Starting a new dental practice

Setting up a new dental practice is a challenging, but also a thrilling enterprise – this might be the fulfilment of a lifetime’s ambition.

It’ll be a great deal of work, of course, so you must start as you mean to go on.

A specialist dental accountant provides a wide array of services that will all play into your business plan at different times. Some of these services you’ll need from Day One; others, not until you’re up and running. Establish a relationship with an accountant as early as you can, ideally, while you’re still searching for premises, so they can get to know your business from the start. This way, when you need them again further down the line, working together will be much easier (and often cheaper).

Every new dental practice must ensure that its finances are being managed correctly. If you decide to do without an accountant at the beginning, you might think this is a canny way to save some money. But it could just mean you’re setting up your business on shaky foundations and, as your practice grows, you’ll end up hiring someone to take over anyway.

What will a dental accountant do for my new business?

First and foremost, they’ll save you money and time, due to the efficiencies and good planning they provide as part of their service.

Management of day-to-day bookkeeping, payroll, preparing a tax return – these are tasks that require knowledge and accuracy. They must be done right, every time.

They also take time – time you could be spending growing your practice, running a marketing campaign, seeing patients. Time is a valuable commodity; every hour you spend on accounts, you could be using to bring in more income.

Additionally, you need to have peace of mind that you are paying what you owe to HMRC, that you are keeping within all the relevant regulations, and that you will not be jeopardising important relationships with staff or suppliers over any late payments.

It’s simple – the better your accounts are run, the more money there is to finance your practice’s growth. And for any new business, every penny counts.

All your accountancy services in one place

Figurithas provided accountancy services and advice to many businesses, including dental practices, on how to setup, establish, expand and plan for the future.

This is no ‘one-size-fits-all’ approach. Figurit will tailor your package to your specific needs from its full suite of accounting services. These include:

  • Helping you select the right legal entity for your practice
  • Registering with the tax authorities
  • Accounting and bookkeeping
  • Payroll
  • Income and corporation tax
  • Cash planning and forecasting
  • Obtaining credit and finance
  • Advice on what insurance you need
  • Helping you find the right professional advisers (and why this is important)
  • Helping you decide what systems and software to invest in.

If you want to know more about the ways Figurit can help you with starting up a new dental practice, then watch it run efficiently and grow, call us on 020 7376 9333.