Bookkeeping for Dentists & Clinics

1. Your own CFO and Finance Team: A professional bookkeeper (with a Bookkeeping Practice and team of bookkeepers) are able to provide the dental practice with the expertise of a chief financial officer and accounts team to regularly provide you with insight in regards to your finances and keep your bookkeeping/accounts up to date so you can make the decisions required to run a profitable practice.
2. Payroll: A professional bookkeeper is able to manage the payroll for your staff ensuring they are paid correctly according to their award (as per legal staff contracts), and ensure the practice is meeting all it’s employer obligations in regards to PAYG, Superannuation, Leave Accrual/Payments etc.
3. Compliance: A professional bookkeeper in Australia must be a registered BAS Agent with the Australian Taxation Office. When engaging a BAS Agent, the professional bookkeeper is required to ensure the Practice is meeting all its compliance obligations for PAYG and BAS lodgements and stay up to date with any changes in GST and Payroll Reporting legislation.

When providing care to patients, it is essential to have up-to-date records on hand so that you can make informed decisions about treatments. It is advisable that dentists establish an effective system for updating patient records on a regular basis according to your individual needs and legal requirements. This allows you to track any changes in your patient's oral health, and also ensures that patients' insurance information and other contact details remain current.

For dentists, there are several deductions that may be available depending on your situation.

Dental expenses that are a common deduction for dentists include supplies, lab fees, and fees paid to other professionals such as hygienists. If you have employees who work in your practice, you can also deduct wages and salaries paid to them as well as any benefits provided.

If you own a dental practice or are purchasing equipment for your office, you may be able to take advantage of certain business expense deductions. This may include costs associated with running the business such as rent, utilities, and insurance premiums. You can also deduct depreciation for certain equipment or vehicles used in the business.

Speak with a tax professional at Additional Business Concepts about potential deductions available to you as a dentist so that you can claim the maximum amount in deductions.

In a dental practice, it's important to have a reliable system in place to make sure all payments are accounted for and accurately recorded. One of the best ways to effectively track patient payments and accounts receivable is through an accounting software program. This type of software will allow you to easily record payments from patients and note any amounts that are still owed. It also provides detailed reports that allow you to quickly identify any discrepancies or patterns in their financial data, which makes it easier for them to address any issues before they become major problems. We can assist in setting up and managing your accounting software so you can focus on your practice.

The best time to hire a bookkeeper for your dental practice is when setting up the practice.  Every business is different, and depending on the size of your practice and the complexity of your financial operations, a bookkeeper is able to set up the accounting system and assist you to record your transactions correctly and provide more support as the practice grows. If you are unsure, consult with a professional bookkeeper at Additional Business Concepts. We can assess your specific situation and determine if the level of bookkeeping assistance your size practice requires.