Time to outsource your dental practice’s bookkeeping?

Category: BookkeepingHealthcare - Posted On: Jun 28 2023

Are you spending your evenings and weekends struggling with your accounting records? Is maintaining your books part of your practice managers never-ending to do list? If so, it may be time to outsource your bookkeeping.

Whether you, or a member of your team, are maintaining your books, your time could be better served focusing on providing great care to your patients and ensuring the smooth running of your practice.

Not only does outsourcing your bookkeeping free up your precious time, it can also be cost effective. By keeping your records yourself, you are taking time away from your clinic and patients, impacting the amount you can earn. Although you will have to pay a fee for someone else to maintain your books, by using an expert such as our EQ Healthcare Dental team, it will ensure your books are accurate and up to date. This allows for greater efficiency in the preparation of your financial statements, as well as access to current management information allowing you to manage your finances better.

By outsourcing, you will have access to up to date software and any questions you have regarding the running of your business can be answered immediately. We can also prepare management accounts to allow for periodic review of the business’s performance, compare to benchmarks, and allow for tax planning of expenditure to ensure you make the most of reliefs and allowances available. If you wait until your accounts are prepared, months after your year end, to discuss your taxable position, you have completely missed the boat to undertake any tax saving expenditure.

Another key area that many businesses tend to outsource is payroll. Due to the tight timeframes involved outsourcing your payroll can alleviate any stress with paying employees and HMRC the correct amount on time. Expert advice in this area can be crucial when dealing with new starts, pensions and even Benefits in Kind (BiK).

For more information on how we can support your dental practice, please contact our dedicated EQ Healthcare team via healthcare@eqaccountants.co.uk or call one of our offices.

Alternatively, if you would like more information on our bookkeeping or payroll services, please contact our EQ Accounting team today on info@eqaccounting.co.uk.