What Services Do Dental Accountants Provide to Improve Health of Your Finances?

Posted by Amit Gupta on May 19th, 2021

As a dentist, managing your finances and taxes may not be on your priority list. But as someone who runs a business, you can’t afford to ignore these tasks. Hiring a dental accountant is one effective way to keep your finances in order. By delegating the accounting aspect of your clinic to an expert, you can focus more on growing your dentistry practice and on caring for your patients. 

Services offered by a dental accountant 

Ensure accuracy of financial accounts 

One accounting mistake can mean a lot of trouble. It's easy to overlook errors in your financial accounts if you have so much on your plate. You need to take care of your patients, do paperwork, manage your staff, ensure that you are following the health standards during a pandemic, and a lot more. That's why you need dental accountants. They will do the bookkeeping, checking the accuracy of financial accounts, ensuring that all of your numbers tally up at the end of the day. 

Take advantage of tax benefits 

If you don't have dental accountants managing your taxes, there's a good chance that you are paying more than required. That's because you are probably not accounting for all the business expenses that you can legally deduct from your tax bills. Don't worry, your accountant can point them out for you and ensure that the next time you file your taxes; you will be able to save more money. In fact, they can even create tax strategies to further reduce your tax liabilities. 

Of course, aside from ensuring that you are paying the least amount of tax allowable by law, dental accountants also see to it that you are complying with all the rules and regulations. This way, you can avoid penalties. 

Industry-specific knowledge 

Unlike regular accountants, dental accountants have a great understanding of the unique accounting needs of dental practices and of the taxation laws that affect the dental sector, as well as the latest trends and issues. Their experience and expertise are surely valuable to your dental practice. You can leverage their industry-specific knowledge in various ways such as when benchmarking, creating a business plan, getting business insights, marketing, pricing, and more. Your dental accountant can help you make well-informed business decisions overall. 

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.