As a dentist, you are expert at helping patients maintain healthy teeth and gums. Can you say the same about your financial health? The demands of your role as a health care provider can make it challenging to focus beyond your patients and continual developments in your industry. Bookkeeping, payroll, taxes, compliance, superannuation, as well as creditor and debtor management, are important aspects of your business that can take more time than you have.
The importance of accurate bookkeeping for your dental practice
Best practice bookkeeping gives you an accurate picture of your financial position so that you can make informed business decisions. Proactive bookkeeping is one of the keys to excellent cash flow management. Understanding your financial reports and cash flow means that you can plan for payroll expenses, superannuation, equipment and activity statements without stress.
Dental practices require expensive equipment and maintenance. The purchases or hire agreements must be treated correctly in your accounts. Getting asset purchases right in your accounts makes it easier for the tax agent at financial year-end.
Payroll and contractor management is also a time-consuming aspect of bookkeeping for dental businesses. Our team are experienced payroll experts and team up with Employment Hero to manage the intricacies of dental practice payroll and contractors.
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.