Practice Accounting

Overview

Practice Accounting Made Easy

Practice Accounting is the financial record keeping (or bookkeeping) that must be done to organize and account for business revenue, operating expenses, capital purchases, loans, and equity. As you may know, the IRS requires all business owners to maintain financial records which are used for preparing and filing tax returns each year. We believe that since practice accounting is required for tax purposes anyway, our doctors should also benefit from this valuable data each month and use it to make proactive decisions regarding their practice’s financial performance.

Our monthly accounting services provides a complete outsourced accounting solution to achieve this objective. Our doctors do not need to buy any software, hire any bookkeeping staff, or do any of the work themselves on nights or weekends.

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Income-Driven Solutions

Why Accounting Matters

Accurate and up-to-date financial data allows you to see if your business is producing adequate profit. Think about the hard work and money you have invested in your business. Profit is reason entrepreneurs undertake the pursuit of business ownership, and it is imperative that you are realizing a rewarding return on your business in the form of profit.

Are you satisfied with your current level of income?

Do you wonder if your practice is making as much money as it is capable of?

Is your overhead in-line with other dental practices like yours?

Does it feel as if your practice is ‘leaking money’ and you are not sure where it is going?

Having answers to these types of questions is exactly why you benefit from dental-specific monthly accounting with feedback on your practice presented in a readable, relevant, and easy-to-follow format.

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Our Process

How Does It All Work

With our proven and easy-to-use process, your involvement in keeping your practice’s financial records up-to-date and accurate is very minimal. During onboarding, we establish access to your business information so our team can obtain what we need on our own without having to disturb you.

We collect your information through several methods

We reconcile, review, and analyze your data.

We generate monthly financial statement

You receive your information however it is most convenient for you.

Monthly Process

While you focus on your practice each month, our team will:

Record every dollar that moves in and out of your business
Input & code all transactions during the month using QuickBooks Online Accountant’s Edition
Perform all month-end reconciliations for each of your Balance Sheet accounts
Review our work for consistency and accuracy
Aggregate data from your books to provide benchmarks and comparative data on every report package
Deliver your comprehensive Practice Profitability AnalysisSM each month

Accessing Information

We will ask you to create the following:

Guest, read-only user logins with your practice’s bank accounts and credit card institutions so that we may view the account registers and download statements.

Solutions

Payroll Options

HDA Accounting Group does not provide payroll services, and our clients all use separate payroll providers. There is a wide selection of full-service payroll solutions available, and our team can help you choose a provider if you have not already signed up with a payroll company.

Plus, our team will advise you on any payroll tax notices received at your office, assist in any worker’s compensation insurance audits, and help with any unemployment insurance questions that may come up.

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Testimonials

What It’s Like Working With HDA Accounting Group

We pride ourselves on forming close relationships with our doctors and delivering the best client experience possible. Meet some of our clients for yourself and see what they’re saying about being part of the HDA Accounting Group family.

“HDA has been super attentive month after month and has helped me lower my tax liability substantially…

I’ve been using them for about a year and they will not only break down my numbers monthly but give me an idea of how those numbers stack up against other dentists in my area. This has helped me catch trends I wouldn’t have seen before. An example is my dental supplies expenditure jumped. I thought it was just because the cost of supplies went up with covid. Yes… but mine went up about 30% more than the rest of their practices. I wouldn’t have seen that without their insight. So far, I’m super impressed!”

– Dr. Kyle O’Donnell

“I have always dreaded the lofty task of bookkeeping, paying bills, payroll, watching margins, and keeping tabs on the financial aspects of my business…

I signed on with HDA. Right from the start and they have made my life much easier. They watch EVERY aspect of my business for one very reasonable monthly fee. I always look forward to the quarterly review, with Morgan, where he goes over a detailed report covering every financial aspect of my business. I always know where I stand and never lose sleep about this vitally important component of my business. I couldn’t be happier with HDA.”

– Dr. R. De Rosso

“Super happy with HDA accounting over the past 2 years…

They guided me through my start up dental practice with not only accounting services, but also lots of wisdom from Morgan’s many years of experience. Their reports are informative for a deep dive and graphical for an overall view of how the practice is going. They help benchmark against practices all across the country. Everyone I’ve talked to has always been helpful. The return on investment for their services each month is great. Can’t ask for much more!”

– Dr. Dylan Patrick

“I was first introduced to Morgan and HDA through a friend of mine who trusts this accounting group with his numerous dental practices….

As a doctor looking for my first practice, I’ve found it very hard to find an accountant who would talk me through finding my dental practice and who would show me the same respect as my peers who have more clout than myself (Multiple practice owners). Even though Morgan Hamon is very busy with his much deserved success, he always answers my calls personally and in a timely manner. Morgan and HDA, thank you so much for all the help you have given me. You guys are true legends!”

– Dr. Sean Kerns

“I highly recommend HDA for any dental accounting needs…

I used to be a client of HDA, but I joined a group that has its own accounting team. I appreciated the monthly reports HDA prepared for me. Recently I went through an IRS audit. Cortney quickly responded to all of my questions and sent me the documentation that I needed even though I am no longer a client. Thanks to her help, I was able to get through the audit unscathed.”

– Dr. Trever Keele

“HDA has done a phenomenal job with our personal and business accounting needs…

They really have a pulse on the dental industry and their insight and expertise is extremely helpful and goes well beyond simply preparing profit and loss statements or managing our QuickBooks. We highly value HDAs input as we make strategic decisions in the short, intermediate, and long-term time frames. I would highly recommend HDA for all of your accounting needs. Quite simply, for us, their services are required for us to confidently grow our business.”

– Dr. William Herr

“I would recommend HDA to anyone!

Morgan and his team are responsive, professional, give fantastic advice, and are very organized in their work manner. We are so happy we work with them – thank you HDA!”

– Dr. Lindsay Fabs

“I switched to HDA from another dental specific accounting firm and the difference has been night and day…

The monthly reports are amazing and the onboarding process was effortless and informative. I am totally satisfied.”

– Dr. Benjamin Dunham

“I have been a client for awhile now and I am very pleased with the amount of work, detail and level of knowledgeable folks that work here…

I am given immediate attention to any matter addressed, I am advised and educated as well on what I could or should be doing for my business. Thanks again to Morgan and his fantastic team.”

– Dr. Kyle Daniel

Learn more about HDA Accounting Group

Set up a no-obligation consultation to discuss how our firm can provide a level of insight and perspective on your dental practice that you have not experienced before.

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Call Us: 303.799.0476

Practice Accounting