Dentists and orthodontists
Accountants for Dentist, specialist sector requiring specialist advice
Our current client base includes a range of individuals in the dental profession, and with our expertise as accountants for dentists, we are well placed to offer advice in this area. We act for associates, dental and orthodontist practices, handling all their accounting and taxation requirements. If you are thinking of setting up in practice, there are specialist lenders who lend to dentists and orthodontists to assist with premises, equipment, and, particularly with orthodontic start-ups, working capital.
Proper income recognition is vital in your accounts. These have to reflect the work done in the period, not the cash received. Orthodontists can have sizeable work in progress and this must be reflected in accounts.
Have you reviewed the level of your personal expenses claims in recent years to ensure that they accurately reflect business use? If not you can be sure that HM Revenue and Customs will over the next few years.
With the introduction of changes to tax relief on pension contributions, we have seen a rise in dentists and orthodontists being caught out with large tax charges.
At Thomas Barrie & Co, we can help assess your pension annual allowance position before a problem arises. Get in touch with our expert accountants for dentists today on 0141 221 2257.
Accountants for Dentists – How can they help my dental practice?
Dental practices operate in a unique financial environment. Income streams can be all over the place, private treatments, NHS work and other specialist dental services all contribute to the revenue. Each of these income streams has different tax and financial planning implications. Dentists also have to manage big overheads, equipment to staff costs which are unique challenges.
We have found that understanding this environment allows us to provide services that address these complexities. We believe financial management is key to being profitable and long term success. Ultimately we want to help dental practitioners be financially successful by overcoming these financial challenges.
Chartered Accountants for Dentists
Chartered accountants are business partners for dental professionals. We help with tax planning, financial analysis and compliance to reduce liabilities and increase profits. We provide bookkeeping, payroll management and prepare detailed financial statements.
We specialise in the dental industry, we know the ins and outs of the dental business, we can help with cost management and identify opportunities for growth. By using our expertise dentists can focus on patient care, knowing their finances are in the hands of professionals who are dedicated to the sector.
Expertise in the Dental Industry
At Thomas Barrie & Co we have a deep understanding of the dental industry and the challenges that dental professionals face. Our team of specialist dental accountants have years of experience of working with dentists, orthodontists and other dental professionals. We keep up to date with the latest developments in the industry, NHS funding, tax legislation and regulatory requirements. Our expertise in the dental industry allows us to provide bespoke advice and support to help dental professionals achieve their goals and build their business.
Our Accountancy Services for Dentists
Financial Due Diligence in Dental Transactions
We do financial due diligence to ensure your practice acquisitions or sales run smoothly. We review financial statements to verify the revenue, expenses and net income figures.
We identify risks, ensure financial and legal compliance and provide advice so you can make informed decisions. By spotting issues early we help reduce financial surprises that could impact the transaction.
Dental Regulations and Compliance
Dental practices have to navigate many regulatory requirements that can be confusing. Our team knows these complex regulations inside out and can ensure your dentist or practice is compliant with the latest industry standards.
We provide thorough assessments, advice and guidance tailored to your practice needs to avoid penalties. We understand local, regional and national regulations so we can provide specific compliance solutions.
Tax Planning for Dental Practices
Tax planning is key to getting the most out of your dental practice’s financial health and tax efficiency. We provide tax strategies that maximise deductions and credits. As a self employed dentist understanding tax planning and financial structuring is critical to making informed decisions about your practice.
Our knowledge of the dental industry allows us to provide bespoke tax solutions that address the challenges you face. Through proactive planning we reduce your tax liabilities so you can reinvest in your practice. Our strategies aim to increase profits and compliance.
Financial Controls in Dental Practices
Financial controls are crucial to protect your practice’s assets and run your practice efficiently. We help set up tax efficient and control systems, focusing on financial reporting and risk management.
We design systems to monitor daily transactions, reduce errors and prevent fraud. Our expertise means financial management is streamlined, effective and aligned to your practice’s goals. Financial controls build trust with stakeholders.
Practice Acquisition and Growth Advisory
Our advisory services cover practice acquisition and growth. Buying a practice requires planning and we provide business analysis to identify the opportunities.
From valuing a practice to market conditions our guidance ensures your growth plans are financially viable. We help with resource allocation, strategic planning, management accounts and financial goal setting so you can grow sustainably and competitively.
Dental Accountancy Innovations
Innovations in accountancy mean embracing new technologies and ways of working for your practice. Our approach includes using digital tools like automated accounting software to get more accurate and efficient.
We’re always up to date with industry developments and integrate the latest solutions to streamline accounting. Forward thinking practices mean we adapt to change so you can benefit from the latest in dental accountancy.
Retirement Planning for a Secure Future
Retirement planning is important for any dentist. Our retirement planning services create secure and sustainable plans that match your personal and professional goals.
We review your current financial situation, identify income streams and provide investment advice. Our strategies ensure you have a robust retirement fund so you can have peace of mind in your post professional life. Securing your financial future is part of our service.
Adjusting to NHS and Private Dental Changes
Dentists have to juggle work between NHS and private care and this can create financial complexities. Changing regulations, fluctuating patient demand and evolving treatment options all contribute to a dynamic environment for the dental team. Our experience in dental accounting means we can navigate these changes with ease and help you adjust your financial plans accordingly.
We keep a close eye on regulatory changes and shifts in the NHS and private sectors so your practice is compliant and ready to take advantage of the opportunities that arise. Our knowledge of both NHS and private dental care means we can give you bespoke advice to maximise your practice’s revenue and allow you to focus on delivering great patient care while we handle the financial complexity.
Revenue Growth Through Service Diversification
Diversification of services is a key strategy for many dental practices looking to increase revenue. From offering specialist treatments like orthodontics or cosmetic dentistry to expanding into areas like teeth whitening or implants diversification can boost your practice’s financial health. But it requires financial planning to ensure new services add to the bottom line.
We help dental professionals review the financial viability of expanding their service offerings taking into account market demand, competition and the costs of providing new treatments. We want to make sure any diversification aligns with your practice’s financial goals and supports sustainable growth. By broadening your service portfolio strategically you can improve patient satisfaction, attract new patients and strengthen your practice’s financial position.