Our team will consistently provide you with bookkeeping updates designed for your chiropractic business. Got urgent queries that can’t be put off? Rest assured, we’ll respond within one business day or even sooner.
Our platform enables you to streamline data inputs from leading providers, reducing the risk of common errors. We collaborate with key partners such as Gusto, Stripe, Shopify, and Square— ensuring your chiropractic practice's finances are always precise.
Wave goodbye to stacks of patient paperwork and tedious manual bookkeeping—we automate inputs directly from your linked accounts. Gain insights from one central dashboard, designed specifically for chiropractors, so you can easily understand the financial well-being of your practice and make strategic decisions.
DR. BUKKY KOLAWOLE
As a chiropractor, there are several specific expenses you can claim to reduce your taxable income. Some of these include:
- Office Expenses: This can include rent or mortgage, utilities, property taxes, office supplies, cleaning, and maintenance.
- Equipment: As a chiropractor, you need specialized equipment for your practice. These can be depreciated over time and claimed as a tax deduction.
- Insurance: You can deduct premiums for malpractice and business liability insurance.
- Professional Fees: Fees for continued professional education, professional licensing, and dues to professional organizations are deductible.
- Marketing and Advertising: Costs related to marketing and advertising your services, such as website maintenance, paid ads, brochures, and business cards can be deducted.
- Travel and Meals: Business-related travel expenses and meals can be deducted as long as they are not lavish or extravagant.
Please keep in mind that tax laws can vary, and it's important to consult with an experienced bookkeeper or tax professional to ensure you're maximizing your deductions while staying in compliance with the law.
A professional bookkeeper can be an invaluable asset to managing the finances of your chiropractic practice. Their expertise encompasses many aspects of financial management, including but not limited to:
- Organizing expenses and income: They can categorize and track your financial transactions, providing a clear view of where your money is coming from and where it is going.
- Fulfilling tax obligations: Accurately preparing and submitting your tax returns on time, a professional bookkeeper can help you avoid fines and penalties. They can also advise you on tax deductions you might not be aware of.
- Cash flow management: Your bookkeeper can monitor your cash flow, alerting you to any potential problems and helping to ensure that you always have enough to cover your outgoings.
- Financial reporting: Regular financial reports give you insights into the financial health of your practice. This can help you make informed decisions about investments, expansions, or cutbacks.
- Regulatory Compliance: Bookkeepers are knowledgeable about current financial regulations, helping your practice to stay compliant.
With a professional bookkeeper by your side, you can focus more on providing your patients with the best care, and less on managing your finances.
Chiropractors often navigate numerous accounting challenges when managing their practices which include fluctuating incomes, managing accounts receivable, ensuring accurate categorization of expenses, and navigating insurance payment inconsistencies. Also, studying and implementing industry-specific tax deductions can be quite daunting.
Specialized bookkeeping services can address these challenges in several ways:
- Income Variability: A specialized bookkeeper can coordinate regular financial reviews to manage income that might fluctuate due to variables like client appointments and seasonal changes.
- Accounts Receivable Management: They can systematically track and follow up on unpaid invoices, aiding cash flow enhancement.
- Expense Categorization: Bookkeepers accustomed to working with chiropractors understand the appropriate categories for various expenses in the industry, ensuring accurate record keeping.
- Insurance Payment Inconsistencies: Knowledgeable bookkeepers can establish systems to manage irregular insurance payments, ensuring consistent revenue accounting.
- Industry-Specific Deductions: They can leverage their detailed knowledge of the chiropractic industry to secure the maximum eligible tax deductions.
With the support of specialized bookkeeping services, chiropractors can alleviate these accounting challenges, allowing them to focus on providing the best care for their patients.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.