Do You Need A Specialist Bookkeeper For Your Dental Practice?
Every industry is different, with varying financial needs and tax systems, and hiring a bookkeeper without specialist knowledge in your field of work, can end in costly errors for you and your business. If you are the owner of a dental practice, then you may be wise to this fact, and have already hired a bookkeeper with specialist industry knowledge. If you haven’t, here’s why you could be making a big mistake when it comes to:
Shared dental practices: Maybe there are two or more dentists practicing at the same location, each one works under the same roof and for the same practice, but each one has their own, individual business. This kind of set up usually only exists within the dental industry, and a bookkeeper without industry knowledge might treat this situation as they would any of their other clients in other businesses, but this could be a big mistake.
Many bookkeepers would be inclined to suggest that such a cost share is in fact, a partnership, and will encourage their clients to merge and become business partners. If you decline this suggestion, then they may go on to tell you that you’ll need to cover all the costs associated with the shared business and the premises, and then recharge half of them to the other dentist(s). This may seem logical, but recharging expenses comes directly within the scope of VAT, and you want to avoid becoming VAT registered.
Hygienists and associates: Even if your hygienist(s) receive their wages through payroll, both your associates and your hygienists should be direct cost. If you’re looking in detail at how much it costs to provide each of your services, you’ll want to include everything as you risk undervaluing your time. An industry specific bookkeeper will also be able to give you advice as to what percentages dentists are paying to their associates and help you with contracts for your staff who work solely for your practice, ensuring that they are not deemed employees in the eyes of the IRS.
Retirement plans: Your retirement fund should not suffer from a result of lack of knowledge and experience on the part of the bookkeeper that you are paying to help advise you. Make sure that your industry specialist bookkeeper keeps your retirement plan in mind when he’s assisting you, to ensure that you get the most of your money when you need it. The dental industry can be a quirky one, and working with those who understand it is always advisable, otherwise poor advice could have a negative effect on your cash flow, your businesses profits and your plans for retirement.
Miami Bookkeeping was founded with the purpose of helping small businesses outsource the time-consuming and tedious work known as bookkeeping. For more than 10 years, our company has been providing bookkeeping services in Miami and Coral Gables for hundreds of small businesses. If you are looking for bookkeeping in Miami or Coral Gables, contact us today at support@miamibookkeeping.com