Accountants for Dentists and Orthodontists

How Can Accountants for Dentists Help my Practice?

We have found that understanding this environment allows us to provide services that address these complexities. We believe financial management is key to being profitable and long term success. Ultimately we want to help dental practitioners be financially successful by overcoming these financial challenges.

Chartered Accountants for Dentists

Chartered accountants are business partners for dental professionals. As tax specialists with over 20 years of experience, we help with tax planning, financial analysis, and compliance to reduce liabilities and increase profits. We provide bookkeeping, payroll management and prepare detailed financial statements.

We specialise in the dental industry, we know the dental business inside out, we can help with cost management and identify opportunities for growth. By using our expertise dentists can focus on patient care, knowing their finances are in the hands of professionals who are dedicated to the sector.

Expertise in the Dental Sector

At Thomas Barrie & Co we have a deep understanding of the dental profession and the challenges that dental professionals face. Our team of specialist dental accountants have years of experience of working with dentists, orthodontists and other dental professionals. We keep up to date with the latest developments in the industry, NHS funding, tax legislation and regulatory requirements.

Our expertise in the dental sector allows us to provide bespoke advice and support to help dental professionals achieve their goals and build their business.

How we Help Dentists

Financial Due Diligence in Dental Transitions

We do financial due diligence to ensure your practice acquisitions or sales run smoothly, especially if you are a practice owner. We review financial statements to verify the revenue, expenses and net income figures.

We identify risks, ensure financial and legal compliance and advise so you can make informed decisions. By spotting issues early we help reduce financial surprises that could impact the transaction.

Dental Regulations and Compliance

Dental practices have to navigate many confusing regulations. Our team knows these complex regulations inside out and can ensure your dentist or practice is compliant with the latest industry standards.

We provide thorough assessments, advice and guidance tailored to your practice needs to avoid penalties. We understand local, regional and national regulations so we can provide specific compliance solutions.

Tax Planning for Dental Practices

Tax planning and tax advice are key to getting the most out of your dental practice’s financial health and tax efficiency. We provide tax strategies that maximise deductions and credits. As a self employed dentist understanding tax planning and financial structuring is critical to making informed decisions about your practice.

Our knowledge of the dental industry allows us to provide bespoke tax solutions that address the challenges you face. Through proactive planning we reduce your tax liabilities so you can re invest in your practice. Our strategies aim to increase profits and compliance.

Financial Controls in Dental Practices

Financial controls are key to protecting your practice’s assets and running your practice efficiently. We help set up tax efficient and control systems, focusing on financial reporting and risk management.We design systems to monitor daily transactions, reduce errors and prevent fraud.

Our expertise means financial management is streamlined, effective and aligned to your practice’s goals. Financial controls build trust with stakeholders.

Practice Acquisition and Growth Advice

Our advisory services cover practice acquisition and growth for practice owners. Buying a practice requires planning and we provide business analysis to identify the opportunities.

From valuing a practice to market conditions our guidance ensures your growth plans are financially viable. We help with resource allocation, strategic planning, management accounts and financial goal setting so you can grow sustainably and competitively.

Dental Accountancy Innovations

Innovations in accountancy mean embracing new technologies and ways of working for your practice. Our approach includes using digital tools like automated accounting software to get more accurate and efficient.

We’re always up to date with industry developments and integrate the latest solutions to streamline accounting. Forward thinking practices mean we adapt to change so you can benefit from the latest in dental accountancy.

Retirement Planning for a Secure Future

Retirement planning is important for any practice owner. Our retirement planning services create secure and sustainable plans that match your personal and professional goals.

We review your current financial situation, identify income streams and provide investment advice. Our strategies ensure you have a robust retirement fund so you can have peace of mind in your post professional life. Securing your financial future is part of our service.

Adjusting to NHS and Private Dental Changes

Dentists have to juggle work between NHS and private care and this can create financial complexities. Changing regulations, fluctuating patient demand and evolving treatment options all contribute to a dynamic environment for the dental team. Our experience in dental accounting means we can navigate these changes with ease and help you adjust your financial plans accordingly.

We keep a close eye on regulatory changes and shifts in the NHS and private sectors so your practice is compliant and ready to take advantage of the opportunities that arise. Our knowledge of both NHS and private dental care means we can give you bespoke advice to maximise your practice’s revenue and allow you to focus on delivering great patient care while we handle the financial complexity.

Revenue Growth Through Service Diversification

Diversification of services is a key strategy for many dental practices looking to increase revenue. From offering specialist treatments like orthodontics or cosmetic dentistry to expanding into areas like teeth whitening or implants diversification can boost your practice’s financial health. But it requires financial planning to ensure new services add to the bottom line.We help dentists assess the financial feasibility of new services considering demand, competition and the cost of delivering the new treatments.

We want to ensure any new services align with your practice’s financial goals and support growth. By broadening your service offer strategically you can increase patient satisfaction, attract new patients and strengthen your practice’s finances.

Payroll for Dentists

We know how important efficient payroll management is for dental practices. Our team of dental accountants provides specialist payroll services for dental professionals. We help dental practices streamline their payroll processes, ensuring compliance with the latest tax legislation and minimising errors.

Our payroll services for dentists include:

• Accurate and timely payment of staff salaries and wages

• Calculation and submission of PAYE and National Insurance contributions

• Management of pension schemes and auto-enrolment

• Provision of payslips and P60s

• Support with payroll related queries and issues

By outsourcing your payroll to us you can free up time to focus on your dental practice while ensuring your staff are paid on time and correctly.

Contact us for support with your dental practice.