Smarter tools and insights to strengthen your practice
Whether you're just starting out, have recently taken over a dental practice, or are looking to enhance financial performance in an established one, effective financial management is key to long-term success. With the right systems and advice, managing your accounts, taxes, and cash flow doesn’t have to be complicated.
Embrace Cloud (or Digital) accounting
In today’s digital landscape, cloud-based accounting software offers a more efficient and flexible alternative to traditional methods. You can access real-time financial data from your practice, home, or on the move, using a smartphone, tablet, or desktop.
Tasks like invoicing, reconciling bank transactions, and tracking payments become simpler and quicker. Speak to your accountant about the most suitable software and apps for your practice, many of which integrate seamlessly with clinical systems.
Bookkeeping & compliance essentials
Bookkeeping isn’t just admin, it’s a vital control mechanism that supports good decision-making and helps your practice stay compliant.
- Limited companies must file annual accounts with Companies House within nine months of their year-end.
- Sole traders and partnerships must make tax payments twice a year.
Your accountant can manage these statutory submissions, identify tax-saving opportunities, and keep your financial records in good order.
Cash flow & cost control
Cash flow is especially critical for new or growing practices. A detailed cash flow forecast will help you manage outgoings, plan for growth, and avoid shortfalls.
- Monitor day-to-day expenses and identify areas where costs can be trimmed.
- Plan ahead for at least six months, factoring in income patterns, tax payments, and supplier costs.
- Maintain a healthy cash buffer to meet unexpected short-term commitments.
Know your numbers
Understanding your key financial metrics gives you the confidence to make informed business decisions. With the support of your accountant, and using cloud tools, you can track:
- Monthly NHS income to monitor practice activity
- Payroll-to-income ratio
- Gross profit percentage
- Return on capital and assets
These insights can help you benchmark your practice, identify trends, and stay focused on profitability and long-term growth.
Take control of your practice finances
Good financial management isn’t just about compliance; it’s about clarity, control, and confidence. By adopting the right systems and working with experienced advisors, you can free up more time to focus on what matters most: your patients and your practice.
