You may have heard that the U.S. Small Business Administration extended deferments for EIDL loan payments until 2022. While this is great news and comes as a huge relief for small business owners, here are some important things to note: First, if you received the loan in 2020, your deferment has been automatically extended from 12 months to 24 months from the date of the note. If you received the loan in 2021, your deferment has been extended from 12 to 18 months. Second, k

If you're like many practice owners, you may be feeling a bit overwhelmed with your bookkeeping and getting ready for tax filing. There are bills to enter, accounts to reconcile, expense receipts to add up, and new PPP and SBA loans for 2020. We're here to help so you have more time for the things you do best: treating patients, leading your team, and managing your practice! Give us a call or contact us through our website at www.brightersmilesbookkeeping.com. We're here to

The IRS recently issued final regulations regarding deductions for meals, entertainment, and travel expenses effective October 9, 2020. There are two key takeaways for business owners to take note of. First, there is no longer a deduction allowed for entertainment expenses. If there are meals involved, the deductible meals expense needs to be separated from the non-deductible entertainment expense. The second key takeaway is to make sure that you keep all of your receipts! Th

What is depreciation? It's defined as "the reduction of recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible." Any time a fixed asset is purchased, whether that be buildings, equipment, furniture, etc., it's important to track its depreciation. One reason is so that you have an accurate picture of the value of your assets and can make informed decisions about disposal or purchase. Another reason is that depreciation e

If you do a google search for bookkeepers, you'll find that there are tens of thousands of them, including those who work with dentists. How do you decide who to work with? Here are some important qualities to consider when you're interviewing a potential bookkeeper for your practice: 1) Availability 2) Knowledge 3) Consistency At Brighter Smiles Bookkeeping, we understand that you're very busy. You're taking care of your patients, managing the practice, motivating you

When you pose this question to dentists, the majority will answer the same way...business/finance. Dentists are educated a great deal about how to restore a tooth, perform an extraction, and place implants, but many will never take a bookkeeping or accounting class. At Brighter Smiles Bookkeeping, your business IS our business. We work exclusively with dentists to provide bookkeeping services so that you'll always know how your practice is doing in financial terms, and you'l