, tax prep, advisory, and filing with Bench’s powerful, easy-to-use platform. It’s a good idea to look into chiropractic loans from the Small Business Administration (SBA), which are competitive but require less collateral or equity than regular bank loans.
Not only will having combined accounts make it harder to track the success of your clinic, but it will also make tax time a nightmare. Plus, when your personal finances are mixed with those of your clinics, it looks very unprofessional to lenders and future investors. As a small business owner, you want visibility into all aspects of your business.
- You are able to access this information from anywhere and on any device, giving you clear visibility on your finances at all times.
- If you’re researching accounting firms and bookkeeping providers for your chiropractic practice, look no further than Golden Apple Agency.
- Bookkeeping is an important task because it keeps you informed on the financial health of your practice and gives you the facts that you need to make crucial business decisions.
- Not only will having combined accounts make it harder to track the success of your clinic, but it will also make tax time a nightmare.
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping, valued at $299. Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team.
If you do not currently have a subscription, we will walk you through getting set up. We are able to offer a discount to our new clients for 12 months. We highly recommend signing up for Essentials or Plus to start. Investment in the right chiropractic practice management software can help a new or growing practice cut staff expenses considerably. ChiroTouch, the cloud standard in chiropractic EHR software, is the best choice a practice can make.
Your cash flow statement will identify the total money flowing in and out of your business over a specific period of time. Many cash flow problems arise due to a mismatch between money entering your business and when it leaves. Insurance billing can take a toll on your cash flow because insurance providers may take a considerable amount of time to pay your claims. You will also have to deal with denied claims and have to reach out to your patients to have them pay instead. While your patients depend on you to take care of their health, the health of your business is dependent on how well you manage your finances.
