As a dental professional, you may be too focused on providing the best care and treatment to your patients that you hardly have time to manage your accounts. Over time, you might find yourself struggling with your cash flow or paying too much for each task, or you could be overwhelmed with the complex legislations and laws around your profession. Seasoned dental accountants can help you avoid those issues and the guesswork. They are specialised accountants who can customise an accountancy plan according to your unique requirements. Likewise, they will help you discover new ways to cut costs and save money.
Whether you are starting a practice or buying one, or you have been running your own dental clinic for quite some time now, specialised dental accountants can be a crucial aspect of your financial planning. After all, you are also running a business. So, before hiring one, ensure that they can provide your practice with the following benefits:
• Reliable and trustworthy – Trust and reliability are key traits you should be looking for in an accountant, since they will be managing your financials and confidential information. Moreover, you should be able to rely on them to do their job and fulfil their responsibilities well, such as maintaining your financial records and bookkeeping.
• Accountancy service – Dental accountants will help you minimise your tax liabilities and maximise profit. They will keep your financial records up-to-date and truthful, so these can be your basis for finding opportunities for growth.
• Dental practice management – Specialist accountants offer a range of services that make them your one-stop source for managing your practice. These include setting up procedures, checking records to prevent fraud, making sufficient payments to associates or locums, ensuring compliance with legislations, expanding the practice, and much more.
• Payroll services – Dental accountants will make sure that your team is being paid well, while providing RTI compliance. They can calculate your employees’ statutory sick pay and gross pay.
• Financial planning – Besides helping you with your accounting and tax returns, dental accountants can also help you with personal financial planning for life protection, estate, retirement, or post-retirement.
Choose only experienced and dependable accountants with a proven track record to help your dental practice thrive and succeed in the long run. They are friendly and knowledgeable professionals with fixed fees, so you do not have to worry about hidden costs.
About the Author:
Amit Gupta, Director, Allenby Accountants.
Allenby Accountants is a firm of Chartered Accountants in Uxbridge, West London. We offer tax advice, business advice, financial advice and support our clients in achieving the ambitions that they have in life such as buying a home, sending kids to a good university, living a happy retired life, etc. Our range of services includes accounting, bookkeeping, tax planning, VAT advice, inheritance tax planning, succession planning, business buying & selling, etc. We specialise in sectors such as medical & healthcare, hospitality, media, ecommerce, professional services, property & construction, charity and not-for-profit and more.
Your practice as a dental professional in London may be thriving, but poor issues like paying too much tax or filing incorrectly could easily ruin your reputation and success down the line.
When you are busy caring for your patients, you may not have time to deal with the complex and changing legislation and laws around your profession.
All these concerns can be avoided with the right help from the right dental accountants.
The most experienced ones are also able to provide business advice and support you with limited company and partnership services.
But before hiring one, here are four things you should know:Their level of expertise and experience in dental taxes and financeThe best dental accountants in London will work closely with you to optimise your tax position.
Moreover, make sure they have relevant experience in handling complex finance matters dentists are likely to face.The services they can handleThe most common misconception about a dental accountant is that their main responsibilities only revolve around helping you with bookkeeping, accounting, and taxes.
