Accountants for Dentists

Condies Health - DentistsWe have a growing number of clients in the dental sector, encompassing principals, associates, practices operating as partnerships, practices set up as limited companies, etc.  We are one of the few accountancy practices in Scotland who are members of NASDAL (the National Association of Specialist Dental Accountants & Lawyers) and through our membership of this body we have access to a wealth of information such as annual benchmarking statistics, quarterly goodwill reports and much more besides which enables us to stay at the forefront of knowledge in this sector.

In addition to our core compliance services of preparing annual accounts and tax returns, we also have extensive experience in assisting dentists in buying practices using a variety of vehicles, such as a sole practitioner business, a limited company, etc.  We work closely with financial institutions and specialist legal advisers in order that the purchasing experience is as smooth as possible, particularly in the current environment where lending criteria are tighter than they have been in the past.

We are also able to provide you with the highest quality of advice in other areas where you may require it, such as profitability studies, payroll, lease or buy decisions, preparation of management accounts, acquisition of accounting software, and so forth.  We can also assist you with strategic planning advice to ensure that your business and personal objectives are met.

As with our services to GPs, most of our comprehensive range of services are available on a fixed fee basis, which the majority of our dental clients opt for, as it gives certainty as to the cost irrespective of the problems that may occur in any given year.  We also provide a service guarantee, and if we don’t live up to our claims, our client can choose to pay us what they believe it’s worth, or even nothing at all.

Our dental clients rely heavily on our Compliance, Advisory and Wealth services but in addition we offer the following sector-specific services:

Benchmarking - how do you compare to your peers?

With our dental practices we have over the years made extensive use of 'benchmarking' in reviewing practice performance. Benchmarking is the measurement of performance against sector averages, to allow areas of underperformance to be identified, and (hopefully) rectified. To underpin this, we compile an 'Inter Practice Comparison' on a fully anonymised basis to allow meaningful comparisons to be drawn with other practices in the area and sector averages extracted from NASDAL statistics. When this is combined with a detailed variance analysis comparing the current year with the previous years, it allows trends to be spotted quite easily. We will use graphs to highlight certain aspects of the accounts, and every possible means is employed to make the accounts more understandable. By carefully attending to the areas each year where improvement is possible, very real improvements in overall business performance over a period of time can be realised. This means more money for less work - definitely worth going for.

Profit improvement - because profit is sanity

Where the benchmarking exercise has identified areas where a business is underperforming, we are often asked to take a closer look at one or more specific areas in the business to see if a particular cost can be reduced, or an item of income increased. When doing so, we are able to draw on our wealth of experience in working with businesses in the same sector, and the net effect will be an immediate and lasting improvement in business profitability. One area we are regularly asked to look at is staff costs. In many businesses, the wage bill is the single largest expense, and a saving there will have lasting benefits to business profitability. This will involve a review of team structure, identifying any duplication of roles, and looking at ways in which technology could assist in reducing staff costs.

Should you wish to discuss our specialist dental services further please feel free to contact us.

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