Bookkeeping and Accounting for Optometrists

As an optometrist, there are a number of specific tax deductions you may be eligible for. These can often include expenses related to medical equipment, professional insurance, licensing fees, office space, staff salaries, continuing education, and even certain travel expenses related to your job.

Our team of expert accountants at Bench Accounting are highly experienced in the specific needs and opportunities related to the optometry industry. We strive to stay updated on the latest tax legislation and available deductions that can directly benefit your practice. We will work closely with you to understand all perceptible expenditures of your professional operations, ensuring we capitalize on all possible tax deductions to reduce your tax liability.

We also help you plan ahead for your taxes by providing advice on ways to organize and manage your financial records, thus ensuring maximum utilization of tax benefits for your optometry practice. Our goal is to take the stress out of bookkeeping and taxes, allowing you to focus on what matters most – providing excellent care for your patients.

It's time to get the most out of your optometry practice's finances. Let Bench Accounting provide you with the expertise you need to maximize your tax advantages.

Our bookkeeping services at Bench Accounting, extend beyond just managing your finances. For optometry practices, we know that managing inventories of eyeglasses, contact lenses, and other eyecare products is crucial to your business operation. Our skilled bookkeepers can aid you by:

• Tracking purchases and sales of your products, thus ensuring an accurate count of your current inventory.
• Identifying trends in sales, which can be useful for anticipating future demand and for timely reordering of supplies.
• Monitoring cash flow related to inventory - what’s being invested in inventory, cost of goods sold (COGS), and the valuation of remaining inventory. This is integral to measuring profitability and financial forecasting.
• Underscoring potential issues such as overstocking or understocking which can lead to losses or missed sales opportunities.

Navigating through these inventory management tasks with the help of an expert bookkeeping service like Bench Accounting, allows you to direct more of your time and focus towards your patients.

There are specific financial regulations relevant to optometry practices including tax regulations, HIPAA compliance, understanding of medical billing and coding, and healthcare-specific accounting standards. Bench Accounting is well-versed in these areas and our expert bookkeepers and accountants have vast experience in managing finances of healthcare businesses including optometry practices.

We offer personalized, professional services tailored to your unique needs to help ensure your business remains compliant. Using secure technology, we manage your bookkeeping in a way that adheres to existing laws and regulations, ensuring your financial data remains confidential and secure. Plus, we stay updated with any changes in regulations, adjusting our services as necessary to keep your business in compliance.

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.