Outsourcing your finance function
Outsourcing your accounting and finance function allows your practice to benefit from the services of experts, working remotely, using reliable systems and good technology. Specific benefits include:
Services from a provider that specialises in medical and dental practices
Dental and medical accounting is our expert area. So, whether your spend on materials and lab bills is within industry norms is something that only a specialist accountant will know. The same applies to associate percentages, also if other members of your team should be paid via the payroll or self-employed. We can identify easy ways to boost practice profitability by bringing overheads within the benchmark of a practice similar to yours.
Specialised and cutting-edge technology
We are equipped with staff specifically trained for dental and medical practices, and our clients benefit from our years of experience and the cutting-edge financial technologies that we use, to drive speed and efficiency.
Reduced costs and maximum efficiency for your practice
You’ll benefit from our high levels of productivity born out of our specialism in your sector. Your practice will pay a fixed monthly fee for an agreed schedule of services, without you having any infrastructure costs (hardware, office space, stationery, software licences and the like), or employment formalities such as holidays, sickness, costs of payroll, employers’ NICs and pension contributions.
Efficient redeployment of staff
Outsourcing your finance function will free up your practice management team’s time, leaving you to focus on providing an efficient service and exceptional clinical work. Existing staff can be redeployed to other tasks, like following up treatment plans and dealing with patients.
Accurate bookkeeping is the engine that will keep you running smoothly and plan sensibly and positively for the future. It’s the foundation for growth and represents the attention to detail that you must get right in order to deliver the highest-quality patient services.
When you have the full picture of all the financial transactions going in and out of your practice, you’ll know how it is really performing – a busy waiting room doesn’t always tell the whole story. Once all income, expenses, assets and liabilities are factored into the bigger picture, you’ll see if you need to reassess and readjust, to lead your business back to greater profitability and keep it there.
Figurit offers two outsourced services:
Outsourced Financial Controller
This is where we take over the accounting function for your business, and deal with all bookkeeping and finance tasks, including paying the bills each month, working with your administrative staff to gather all necessary information.
We will deal with accounting complications in your set up arising from, for example, accrual accounting, significant period-end adjustments, special reporting, having more than one legal entity and intercompany transactions.
Included with this service is regular management packs.
Outsourced Chief Financial Officer
This service involves high-end value creation, which will likely include:
- Financial and cash flow forecasting
- Variance reporting
- Monitoring key performance indicators
- Gross profit analysis
- Business expansion projects
- Cost reduction
- Scenario analysis
There is a specific set of goals, using in-depth analysis tools and metrics, to increase fees or margins, reduce expenses, and increase the value of the practice to the owners.
Supporting practices in London and throughout the UK
To learn more about how our services can support you and your dental or medical practice and receive a free no-obligation meeting, contact us by calling us on 020 7376 9333 or use our contact form.