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Dental Accountant

Most dentists and dental practices, as well as individual dental associates working within them, understand the need for proper accounting practices. They also understand the need to make the most of their financial situation, both on a personal and practice level. What they often do not realize is that working with a specialized dental accountant is the best way to do all this, and more.

There are multiple financial and business problems to address in addition to delivering services to patients, such as dental practice acquisitions or disposals, incorporation issues, dental practice specialization or diversification, and even perhaps transitioning from the NHS to private practice and vice versa. As specialist dental accountants, Pearl Lemon Accountants are here to help.

Our dental accountants at Pearl Lemon Accountants are familiar with the dentistry sector and the demands of both dentists and their practices.

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We advise and work with dental professionals of all types — principals, specialists, associates, and support personnel – on accounting and tax matters. We provide guidance on challenges specific to the dentistry sector, such as practice acquisitions and business appraisals, in addition to day-to-day accountancy and tax help, such as completing tax returns and handling payroll.

As professional accountants for dentists, our dental accountants will work with you to deliver the optimum solution for your individual or business needs. There is never a bad time to examine, or reexamine your business’s financial condition and minimize business expenditures by taking advantage of our experienced assistance.

Dental Accountants and Your Success

Our accounting knowledge – and the dental accounting services we can offer – encompasses your entire dental career. We can assist dental professionals at any stage of their careers, from student dentists to associates, practice purchases, business disposals, and retirement. We see ourselves as lifelong advisors who regard each client as an individual.

Long-term connections are important to us. We establish an extensive knowledge and understanding of our dental clients’ businesses and demands through our personal approach and constant contact. This enables us to provide real value and play a significant role in assisting you in achieving your objectives, whatever they may be.

How a Dental Accountant Can Help You

Why consider working with a specialist dental accountant is a question we are asked often. Won’t an in office bookkeeper do, or maybe, if the practice is just getting started, or a dentist is working as an associate in someone else’s practice, a system involving Quickbooks, Xero or some other type of accounting software?

To be honest, we would never recommend the latter for any dental professional. Accounting software is a part of dental accounting, but it should never be used in the place of a human professional, even if the only finances you have to be concerned about at the moment are your own as an associate.

But why work with an outsourced dental accountant instead of hiring an in-house bookkeeper to come in and help a few times a week? There are many good reasons, here are just a few of them.

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Associates' Tax and Accounting services

If you do not have your own practice yet you may not think you need a dental accountant yet. But you really do. Depending on your unique circumstances, you can structure your personal finances in a variety of ways. Should you operate as a sole proprietor or incorporate? What kind of tax breaks are you entitled to? How much will you need to open a practice of your own or buy into an existing one? Would doing so even make financial sense?

The answer is contingent on your specific circumstances. Our dental professionals can advise you on the tax efficiency of your existing situation and how to work in the most tax efficient manner possible, making use of all available reliefs and claiming everything you are entitled to while ensuring the taxman gets their proper share.

Further down the line, purchasing a practice or joining a practice as a partner is a big move. Our comprehensive selection of specialist dental accountant services will ensure that you are properly represented and advised.

We can help with every step of the way, from specialized dental business appraisals to advising on the most tax-efficient structure for your purchase.

Dental Accountant Services For Dental Practices and Their Owners

We give professional business assistance to practice owners and partners, as well as individuals considering taking the next steps to become a practice owner or partner, at every stage of their professional journey, from purchase to expansion, business disposition, and retirement.

The following are some of the most commonly used services by practice owners:

Acquisitions and Business Structuring

We are well-versed in the complexity and tax ramifications that face a wide range of businesses, including sole traders, partnerships, limited liability companies, and corporations.

Our extensive experience allows us to recommend the structure that is best suited to your specific needs.  We can assess your current business structure, provide tax advice, and make recommendations for adjustments if necessary.

Proactive Tax Planning

We can assess the tax efficiency of your existing situation and offer experienced guidance on how to work in the most tax-efficient manner possible. Tax time is nerve wracking for anyone, and often more so for business owners, especially in a time when the tax codes seem to be constantly changing, as is the case right now.

Working with a specialist dental accountant will relieve much of the stress. We’ll ask you for the basic information we need and then handle the rest, including speaking with HMRC if necessary.  

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Practice Expansion or Sale

We can offer expert advice and support whether you are considering expanding your practice or selling all or part of your firm.

From professional business valuations to advising on the most tax-efficient structure for expansion, we can help you every step of the way. A team of finance professionals and specialized legal teams are also available to us. We can take care of everything for you.

Other Dental Accountant Services

Want even more reasons to hire a dental accountant? We can help you with remuneration and pension planning, payroll considerations and day to day financial efficiency measures. We can help you find and implement the best ways to offer financing to patients for dental procedures not covered by the NHS, something that often significantly boosts a practice’s bottom line.

There may even be grounds for Research and Development (R&D) tax relief, which we can advise on and handle all the paperwork for you if necessary.

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Ready to discuss just what working with a dental accountant like Pearl Lemon Accountants could do for you and your practice?

Contact us today to find out.