Accountants and dentists do have some things in common…
Both complete training so they understand their ‘trade’. Both also have the potential to specialise so they can provide outstanding service in a particular area.
Just as you would recommend cosmetic or paediatric dentistry to a client who has a specific requirement, it makes sense as a dentist to work with an accountant who has in-depth knowledge of the challenges of the industry.
Why choose a dental accountant?
Running a dental practice comes with a number of financial moving parts. There are rental costs to cover, staff to pay and the expense of purchasing, operating and maintaining equipment to deal with, not to mention insurance costs.
The overheads dentists encounter is quite different from many other industries but there needs to be money in the bank at the end of the day. This is where specialist medical/dental accounting comes in. A dental accountant brings skills to the job that a regular accountant can’t, such as:
Get your taxes right
A dental accountant knows exactly which expenses to include in your annual tax return and which steps to take to minimise tax.
Leaving specific dental tax requirements in the hands of a non-dental accountant is like asking a barista to mix your cocktails. There might be some cross-over skills, but you will get better results from a bartender.
Dental accountants understand all the most recent legislative changes and will be up to date with industry-specific details that could significantly change your return.
A specialist can potentially shave thousands of dollars from your tax bill. It’s worth investing in expert help to maximise the money that stays in your pocket at the end of the financial year.
Business advice
Quality accounting involves more than simply filing your tax; it also exists to help your business grow.
Your specialist dental accountant will be able to share advice based on case studies from other successful dentist practices. They are always looking for insights that will make a difference to your bottom line and will help you explore your options for growth or improved financial stability.
Save time
Accounting is a time-consuming process. As a dentist and practice owner, you shouldn’t spend your valuable time trying to deal with your accounts when you can transfer the responsibility to an expert.
If you can work with a bookkeeper for the dental industry as well as a specialist accountant, you will be free to focus on keeping your staff and customers happy (not to mention enjoying the experience of running a business).
Your accountant and bookkeeper should both act as an extension of your business and have your best interests in mind at all times.
See the future
Accountants for dentists also look after forecasting and risk mitigation. This will give you a picture of what your revenue and expenses will look like over the coming months so you can get organised and do some planning.
In terms of risk mitigation, you can talk to your accountant about the ‘what if’ scenarios and decide how you will prepare for a potential financial setback.
What can a dental account do for you?
Accountants for dentists help dental practices by:
- Filing tax returns each year and business activity statements each quarter
- Sharing advice on potential business strategies
- Benchmarking pricing and operation costs
- Staying on top of tax changes in the industry
- Support you to scale and grow
- Help you prepare your business for sale
Choosing a specialist dental accountant is the right choice for any dental practice. You have the benefit of working with someone who ‘speaks your language’, understands your challenges and can present you with a clear picture of what’s possible in terms of long-term business success.
Crest Accountants provides specialist dental accountant services to practices anywhere in Australia. Get in contact today.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice. Whilst the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact upon the accuracy of the information.
