Opening your dental clinic requires a lot of hard work. It takes years to become a dental practitioner and gain practical experience to open your clinic finally.
And even after opening your clinic, you have administrative duties, payroll management, marketing, and even basic bookkeeping. Most dental practitioners find the task of bookkeeping time-consuming; therefore, hiring a service that will provide accounting for dentists is essential.
Dentists require an accounting professional to manage their finances. Even though the primary focus of a dentist will always be the patient, at the end of the day, it is still a business.
Giving attention to critical business areas like revenue, margins, and reconciliation is not everyone's cup of tea. Therefore, hiring a professional accountant is a convenient option instead of mastering the financial aspects of the business. An accountant can manage various financial elements like:
● Company and bank accounts
● Billing of medical insurance
● Receivable Accounts
● Cash and fund flow statements
● Preparation of financial statements
● Operational cost analysis
● Preparation of tax returns
● Consultancy regarding financial decisions
When you hire professional dental bookkeeping, you get the following benefits:
● The dental practice saves money by reducing operational costs and gains extra funds for better equipment.
● There is effective office management due to the accurate bookkeeping handled by professionals.
● The dentist can focus more on patient care instead of attempting to manage the finances.
● The practice will be able to utilize premier accounting software that has data backup lasting for years.
● A team of bookkeeping experts will be at the beck and call of the dentist for all accounting needs.
The specialist services a dental accountant offers improve the cash flow of a dental practice and the business performance for a profitable future. It employs someone with expertise in finance and understands the nitty-gritty of legislation and tax requirements. The following are a few pivotal services offered:
A new dental practice is an expensive affair. Most dentists struggle with setup costs and capital assessment. An excellent dental accountant can assist in efficient tax planning, business expansion, and forecasting demand.
Accounting for dentists also comes with management reports assessing the business performance against the national standard. Based on these results, accountants can improve financial efficiency and performance.
There are complex challenges involved in the tax structure of a country. A dentist can claim all the tax deductions and various allowances. Dental accountants can work through the intricacies of the taxation system of the dental industry through responsible accounting and intelligent planning.
Dental accountants can conduct due diligence if a dentist wishes to buy an existing practice before moving on to the proposal. This involves completing a thorough review of the reported figures and risk assessment of the business. Due diligence also involves preparing new numbers to simplify the acquisition process.
Most dental practitioners prefer operating through a limited company to protect their assets and get increased legal protection. However, many dentists prefer working as a sole trader, a partnership, or an LLP. A dental accountant will provide appropriate advice after weighing up the advantages and disadvantages of each option.