5 Reasons Why Dentists in Melbourne Need Accountants
Professional dental accountants can aid dentists to manage their financial affairs more effectively – giving you a peace of mind that you are getting at the best out of a career, which can be hard work at most of the times.
Accounting for dentists can be much more multifaceted than general accountancy, with industry-specific issues that add to the list of personal finance questions, as well as the questions that any individual might bring in.
By working with specialist dental accountants from the beginning, you can give your finances the best possible start, allowing us to advise you on structuring your accounts efficiently in a manner that might be impossible to do in retrospect.
Buying a Dental Practice
Buying a dental practice is a huge step, and we can help you to understand the financial implications of it, from the upfront costs to the property tax on any premises, to the human aspects like payroll and staffing costs and a lot more.
Newly competent and self-employed dentists might be able to save time and money by handling your bookkeeping, then sending your compiled data to your year-end accounts.
Larger practices and organizations with multiple sites will increasingly find it practical to have someone to handle the bookkeeping on an ongoing basis, for the reason that this is simply the most effective way to do it.
For various reasons, dentists can be reluctant to sit down and map out a plan for their career trajectory. Many times, dentists at different stages of a dental career, wants to focus on the dental work itself. Instead, they turn out to be stressful by the prospect of endeavoring to meet concrete goals or they get lost in policy and procedure. Once a dentist sits down with an accountant to note down their career goals, it seems like, as tremendous weight is lifted off on their shoulders.
There is a diversity of career paths taken by a dentist and their practice – a greater variety than ever before. We can guide you through the financial feasibility of options.
Once a career path is determined, a concrete financial plan is foreseen. Owing your own dental practice, for instance, has certain financial requirements attached to it. If a current financial course or practice finance doesn’t match up with the career goal, then, in such a case, we can help you in aligning the two by endorsing strategies to raise a dental practice.
Dental practitioners face a high tax burden. They are required to pay business and income tax on the revenues generated by their practice. As such, it is vital for a dental accountants in Melbourne who knows how to make necessary adjustments in order to maximize growth and limit the taxation as much as possible.
Always remember that there are taxes that are applicable to you other than just income tax – for example, corporation tax if you are a company rather than an individual, and capital gains on any premises you own.
For more information about tax and accounting services for dentists, contact us today!