Dentists are so focused on increasing patient retention rates that they find it challenging to monitor other vital aspects of the practice, including hiring a dental associate accountant in Chicago. To ensure their absence in different sections isn’t intensely felt, they entrust their trusted employees to oversee the affairs of things.
Employees with the intent to embezzle often see this as an opportunity to find a loophole to capitalize on to steal funds. Surprisingly, these onerous acts usually go unnoticed for a long time until the effects start taking their tolls on the practice. In severe cases, it usually leads to the end of such a business.
To prevent your dental practice from ever suffering such a fate, below are four tips you should take seriously.
1. Hire a Dental Associate Accountant
Many dental practice owners make one mistake when starting, and it has to do with not giving utmost significance to bringing a dental associate accountant into the fold. The importance of these professionals can’t be overemphasized. They guide your practice’s financial aspects, take care of tax matters, and ensure the books are balanced. Besides these, they offer expert opinions and ideas on various issues in the industry.
Hiring a dental associate accountant in Chicago helps ensure every financial transaction is appropriately reported and documented. They can easily detect irregularities in financial books, helping to prevent embezzlement from taking place.
2. Pay Attention to Warning Signs
While dental practice embezzlers don’t exhibit warning signs all the time, there’re situations where the symptoms are glaring, but owners choose to turn a blind eye. To stay on the safer side of things, business owners must always watch out for common indicators and have it at the back of their minds that their trusted employees can run rings around them. It’s essential that they pay attention to subtle signs and not be blinded by the trust.
A situation where a particular employee spends way above their means calls for suspicion; you should also pay attention to employees that find it challenging to explain irregularities in their accounting work. It may mean they’re hiding something from you.
3. Regular Financial Reviews
Regularly reviewing your practice’s finances helps you to spot irregularities as they take place. It gives you a good idea of how things are faring financially. Doing this effectively, however, requires the attention of a dental associate accountant in Chicago. They’re well-versed in such matters and are in the best position to advise on measures to take where irregularities are flagged.
4. Properly Screen New Employees
Keeping your practice safe from theft starts with adopting reasonable hiring procedures. Every new employee should be made to go through some criminal and credit screening to know their history and identify potential red flags. A reference from previous employers should also be required from every new hire to ensure they have a good track record.
Internal theft is a thing in dental practices and can be disastrous if it isn’t nipped in the bud at a good time. As an owner, preventing it should be your topmost priority. The tips listed above will go a long way in helping you achieve that.