{"id":55,"date":"2023-11-20T15:18:18","date_gmt":"2023-11-20T15:18:18","guid":{"rendered":"https:\/\/www.medical-accounting.com\/blog\/?p=55"},"modified":"2023-11-20T15:18:18","modified_gmt":"2023-11-20T15:18:18","slug":"professional-bookkeeping-services-for-medical-practices-what-to-expect-from-sorenson-company-cpa","status":"publish","type":"post","link":"https:\/\/www.medical-accounting.com\/blog\/professional-bookkeeping-services-for-medical-practices-what-to-expect-from-sorenson-company-cpa\/","title":{"rendered":"Professional Bookkeeping Services for Medical Practices: What To Expect From Sorenson &#038; Company, CPA"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As a busy medical practice owner, you\u2019ve probably wondered if professional bookkeeping services could help you save time. Because let\u2019s be honest, managing your practice\u2019s accounting and bookkeeping on your own is a time-consuming and tedious task. Most importantly, taking care of your books means you can\u2019t spend as much time with your patients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Outsourcing your practice\u2019s bookkeeping and accounting may be the solution. At Sorenson &amp; Company, CPA, we help medical providers and facility owners get back to helping patients by taking bookkeeping tasks off of their plates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re on the fence about hiring a professional bookkeeper, this article can help. We\u2019ll go over the importance of accurate bookkeeping and how professional bookkeeping services save you time and money.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-56 size-full\" src=\"https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/24.png\" alt=\"professional bookkeeping services\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/24.png 1200w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/24-300x158.png 300w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/24-1024x538.png 1024w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/24-768x403.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>The Importance of Strong Bookkeeping for Medical Practices<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Whether you run an eye clinic or a busy family practice, keeping an accurate record of your finances is essential for success.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Strong bookkeeping practices include accurate data entry, timely tax reporting, and careful financial audits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Practicing strong bookkeeping processes also allows your practice to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">See the practice&#8217;s current financial health.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure adherence to healthcare and tax regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Facilitate correct patient billing and insurance claims.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manage expenses and reduce unnecessary spending.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimize tax deductions and minimize your tax liability.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maintain steady cash flow and working capital.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create insights for strategic decision-making and resource allocation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prepare the practice for financial audits or reviews.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Detect and prevent financial irregularities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Build trust with patients by managing finances ethically and accurately.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For example, part of a strong bookkeeping strategy is using <\/span><a href=\"https:\/\/www.medical-accounting.com\/blog\/medical-billing-best-practices\/\"><span style=\"font-weight: 400;\">medical billing best practices<\/span><\/a><span style=\"font-weight: 400;\"> to accurately and efficiently collect patient payments. Unorganized and inefficient bookkeeping practices delay the billing and collection of client payments. This reduces cash flow and could disrupt your ability to pay expenses from clinic utilities to payroll.<\/span><\/p>\n<h2><b>In-House or Outsourced Professional Bookkeeping Services?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s easy to see why hiring a bookkeeper is a good idea for your medical practice. However, this can lead to a new question: how should I hire a professional bookkeeper?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are two main options when choosing a bookkeeper:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>In-House:<\/b><span style=\"font-weight: 400;\"> You hire a new full or part-time employee to manage the accounting and bookkeeping of your medical practice.<\/span><\/li>\n<li aria-level=\"1\"><b>Outsource:<\/b><span style=\"font-weight: 400;\"> You contract with a third-party professional bookkeeping service to handle your practice\u2019s accounting.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Both in-house and outsourced bookkeepers will help you save time, so you can focus on helping patients, and choosing which option is best for your practice isn\u2019t always easy. Consider the pros and cons of each to determine if you should hire an in-house bookkeeper or outsource to a <\/span><a href=\"https:\/\/www.medical-accounting.com\/healthcare-accounting-services.htm\"><span style=\"font-weight: 400;\">healthcare industry accountant<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you hire a bookkeeper in-house, you take on a new employee. This can give you noticeable benefits, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Control and Oversight: <\/b><span style=\"font-weight: 400;\">You\u2019ll have more control and oversight in the hiring, management, and direction of the bookkeeper.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Tailored Investment: <\/b><span style=\"font-weight: 400;\">Hiring in-house allows you to invest in skill development and training tailored to the needs of your practice.