If so, you may have dental practice decay.
Take steps now to prevent further rot.
Get A Professional Dental Practice Bookkeeper
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If you run a dental practice in Brisbane, chances are you struggle with your books like everyone elses. It doesn’t have to be this way. With the professional bookkeeping services for Brisbane dental practices provided by Peekay Accounting & Business Solutions, your worries will be a thing of the past. Our expert accountants and bookkeepers can help your local dental clinic manage its record keeping requirements so you can rest easy.
Are you struggling to pay your bills on time? Failing to maintain adequate levels of working capital? Having trouble managing your accounts receivable? If this sounds like you, you may be experiencing cashflow issues and running the risk of draining your cash reserves or making a loss.
If you’re not regularly keeping tabs on your cashflow, you won’t know whether or not you’re actually making money. The best way to track your results is to undertake cashflow budgeting. By forecasting your cash inflows and outflows, you’ll be in control and any variances can be addressed. Depending on your practice size, we may recommend weekly, fortnightly or even monthly cashflow budgets.
Are your sales stagnant or decreasing? Margins being squeezed? Revenue falling? These are key symptoms of a practice in serious trouble. If your clinic is not profitable, you may have to end up borrowing money or selling part of your business.
One of the best ways to turn around an unprofitable practice is to develop a new marketing strategy. Upselling value-added services such as cosmetic dental treatments and other high margin procedures can dramatically increase sales and attract new clients to fill up vacant clinic times. Revenue can then be maximized and your practice put back on the path to profitability.
Are you having trouble managing a complex payroll system? Staff complaining about incorrect pay? Not sure how much super you need to pay each quarter? If this sounds like you, you’re not alone. With so many different employees using different pay rates, managing your dental practice payroll can be a real headache. This is exacerbated if you’re running multiple practices. Besides wasting valuable time on trying to sort out a complicated payroll, you may actually be losing money due to incorrect calculations or leaving yourself open to ATO penalties.
The best method to control your payroll is to implement effective management systems to accurately record your employee’s wages and salaries. By setting up a robust payroll system, you won’t be at risk of overpaying staff or coming afoul of the ATO for underpaid super obligations.
Are you paying too much? Not sure about how much GST you owe? Are you behind in lodging your tax returns? Your dental clinic may be paying far too much tax without you knowing about it. From miscalculation of GST obligations to incorrect depreciation schedules and everything in between, it’s imperative you get your books in order so you can legally minise your taxes. Inefficient business structures and poor accounting systems are the leading cause of overpayments. Don’t get caught out! Keep the money in your pocket not the government’s.
GST is a complex area and it’s essential to properly categorise your expenses. To legally minimize your tax, you need to keep accurate and precise records. You also have to choose the most effective business structure. Not only will these steps enable you to take advantage of all available tax benefits, but they will also decrease your chances of an ATO audit.
Staffing costs going through the roof? Pulling out your hair over overtime? Your payroll is by far your biggest expense and a major cost of doing business. By overpaying staff, you’re literally giving money away and throwing it down the drain with nothing to show. Are you wasting bucketloads on supplies? Don’t know what you have on hand? Supplies are another large expense in most dental practices and can significantly add to expenses. Without controlling costs, you run the risk of losing money over the long-term.
By closely monitoring levels, not only will you gain new insights into how your doctors and other staff utilize supplies, but you’ll also be able to claim the maximum tax advantages come stocktake time.
Are you in the dark about your true financial position? Are you making decisions based on incomplete financial data? Not sure how your practice compares to your competitors? If you’re not producing up-to-date financial reports regularly, chances are you’re winging it and don’t really know the actual state of your business. Not only is this risky for on-going clinic viability, but it doesn’t facilitate effective planning. It also means you don’t know how you measure up to your competition.
Regular financial reporting and ration analysis allows you to see the true position of your business in real-time, helping you make informed financial decisions. Besides giving you an eagle eye view of your business, you’ll need to supply these reports and ratios to your bank for finance applications. Comparing your performance to similar businesses through competitive benchmarking also assists in identifying areas for improvement.
Are you struggling with succession planning? Not sure how to exit your business? Don’t know who to sell your practice to? If you didn’t create an exit strategy when starting your business, you may find it difficult to choose the best way to get out. There are so many options and without a clear plan, the future may seem uncertain.
There are a number of different exit strategies available to you including passing your practice onto a family member, putting it under management or selling on the open market. Whichever strategy you choose, in order to maximise the sale price, you’ll need to get your practice running at peak performance before moving on. Part of this is getting your practice financials in order so prospective buyers can get a clear picture of your clinic’s value.
If you own or manage a dental practice in Brisbane, you may be struggling to keep on top of your bookkeeping and accounting. Peekay Accounting and Business Solutions often hear of dentists who are very stressed by their financial record keeping responsibilities and are looking to outsource this job to a professional Brisbane bookkeeper. That’s where Peekay Accounting & Business Solutions comes into the picture. We are a local Brisbane accounting and bookkeeping practice conveniently located in Upper Mount Gravatt offering services to dentists and dental clinics. With a team of highly trained experts, we have been offering professional bookkeeping services for dentists in Brisbane for many years and are extremely familiar with issues local dentists face. Our team of professional bookkeepers are able to recommend strategies to reduce your stress and get your business moving like a well-oiled machine again.
We provide a wide variety of dental practice bookkeeping services to clinics across Brisbane. From cashflow and payroll management to BAS lodgement and routine bookkeeping services, we’ve helped many Brisbane dental practices improve operations and increase profitability. Besides Bookkeeping, we also offer professional dental practice accounting services and taxation advice to Brisbane clinics across the city.
Peekay Accounting & Business Solutions are Brisbane’s premier bookeepers for dentists and have over 10 years’ experience improving the financial health of practices just like yours. We offer reliable bookkeeping solutions and dental practice accoutning services at cost effective rates to help get your clinic back on the road to recovery.
If you’re books are causing you to lose sleep, please contact us now for a free financial health checkup.
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