Q1 2020

16 GHP / Q1 2020 , Small Business Delivering First-Class Service Bookkeeping for Dentists provides daily bookkeeping and interactive online benchmarking for more than 150 dental practices. Recently, we caught upwith SonaWegner, Founder and CEOwho revealedmoreabout the leadingspecialists indental bookkeepingservices.toachieve suchsafe success. Since its inception, Bookkeeping for Dentists has been providing dentists with a custom online Practice Overhead software that instantly reveals how the practice compares to others and where to put focus for improvement. Sona tells us about the firm’s history and its core offering. “In 2008, I started an accounting internship while in college. The internship was with a very well-known dental CPA firm in Baltimore. After experiencing a few dental CPA firms and their dental benchmark techniques, I left the dental CPA firms behind to give dentists better bookkeeping so they could get better benchmarking. Although taxes are important, I felt I could help dentists even more by improving their bookkeeping to improve practice performance, not just taxes. So I started this company in 2013 and it’s grown to over 150 dental practice clients since then. “We are different because we put all of our attention into high-quality dental bookkeeping to build authentic dental benchmarks with dental practices across the USA. Our clients can trust our dental benchmarks because we are doing all of our clients’ bookkeeping consistently so that they can confidently compare their practice performance against our other clients. As we have grown, we have even begun to separate our clients’ benchmarks by dental specialty so they can drill even further into benchmarks.” The firm strives to ensure that it always delivers to its clients, which is something else which puts it head and shoulders above the rest. Sona embellishes. “Internally, we do a lot to make sure we always offer the very best service. We pay close attention to accuracy and consistency across all clients. Each time we see a new vendor or a new event, we discuss the classification or event as a team and enter it in our master database for reference moving forward. This master database and internal knowledge management system trains all of our bookkeepers do to bookkeeping exactly the same. Accuracy and consistency are vital in everything we do for the service we provide. “Another way we ensure we offer the best service is to always listen to our clients. This has become super important to our team. We are always adding new features to our Practice Overhead application based on our clients’ feedback and needs. We also listen for questions. Every time a client asks a new question, we answer it and add the question and answer to our client help center where clients have access to type keywords in the search bar and find what they were looking for. The help center includes videos, screenshots, and step by step instructions. We also often record our screen in a video for individual clients when they have a question about something in QuickBooks or our benchmark application. We will then send them a link to the video explanation and they can watch it as many times as they want. They really love this technique because it helps them to have something to go back to.” Technology is a key element in the firm’s offering. Sona tells us exactly what part it plays. “First, we use QuickBooks Online for ALL clients. QuickBooks Online is amazing for bookkeeping automation (if done correctly). Because of the awesome automation capabilities of QuickBooks Online, it gives us the ability to keep our clients bookkeeping updated daily. As transactions hit Dec19418 the bank and credit card accounts, we are downloading the transactions into the bookkeeping in real-time. “Dental CPA firms do dental benchmarking too, but they all do the benchmarking in excel spreadsheets and they only provide the service once or twice a year if you pay extra. So I knew when I started my business, I wanted to provide it as often as possible because benchmarking is a very valuable tool. “There were no tools online that would do this for us or give my clients real-time numbers to follow. Since QuickBooks Online provided us this amazing automated bookkeeping capability, in 2017, I built an online benchmarking web application for my clients called Practice Overhead which stays connected to QuickBooks Online and reads all the numbers for each practice as we update the bookkeeping. The software calculates the practice overhead percent of income into six bite-sized dental categories and compares each category to industry averages and the averages of our other clients in the application. “With our application, the client gets an instant, big-picture overview of how their practice compares to our other clients and industry averages. The client benchmarks are authentic and tracked in real-time. When a client logs into their Practice Overhead account, they will see the client averages are slightly changing because we are doing everyone’s bookkeeping daily and the software is reading the updates. While our platform automatically breaks down the client’s spending into specific dental categories, it shows where the practice performance is stronger or weaker against our other clients and industry averages as we update the bookkeeping. Besides monitoring benchmarks, the client also gets a dashboard of graphs to monitor their own trends month-to-month or year-to-year as they make improvements in the practice. “We have been adding new features and improvements in the software full-time since the beginning. We never stop improving it for our clients. They have so many awesome ideas for how to make it better too and we listen!” Contact Details Bookkeeping for Dentists LLC Sona Wegner 844-322-3724 www.bookkeepingfordentists.com