In 2020, about 41.3 thousand dentists were practising in the UK. The field has mushroomed into a large segment that is in tangent with the medical practice. Such a prominent and growing profession requires not only good skills but also efficient management in all aspects of the office or clinic. While maintaining records, proper management is also crucial for the smooth functioning of one’s clinic. This is why specialist accountants for dentists who understand the nature of work and provide appropriate services are gaining importance in the industry.
Speciality accountants have industry-specific knowledge and are experts in accounting for various incomes and expenses unique to the dental profession. If you are a dentist considering hiring an accountant for your clinic, here is a list of services that you can expect from them.
Setting Up A New Practice Or, Taking On Your Existing One
A dental accounting firm will help with setting up a new practice and taking your existing practice to the cloud by setting up the appropriate accounting systems in your office.
Day To Day Accounting Services
Patients come and go daily, and you have income and expenses based on patient footfall. Rather than maintaining manual records of the income and expenses, you can enter these details into the cloud-based accounting system without worrying about the receipts piling up.
Accountants will ensure that cash and credit transactions are recorded separately and taxed accordingly. They will also file insurance transactions separately so that you can claim payments from various insurers.
Digital Tax Payments
Accountants help pay your tax digitally and file the appropriate statements online. This saves you the hassle of preparing tax forms and going to the tax department to file them yourself.
Keep You Posted Of New Regulations
Accountants for dentists ensure that they keep you posted on any new accounting and tax regulations or changes in existing ones. They will also tweak the accounting package to accommodate these changes. This way, you can be sure that you are always current on your tax filing.
Capital Expense And Tax Planning
Expert accountants help you plan for capital expenses such as the purchase of equipment and property. They also advise on how these expenses can be written off and tax adjustments for their depreciation. With someone to advise you on these matters, you can focus on growing your practice and helping patients.
Dental services also include cosmetic services and can attract Value Added Tax. Knowing which services attract VAT can help pay tax on time and save on penalties related to delayed tax payment.
You do not have to navigate the maze of the NHS pension scheme alone. Dental accountants will help you understand the annual pension limits and help file the annual declarations. The accountants will also handle the HMRC correspondence on behalf of your practice; so that it becomes easy to traverse that terrain.
Paying salaries and making deductions is no longer the tedious task it used to be. Your accounting specialists will take care of the salary payouts and make the necessary deductions from payroll. They can also provide pay stubs to employees every month. Having a specialist handle the payroll means they will ensure the deductions for both contract staff and full-time employees.
Financial And Management Reports
Your practice is growing, and you want to read a variety of reports to understand the areas that need your attention and the areas that are profitable. An accounting service will provide a variety of financial and management reports that you can generate with a click of a few buttons. Armed with this information, you can take your practice to the next level.
Accounting can eat away into a huge chunk of your time, which could have been used to treat patients better. Now you focus on what you do the best and leave the rest to accountants for dentists. These speciality accountants provide end-to-end accounting solutions for your dental practice and maximise your potential to grow in the industry.