You set up your dental practice so you can provide the highest quality of dental care to your patients. However, your practice is also a business. For your practice to be successful, you need to have effective management in place.
One of these is in the area of finances. Good financial management of your dental clinic is critical to ensure success.
Related: Tax Accountant for Dentists and Dental Practices
How Can a Specialist Accountant Help Your Dental Clinic?
A specialist accountant can help ensure the success of your Dental Practice in the following ways:
Advice on financial matters
Your accountant sees the big picture of your dental practice. He monitors your business income, expenses, and investments so your dental practice can be profitable.
Help with your business plan
In order for your business to grow, you need to formulate a business plan that can project growth over one, three, and five years.
Your accountant can partner with you to write your business plan and strategize on how those goals can be achieved over the next few years. They can look for areas where your dental practice can grow and advise you on the right time to do it.
Accurate financial statements
These statements show you exactly how much money you are bringing in, how much your expenses are, and what you are spending money on. They can recommend ways for you to cut operational costs and improve your bottom line.
Advice on tax matters
Your accountant can also help you reduce your tax liability by recommending various tax-efficient strategies that you can implement in your practice.
They can help with administrative tasks such as filing your tax returns and finding ways to legally maximise your business deductions so your tax liability can be reduced.
Tips for Finding the Right Accountant
Below are some things you can do if you are looking for an accountant that is going to help ensure the success of your practice.
Get a recommendation
If a trusted friend or colleague has used an accounting service before, ask them if they were happy with the service and if they would recommend them. You can also check Google reviews of local accountants in your area. These are often a good indicator of how well the accountant serves their clients.
Determine what type of accounting service you need
Professional accountants often specialise in a particular area of accounting. Do you need tax advice? Do you plan to form a corporation? Do you need support in handling payroll? Do you need all the services? After you determine your needs, you can look for an accountant based on the area of their expertise.
Be sure they have the proper credentials
The accountant should be a member of the appropriate professional body. For instance, a tax accountant should be registered with the Tax Practitioners Board Register.
Why Use Griffiths Advisory?
Griffiths Advisory has been providing expert financial advice and professional accounting services to clients around Perth for more than 25 years.
We consistently receive positive reviews and have many repeat customers. We have experience working with dental and medical practices across Perth.
Call us today and find out how we can help you maximise your profits, minimise taxes and expenses, and run a profitable dental practice.
Bachelor of Commerce
Certified Practising Accountant
Diploma in Financial Planning
Professional Certificate in SMSF
Approved SMSF Auditor
Phil has been the Managing Director of Griffiths Advisory for 29 years, combining his expertise in taxation, business advisory, superannuation, negative gearing, and wealth creation. He also loves an active lifestyle, indulging in surfing, cycling, snowboarding, and spending quality time with his wife and two children.
