Can Dental Accountants Help in Managing Your Finances?

Posted by Amit Gupta on April 1st, 2021

You’re a dentist. It’s understandable that managing the accounts of your practice is not your biggest strength. Fortunately, there are dental accountants in London who can come to your rescue when you need to get your finances in order. Delegating the accounting aspect of your practice to a qualified accountant will allow you to focus on what you are best at, caring for your patientsand ultimately helping to run a successful dentistry practice.

One of the things that you must understand about a dental accountant is that this professional is different from a "general" accountant. They are also trained in accounting, but they specialise in the unique services and structure of dental clinics. Here's how exactly a dental accountant can help you in managing the finances of your practice.

Get access to industry knowledge

Perhaps the biggest thing that sets apart a dental accountant from others is industry knowledge. They have a better understanding about the dental sector. Thus, they can provide in-depth analysis and more reliable accounting advice that is specific to dental practices. You can be rest assured that your dental accountantwill bring more than the just basics of general bookkeeping and accounting to the table.

Save money

It might be hard to think of your dental clinic is a business, but it is. It has to stay financially viable if you want to continue serving patients. And as a business, it has tax liabilities—you have to file proper taxes against income from this business. Dental accountants specialise on dental tax accounting and stay up to date with the latest changes. With their help, your clinic will be able to reduce tax liabilities in the near term, and become more tax efficient while staying compliant with the rules and requirements in the long term.

Make smart financial choices

The job of a dental accountant is more than just keeping record of every income and expenses. They use the financial information of your dental clinic to teach and guide you in making smarter financial decisions. Unlike generic accounting software, human accountants can interpret data in a context and identify areas that need to be addressed. They can find nuances that most software will miss. They can easily spot mistakes and they will know if you have been paying fees and taxes more than you should. Understanding how dental industry works, they can also provide advice that is both practical and profitable.

About the Author:

Amit Gupta, Director, Allenby Accountants.

Allenby Accountants is a firm of Chartered Accountants in Uxbridge, West London. We offer tax advice, business advice, financial advice and support to our clients in achieving  life ambitions such as buying a home, sending kids to a good university, living a happy retired life, etc. Our range of services includes accounting, bookkeeping, tax planning, VAT advice, inheritance tax planning, succession planning, business buying & selling, etc. We specialise in sectors such as medical & healthcare, hospitality, media, e-commerce, professional services, property & construction, charity and not-for-profit and more.