The first step in making you a part of a unified group is developing standards for common accounting.
As we're presenting hundreds of practices to Private Equity, they need to be able to see consistent benchmarks for each practice.
Your ability to move forward in any way hinges on your transition to Quickbooks Online - Essentials or higher.
This MUST be the online version of the tool, not the desktop version. Additionally, you MUST be on Quickbooks Online Essentials or higher (the Simple Start Plan does not qualify). If you do have the desktop version, there are quick and easy steps your accountant can take to move you over to the online version.
If you're on another software, simply ask your accountant to make the transition. They should understand what to do next. If your accountant is pushing back on this, please copy us on an email to them and we will try to help.
If your accountant refuses to move to Quickbooks Online, contact us and we will connect you with a new accountant. As with all other pillars of integration, this is not negotiable.
Once you're on Quickbooks Online, or if you already are, you will need to grant access to the MODS Team. Here are the steps to take to make that happen:
Granting us access to Quickbooks Online is step one of the equation. It's important that you work with your accountant to categorize all of your expenses under our unified template.
This unified template on a common cloud-based accounting software is the key to making sure Private Equity can see the same data for all practices at all times.
In order to create your initial EBITDA evaluation, we will need your prior year's accounting reconciled with all expenses categorized as follows:
Once you are on Quickbooks Online with your prior year's accounting reconciled and all expenses categorized under our unified accounting template, you are ready for your initial EBITDA calculation.
This calculation is a one-time fee of $14,400. Once complete, you will review the report with Brady Frank and navigate your way to the next steps of working with Midnight Oil Dental Solutions (MODS).
