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How can accountants help dentists?

Many dentists these days have high workloads and need to work hard to manage their time. Activities such as completing tax returns can take time away that would be better spent with patients. Fortunately, accountants can help dentists with many such tasks, enabling them to free up as many hours as possible. As well helping out with bookkeeping and tax returns, accountants can take the strain by carrying out a lot of other administrative work, including dealing with payrolls and even pension forecasts.

An accounting expert ready to answer questions

Dentists who choose to employ an accountant might be pleasantly surprised to find that the best will offer an advisory service to their clients that is available throughout the year. This means that, should a problem arise surrounding a complex area, such as bidding for a contract or setting up a partnership agreement, an accountant will be on hand to answer questions and help bring about a speedy resolution. In some cases, accountancy firms will ensure that one specific member of staff is assigned to a dental practice. This has the advantage of continuity, making sure that problems can be addressed straight away, without new accountants having to familiarise themselves with the history of the practice.

It can also be helpful when firms provide their services at those hours when dentists are likely to be free to contact them, such as weekends or evenings. All of these conveniences can add up, making the best accountants worth their weight in gold.

The dental sector has specific accounting needs

When it comes to accounting, dentistry is a specialised field, and not every accounting firm will possess the knowledge and experience required to deal with its complexities. Some accountants, however, have prior experience of working with dental professionals and they will be able to offer a wealth of useful information to their clients. As big changes take place throughout the NHS, accountants can help to advise dentists on what new government legislation will mean for them. They can also help in cases where practices decide to operate as limited liability companies, by outlining the costs and procedures that are likely to be involved.

Accountants can not only help dentists to organise their current financial positions but also assist in future planning. Cashflow forecasts and budgets can be drawn up to help dental practices to perform as efficiently as possible. Accountants can also advise on factors that will help to streamline the accounting side of a practice, such as computerisation.

Pensions can be a difficult area to understand alone, and accountants can be extremely useful in helping dentists to decide what their best options might be following changes to the NHS Pension Scheme. When dentists look to the future, they might wonder what the best course of action will be to ensure the success of their practice. Accountants can lead the way with sound financial planning advice, taking the practice safely into the future and leaving dentists to focus on treating their patients.

Posted by Mark
July 23, 2013

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