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">However, there are several important drawbacks to taking on a new employee, such as:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Cost:<\/b><span style=\"font-weight: 400;\"> Hiring a new employee often costs more than outsourcing fees due to salary, benefits, training, and infrastructure costs. Data suggests it takes a company six months or more to <\/span><a href=\"https:\/\/www.forbes.com\/advisor\/business\/hr-statistics-trends\/\"><span style=\"font-weight: 400;\">break even on the cost of a new hire<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Limited Expertise:<\/b><span style=\"font-weight: 400;\"> Depending on your talent pool, you may struggle to find candidates who have the experience you need while fitting in with the culture of your practice.<\/span><\/li>\n<li aria-level=\"1\"><b>Longer Onboarding:<\/b><span style=\"font-weight: 400;\"> It takes time for a new employee to understand your business and find their place in the team.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Meanwhile, outsourcing medical practice bookkeeping instead of hiring in-house provides specific benefits. Most notably, outsourcing bookkeeping services can give you:<\/span><\/p>\n<ul>\n<li><b>Medical Bookkeeping Expertise: <\/b><span style=\"font-weight: 400;\">Get access to specialized medical accounting knowledge from a team of bookkeepers.<\/span><\/li>\n<li><b>Flexibility: <\/b><span style=\"font-weight: 400;\">Outsourcing gives you the flexibility to scale your needs to meet bookkeeping demands without the challenges of new hires and layoffs.<\/span><\/li>\n<li><b>Time Efficiency:<\/b><span style=\"font-weight: 400;\"> You\u2019ll have little to no downtime during onboarding, making it easy to start deploying tax and accounting strategies right away.<\/span><\/li>\n<li><b>Risk Mitigation:<\/b><span style=\"font-weight: 400;\"> Professional bookkeepers understand complicated tax laws that can help your practice stay in compliance and avoid legal consequences.<\/span><\/li>\n<li><b>Cost Savings:<\/b><span style=\"font-weight: 400;\"> With no responsibility for employee salary, benefits, or equipment, you\u2019ll likely save money by outsourcing bookkeeping services.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The biggest downside to outsourcing bookkeeping is you might not know what you\u2019re getting from a third-party bookkeeping service. The good news is it\u2019s easy to address these concerns simply through proper <\/span><a href=\"https:\/\/www.medical-accounting.com\/blog\/how-to-evaluate-accountants-for-doctors\/\"><span style=\"font-weight: 400;\">evaluation of medical accountants<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-57 size-full\" src=\"https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/25.png\" alt=\"professional bookkeeping services\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/25.png 1200w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/25-300x158.png 300w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/25-1024x538.png 1024w, https:\/\/www.medical-accounting.com\/blog\/wp-content\/uploads\/2023\/11\/25-768x403.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>Get Professional Bookkeeping Services From Sorenson &amp; Company, CPA<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Working with a bookkeeping service that specializes in the medical industry will help you save time, stay in compliance with tax laws, and save money over hiring an in-house accounting team.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Sorenson &amp; Company, CPA, we put our extensive experience as medical CPAs to work for you. We help all types of medical professionals\u2013from doctors and chiropractors to optometrists and dentists\u2013maintain accurate bookkeeping records.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We understand the complex legal and financial factors of your industry and know how to handle them while<\/span><a href=\"https:\/\/www.medical-accounting.com\/blog\/top-5-mistakes-to-avoid-in-medical-accounting\/\"><span style=\"font-weight: 400;\"> avoiding medical accounting mistakes<\/span><\/a><span style=\"font-weight: 400;\">. When you hire us, you get access to specialized, <\/span><a href=\"https:\/\/www.medical-accounting.com\/medical-practice-accounting-services.htm\"><span style=\"font-weight: 400;\">professional bookkeeping services<\/span><\/a><span style=\"font-weight: 400;\"> to help your practice run smoothly and provide a great patient experience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Learn more about our bookkeeping services and see how we can save you time and money. <\/span><a href=\"https:\/\/www.medical-accounting.com\/contact.htm\"><span style=\"font-weight: 400;\">Contact us<\/span><\/a><span style=\"font-weight: 400;\"> today to get started.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a busy medical practice owner, you\u2019ve probably wondered if professional bookkeeping services could help you save time. Because let\u2019s be honest, managing your practice\u2019s accounting and bookkeeping on your own is a time-consuming and tedious task. Most importantly, taking care of your books means you can\u2019t spend as much time with your patients. Outsourcing [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":58,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[7],"_links":{"self":[{"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/posts\/55"}],"collection":[{"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/comments?post=55"}],"version-history":[{"count":1,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/posts\/55\/revisions"}],"predecessor-version":[{"id":59,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/posts\/55\/revisions\/59"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/media\/58"}],"wp:attachment":[{"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/media?parent=55"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/categories?post=55"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.medical-accounting.com\/blog\/wp-json\/wp\/v2\/tags?post=55"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}