Starting your own dental practice
Are you a dentist looking to start your own dental practice? Congratulations on taking the first step towards owning your own business! Starting a dental practice can be a challenging, yet rewarding journey. It is important to ensure that your finances are in order from the very beginning.
At CFH Partners, we specialise in providing accounting and financial services to dental practices. Our team of experienced accountants understands the unique financial challenges that dental practices face, and we are here to help you navigate through them.
Business Structure
There is no perfect business ownership structure but a right business structure. A right structure should have the following three main characteristics:
- being tax effective,
- protecting your assets, and
- helping you grow your business and personal wealth.
The initial business structure arrangement may involve a trust, company, partnership or a combination of any of these. Some arrangements also include a Self-Managed Superannuation Fund (SMSF). Our team of qualified accountants and ASIC licensed SMSF advisers has over 60 years of combined experience and in-depth knowledge of the dental industry. We have assisted various dentists to choose the right business structures based on their personal situation and financial goals.
Tax Planning and Compliance
Tax implications for dental practices can be complex, and non-compliance can result in costly penalties. At CFH Partners, our team of tax advisers is led by a Chartered Tax Adviser (CTA) specialising in the medical industry. We work with you to navigate these implications, planning ahead to legitimately minimise your tax liabilities, and ensure compliance.
Financial Analysis and Performance Metrics
Understanding the financial health and performance of your dental practice is crucial for making informed business decisions. You will need financial analysis and performance metrics, such as gross margin, break-even analysis, items profitability analysis and return on investment. It will save you a lot of time if you have an expert to help you identify areas for improvement, set your financial goals, and track progress towards achieving those goals in different stages of life.
Funding and Financing Options
Accessing funding and financing options can be challenging for a start-up dental practice. You will need to explore the funding or financing options such as business loans, equipment leasing, or private capital and provide documents such as financial projections, cash flow forecasts and loan applications to the lenders.
At CFH Partners, we work with over 15 business and SMSF lenders to assist you to acquire your desired premises, equipment and/or funding for your dream practice.
Record-keeping and Bookkeeping
Accurate and up-to-date record keeping is essential for a start-up dental practice. You will need to establish an efficient record keeping and bookkeeping system, ensuring that your financial records are accurate, organised, and compliant.
Our team will guide you in implementing cloud-based solutions that enable you to access real-time financial data securely from anywhere, empowering you to make informed decisions on the go.
We can also provide training on record keeping practices and accounting software.
Now you understand the finance challenges that you face, let CFH Partners provide you the solutions while you focus on delivering exceptional dental care to your patients.
Contact us today at 03 9081 9850 or info@cfhpartners.com.au to schedule a consultation and discover how our specialised accounting services can benefit your dental practice. Invest in your financial future and watch your dental practice thrive with CFH Partners by your side!
