You take care of your patients. We’ll take care of the rest.
For more than a decade, PWB has helped audiologists and hearing aid dispensers throughout the US manage the financial details of their practices. We understand the diverse mix of tax and regulatory issues you face. You won’t have to spend time teaching us about the industry; we’re already well-versed in the industry and the challenges you face.
As your partner, we make it easy for you to get timely and accurate financial information. In other words, we keep you out of the back office and in front of your patients.
- QuickBooks implementation
- Oversight of internal bookkeeper
- Weekly and monthly outsourced bookkeeping – bank reconciliations/bill pay/accounts payable
- Patient management system synchronization
- Monthly financial statement discussions and analysis
- Accounting process review, recommendations and streamlining
- Budgeting and breakeven analysis
To keep up with industry developments, our professionals participate in a number of hearing aid industry groups and associations. We have contributed articles and continuing education courses to publications such as Audiology Practices and Audiology Online, to name a few.
- Online: Interview with Jeremy Kiecker
- Audiology Online: Practice Development Series: Achieving Financial Management Peace of Mind in Your Business
- Audiology Practices: Modernizing Your Accounting System
- Audiology Practices Interview – January 2015
- Should Your Practice Be a Corporation, LLC or – Audiology Practices
PWB taught us everything we need to know from QuickBooks to bookkeeping. They have basically held our hand throughout the whole process of starting up a business and providing us with everything we need to do to keep up with our bills and manage our bookkeeping. They are familiar with audiology invoicing, codes, and terms, and it’s nice that they can speak our language.
Located in Duluth, Minn., Hearing Wellness Center is a full-service audiology practice. When they opened their doors in 2012, audiologists Sara K. Downs and Jonathan P. Gervais realized they needed assistance setting up the accounting functions for their new business. “We were looking for someone to help us with the bookkeeping and accounting part of the business so that our audiologists could focus on patient care,” says Amy Doyle, practice manager.
At the recommendation of a fellow audiologist, the practice contacted Pieper Whitaker & Bjork (PWB) for assistance. “We learned of their experience in the hearing industry and that appealed to us,” says Dr. Downs. PWB’s accounting team – which includes a dedicated staff accountant – met with the team at Hearing Wellness Center to determine their specific needs as they prepared to open their doors for business. Their services included the following:
- Setting up QuickBooks, chart of accounts, customized reports and security features
- Training on various weekly and monthly bookkeeping tasks to produce timely and accurate financials
- Getting internal bookkeeper off to a good start
On-going Financial Oversight
In addition, PWB provides on-going financial oversight for Hearing Wellness Center that includes:
- Providing guidance to internal bookkeeper as questions (Sycle. net, QBSync, payroll, financing, etc.) arise throughout the month / sounding board for financial questions from owners
- Assisting internal bookkeeper with closing down the books at month-end to generate timely and accurate financials
- Ensuring internal bookkeeper is staying current and maintaining accurate books
- Monthly financial statement discussions/analysis to review results
- Compliance of quarterly and annual tax filing requirements
- Providing peace of mind to owners that the financial aspects of the business are being taken care of – they aren’t navigating it alone
“Our relationship with PWB makes all of our jobs easier,” says Doyle. “When we opened our practice, PWB set up our initial accounting system, and trained us on how to use the system. We have a dedicated accountant I talk with weekly. I can ask any question and they get right back to me.” Through PWB’s client portal, Hearing Wellness Center is able to access QuickBooks and financial documents at any time, allowing the hearing professionals to focus on what they do best – caring for their patients.
Our practice has seen profitability each year that we’ve been with PWB, including our first year, which is not always common when starting a business. It’s helpful that PWB is knowledgeable in our field. It’s definitely worth the investment to have them on board.
Sonus Hearing Care Professionals is an audiology practice with offices in Red Wing, Minn., and River Falls, Wis. Ryan Hummel, Au.D., became bogged down with the accounting functions of running his own practice. “We did not have to worry about any of the accounting procedures when we were corporate-owned,” says Hummel. “When we franchised, however, it became evident we really needed some help with that side of the business.”
Having learned about their experience with the hearing industry, Hummel turned to Pieper Whitaker & Bjork (PWB) for assistance. PWB’s Accounting Solutions team met with Hummel to determine the specific needs of his audiology practice, and recommended outsourced bookkeeping services at a fixed monthly fee that was affordable to the practice. A PWB dedicated staff accountant works closely with the internal practice manager to gather source documents necessary to do the bookkeeping tasks. On a weekly basis, PWB assists the practice remotely with:
- Running the Sycle QuickBooks Synchronizer, which allows for all financial entries in Sycle.net to be transferred to the practice’s QuickBooks file
- Weekly bank reconciliations to assist with cash flow
- Accounts payable (entry and tracking) utilizing Bill.com
- Unlimited phone support to address financial questions as they arise
- Month-end closing of financial statements
At month end, PWB closes down the books and provides monthly, customized financial reports that include a balance sheet, profit and loss by location and general ledger entries, made possible by real-time collaboration through the hosted QuickBooks platform. In addition, Hummel relies on PWB to prepare the practice’s annual tax returns. Through PWB’s client portal, Hummel is able to access his QuickBooks and financial documents at any time, allowing him to focus on running his practice.
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