Accounting for Dentists
We recognise the fact that running a dentistry practice is very demanding and dealing with public health issues can be stressful. Over the past decade Joe Santomartino has mentored a number of dentists and allied oral healthcare professionals through the various stages of their business life cycle, from start up right through to sale of their dentistry practice.
He understands your patients often focus on the pain of the drill and the 'pain' of your bill but most dental practitioners are concerned with their bookkeeping, cash flow and practice administration. Apart from providing assistance with the usual compliance issues of GST, BAS, PAYG and superannuation, we’ll advise you on the most appropriate tax structure for your business. A number of our dentists operate through a service trust arrangement but when evaluating business structures we always factor in income tax considerations, asset protection, family structure and future discount capital gains tax concessions.
STARTING A DENTAL PRACTICE?
When starting or buying into a dental practice there are numerous issues to consider. It can be a minefield but as a business start-up specialist we can assist you with everything from your branding through to your business structure, site selection, commercial lease, corporate brochure, marketing and website. We have developed a number of tools for new business owners including a comprehensive checklist of start up expenses broken down into categories including leasehold improvements, IT costs, marketing, furniture and fittings plus medical equipment. These figures then automatically feed through to an integrated cash flow budget to help you identify any finance requirements and they also tuck neatly into your business plan.
We assist our dental clients with their commercial property lease and also source funding for new medical equipment or motor vehicles (chattel mortgage, lease etc.). Through an affiliate business partner we also give you access to fleet discounts on new cars that could save you thousands of dollars. As a professional we recognise you also want to grow your profits and your wealth which explains why a number of our dental clients have a self managed superannuation fund (SMSF) built into their structure. If you want to know more about starting a SMSF download our e-booklet, Thinking of Starting a SMSF?
We understand you are busy working in the practice and bookkeeping often doesn’t get the attention it deserves. We will help you select the most appropriate software for your dental clinic and take into account your business needs (bookkeeping, payroll, invoicing etc.) and level of accounting skill. Where required we will train you or your staff to use the software because we find many dentists make the mistake of buying sophisticated ‘double entry’ accounting programs that are beyond their needs and level of accounting skill. This leads to ‘computerised shoebox’ records and extra accounting costs when our client brief includes minimising the cost of compliance. We strive to help you ‘know your numbers’ and that includes understanding the 4 Ways to Grow Your Business. Once you understand the key profit drivers in your dental clinic we can talk you through profit improvement strategies and even quantify the profit improvement potential in your business.
That’s just the beginning because as accountants we can prepare some ‘what if’ scenarios so you know your clinic’s best and worst case financial scenarios. Preparing a cash flow budget and projecting your profit and loss is all part of our service offering and we use industry benchmarks to analyse the relative performance of your dental practice against your peers so you understand what is working in your clinic and what needs working on.
Our services to dentists and dental prosthetists are both broad and deep and include:
- Start-Up Business Advice for Dentists and Allied Oral Healtcare Professionals
- Advice and Establishment of Your Business Structure
- Advice & Assistance with the Purchase or Sale of your Dental Practice
- Spreadsheets and Tools including a Start Up Expense Checklist and Pricing Calculator
- Tax & Business Registrations including your ABN, TFN, GST, WorkCover etc.
- Preparation of a Business Plan, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing, Payroll etc.
- Preparation of Finance Applications for Banking Institutions
- Site Location and Advice Regarding your Commercial Lease
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Industry Benchmarking and KPI Management
- Marketing Advice including branding, brochures, website and social media strategies
- Advice and Assistance with the Development, Content and Website SEO
- Wealth Creation Strategies, SMSF’s and Financial Planning Services
- Vehicle & Equipment Finance (Medical Equipment and Clinic Fit Out)
- Monitoring Labour Costs & Advice regarding Employee Relations and Workplace Laws
- Advice regarding Claiming Motor Vehicle Costs
- Business & Risk Insurances
- Business Succession Planning
We are so much more than just tax Accountants. We are business advisors and profit builders who service the needs of a number of dentists and allied healthcare professionals. We offer you strategies to grow your business, your profits and your wealth so if you’re looking to get the right advice when starting, buying or developing your dental clinic, contact us today on (03) 8361 8357.
JAS Accountants - Tax & Business Advisors