Dental Accounting

The job of a dentist is very different to what it was 20 years ago. The profession has evolved, expectations from clients have risen, new health care laws have been created. Digital technology has advanced and large student loans have impacted how dentists must work and run their dental practices.

Since the turn of the new millenium, utilisation of dental services by the adult population has been declining. This decline steepened following the global financial crisis. On the other hand, the number of practicing dentists is increasing, as well as the upfront cost of opening a dental practice or purchasing an existing one in a property market that is constantly on the rise.

Equipment is another large expense for dentists. Buying the latest dental equipment or the best software can seem unattainable for business owners if you don’t have the right financial systems in place. That’s where the specialists at wealthpreneur can help. We have years of experience providing dentists and dental practices with specialised accounting, bookkeeping services and tax planning services. Our accounting practice has been expertly created to improve productivity and increase your bottom line. We focus on your business and accounting numbers, so you can support your patients.

We have gained our expertise from years of working with many dental practices. We have found that dentists are paying more tax than they need, simply because they don’t have the most tax effective business structure for their practice. The business structure you choose is important and its vital that it is set up correctly from the start. Why? Because changing the business structure in the future could be expensive as it may trigger a capital gains tax event.

The team at wealthpreneur are dedicated to providing you with the highest level of care. We look after your tax return like it’s our own because we want to make sure you are not paying too much tax. We saved one of our dental clients $100,000 over a three and a half year period, by renegotiating their contracts.

Some of the specialist services we provide dentists and dental practices are explained below.

Accounting Practice & Bookkeeping Services

The first step in growing a successful business is getting the numbers right. No business owner can make good decisions if they don’t understand their current financial position.

Getting your numbers right starts with accurate bookkeeping and proactive accounting and a dental cpa. By offering you a wide range of business accounting services we help you get your accounting process flowing smoothly, allowing you to focus on your business. An effective bookkeeping system will help you monitor the health of your business, so you can make sound business decisions. This also helps with managing your cash flow so you can pay your tax on time.

Tax Planning

Taxation can be complicated. By working closely with you and utilising our expertise, we tailor strategies to minimise your tax. We do this by managing the current year situation and planning for the coming years by providing specific proven strategies.

It can be frustrating and time consuming when dealing with the tax office and understanding financial statements, and often a little scary if you don’t have the knowledge. Our expertise allows us to liaise with the ATO on your behalf to allow you to focus on running your business.

GST & Indirect Tax

GST and indirect taxes can add significant time and cost burden to your business. We can minimise the impact of GST and other indirect taxes by advising you on the relevant rules, providing dispute resolutions and lodging your returns through our accounting firm.

GST, in particular, can impact a business’s cash flow so it needs to be managed effectively. Indirect taxes affect every business and navigating the myriad of rules can be onerous. We can minimise the impact of GST and other indirect taxes, as well as simplifying your compliance burden.

 

Contact us today to learn more about the specialised accounting, bookkeeping and tax planning services we provide dentists and dental practices.