How we can help you
On The Money Bookkeeping is a group of exceptional bookkeepers and accountants. We are based in Box Hill but have experience in looking after businesses around Australia. We can look at your current bookkeeping system and work out a plan to move forward, correcting any errors before implementing best practice processes appropriate to your business. You will benefit by correct and consistent record keeping, reporting and budgeting. This will help you improve efficiency and be more in control of your business finances.
We are a 100% Xero practice. Xero is one of the most advanced bookkeeping software packages available for medical professionals today. All of our team members are qualified in bookkeeping or accounting and are Xero certified. Our goal is not just to do the bookkeeping well, but proactively find ways to save you money and time by managing your accounts professionally.
Following the best practice bookkeeping systems can help your practice flourish. At On The Money Bookkeeping, we are experienced with the principles of successful bookkeeping for dentists. Our team is well equipped to take that load off your shoulders so that you can focus on what you do best.
Connect with us for a free review of your existing bookkeeping systems and an estimate for our services.
FAQs
Why is bookkeeping for dentists important?
Dental practices manage patient income, payroll, contractors, laboratory bills, materials, equipment, finance agreements and ongoing operating costs. Without accurate bookkeeping, it can be difficult to understand how the practice is performing or what funds are available for upcoming commitments.
Up-to-date accounts help the owner monitor cash flow, prepare for payroll and tax obligations, review expenses and make informed decisions about equipment, staffing and growth.
What does bookkeeping for a dental practice include?
It may include bank and credit card reconciliations, patient income reconciliation, supplier bills, payroll, superannuation, contractor payments, BAS preparation, accounts payable, accounts receivable, calculating payments to contractor dentists and management reporting.
It can also involve correctly recording equipment purchases or finance agreements, improving document collection and integrating Xero with payroll, expense-management or practice systems. The exact scope should reflect how the dental practice operates.
How can proper bookkeeping help dentists reduce tax liability?
Bookkeeping for dentists should ensure that income and expenses are recorded accurately, supporting documents are retained and legitimate business transactions are not missed or incorrectly classified.
Clean records allow the tax agent to identify eligible deductions, apply the correct treatment and provide tax-planning advice using reliable information. Poor bookkeeping can have the opposite effect by creating errors, overlooked or misclassified expenses and unnecessary year-end correction work.
How often should bookkeeping be done in a dental clinic?
Most active dental practices benefit from a minimum of weekly bookkeeping rather than leaving everything until month-end or BAS time. Patient receipts, supplier payments, payroll and merchant settlements can build up quickly.
Frequent processing keeps reports useful and allows cash flow issues or reconciliation differences to be identified earlier. The appropriate processing schedule depends on transaction volume, staffing and the level of reporting the owner needs.
What’s the cost of bookkeeping services for a dental practice?
The cost depends on the size of the practice, number of practitioners, payroll complexity, transaction volume, software systems, reporting needs and whether the accounts require clean-up.
A small clinic may need a straightforward recurring service, while a larger practice may require payroll, contractor management, budgeting, cash flow reporting and systems support. A review of the existing accounts is the most reliable way to determine the scope and provide an estimate.