Bookkeeping gives you a clear picture of your practice finances, where your money is coming from, and where it is going. When your bookkeeping is up-to-date, you will be able to understand areas to save and areas to invest more, seasonal fluctuations in your practice, and have an overall clear picture on how much you can pay yourself (and your clinicians).
Having accurate finances saves you hours during tax season as well. When your books are reconciled and up-to-date, you avoid scrambling for hours and days to get caught up prior to the tax deadline, or miss out on any tax write-offs or deductions. Most importantly, you will avoid subjecting yourself to any potential errors or late fees.
How does bookkeeping help your private practice?
