Dentists get into the business to educate their patients about oral health while creating beautiful, healthy smiles. Their expertise is in helping patients maintain healthy teeth and gums.
However, when they decide to open their own practice, they also assume the business owner position. It’s tremendously challenging to balance the demands of their career and a successful business.
Financial stability is crucial, yet most dentists lack confidence when it comes to dental bookkeeping. Concentrating on anything outside your patients and the ongoing changes in your sector can be difficult due to the pressures placed on you by your profession. The following crucial aspects of your organisation can take up more time than you have: bookkeeping, payroll, taxes, compliance, and creditor and debtor management, yet they need to be managed efficiently.
You can handle your finances reasonably well, and balancing a spreadsheet may not be that tough. But you know there’s something you could be doing better.
Pearl Lemon Accountants can be of assistance in this situation.
We provide dentists and other dental professionals with various bookkeeping services to enhance their practice thanks to our in-depth understanding of the dental industry and our years of experience in dental accountancy.
Our financial management professionals are here to guide you whether you’re trying to increase accuracy or efficiency or are only resolving a particular issue.
Are you ready to get started? Schedule a call.
Our Pearl Lemon Accountants bookkeepers will deliver accurate, up-to-date financial statements to help you manage your dental practice’s growth and cash flow. Our specialists are experienced in handling the nuances of dental practice and industry.
These are some of the services we deliver to dentists at Pearl Lemon Accountants:
When revenue or expenses happen, it’s your bookkeeper’s job to record these into your company’s accounting system. This involves categorising the “transaction” in a way that makes sense.
If your dental bookkeeping isn’t done correctly, you will make business judgments based on unreliable data. Then major issues like internal theft, unpaid bills, uncollected receivables, tax arrears, and unpleasant interactions with the IRS begin to surface.
We will make sure to include the following in your financial records:
Using a combination of off-the-shelf and traditional accounting solutions, we can quickly and accurately record the vast majority of your business’s transactions without you having to do anything. Our experienced bookkeepers will review your books and financial records to ensure that there aren’t any errors that would cost you. Our team is trained to look for specific errors based on where you are as a practitioner.
We will track your business’s cash flow in addition to documenting transactions. Cash flow is the total sum of money that enters and leaves your organisation during a specific time.
You will also likely get recurring payments for things like store rent, merchandise, or insurance premiums. It could be difficult to pay for them if there is a lack of cash flow. You can also be aware of any excess cash by regularly monitoring your cash flow and putting together a cash flow statement. You can use this extra money to fund expansion for the benefit of your business.
Sending and receiving invoices to ensure you collect money is a crucial aspect of bookkeeping. After a transaction or service, you usually send invoices to customers to request payment. An invoice is not a receipt(a receipt serves as evidence of a transaction).
We will set up a system to assist you in keeping track of your invoices, including those that clients have not yet paid, because making and sending invoices are essential to your business’s revenue. This will enable you to establish your income to support your efforts.
Reconciliation is an important step in bookkeeping. Our bookkeepers will ensure that the different records balance and the money leaving your company’s account match the actual money spent. We can help do several levels of reviews to help catch anything that the automated systems might miss.
Any dental practice needs a solid foundation to ensure future growth regardless of size. Our dental bookkeepers and accountants offer the perfect assistance, allowing you to concentrate on what you do best—practice dentistry.
Here are some of the benefits that come with hiring a bookkeeper for your dental practice:
You don’t have much time in your schedule as a dentist to take on other duties, such as bookkeeping or other financial tasks. If you are the only person in charge of managing every part of your office, there is a chance that you will forget to pay bills or other obligations, risking the dental business.
Professional bookkeepers with experience will keep track of your receipts and payments, warn you of any possible cash flow concerns, and offer advice on how to avoid them in the future.
In your dental practice, taking care of your patients comes first. After all, enhancing the oral health of those who visit your dentist’s practice is your primary focus.
The ideal setup for your dental practice allows you, the dentist, to concentrate on the many dental needs of your patients and find ways to satisfy those needs better and more effectively. Employing a professional bookkeeper allows you to concentrate solely on providing dental treatments while having a qualified individual ready to handle bookkeeping, accounting, and dental taxation.
Your bookkeepers can assist you in getting ready by preparing your documentation if your dental office is prepared for an audit. Current transaction records help you get ready for prospective audits. You can successfully negotiate the complex web of compliances by using this strategy.
You might desire to grow your dental practice at some point. It is crucial to keep your books in perfect shape when this time comes. Securing money will be much simpler because your outsourced bookkeeper will always ensure that all documentation and records are up to date.
Your devoted bookkeeper will collaborate closely with you to guarantee that your tax obligations are considered and that you don’t overpay the government.
A bookkeeper will also create a year-end financial statement, which is quite helpful. This statement will help you plan the upcoming year for your small business and get ready for any expansions that might be necessary, given your growth and forecast.
Employing a professional bookkeeper with experience working with dentistry practices frees up your time and energy so you may spend more time on your long-postponed personal interests. You can maintain a healthier work-life balance when you hire a capable bookkeeper to handle your financial needs.
Debt for your dental office is absolutely not something you want to accumulate. Hefty penalties and interest rates may be imposed on this debt. The bookkeeping services provided to dentists guarantee that a qualified bookkeeper will make all payments on time and in full. This consistent pattern will support the debt-free operation of your small business.
Our services at Pearl Lemon Accountants are designed with dental practices like yours in mind. We want things to go smoothly for your business! Then you can enjoy what you do without worrying about money details and books.
Our services are intended to relieve people who already have too much on their plates of the strain of bookkeeping. You can concentrate on managing the business, leading your team, and interacting with clients by letting us manage the more challenging facets of the practice’s finances.
Please contact us if you want additional details on how to proceed.
We are aware of the operational factors that contribute to a profitable practice. We handle the hassle of accounting compliance and provide one-on-one meetings and webinars on dental business counselling so you can concentrate on managing your practice more successfully. A generalist is not as familiar with a dental practice’s earnings levers as we are.
Yes, we can! Our payroll services include everything from superannuation to setting up STP. We constantly engage in bookkeeping training to stay current on market developments, and we take satisfaction in keeping our clients compliant with ATO standards and optimising business operations.
Due to businesses’ diverse complexity and needs, it is impossible to put a precise figure on the overall cost of bookkeeping services.
We provide a consultation to go through your needs as a business and determine how we can support your growth. We can discuss a package that works once we have a solid grasp of your business and requirements.
When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients.
It's a win-win situation for everyone.
Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.
So let our experts work for you, and you won't regret it even a bit.
Book a call today to get started.